3 Top-Rated Growth Stocks That Pay Dividends: Texas Instruments, Cintas, And Innovative Industrial Properties

NASDAQ: TXN | Texas Instruments Incorporated News, Ratings, and Charts

In addition to an incoming Presidential administration, a slower-than-anticipated pace of COVID-19 vaccinations and the emergence of a new coronavirus strain might engender continued stock market uncertainty in the coming months.

In fact, many analysts expect the market to witness another correction in the near-term. On the other hand, an expected economic recovery resulting from the very same coronavirus vaccination program makes a favorable case for growth stocks. Hence, we think it could be wise at this juncture for investors to focus on growth and a steady income stream.

When investing in a stock for a steady stream of income, it is important to ensure the sustainability of its dividend payments. A company’ growth features indicate the strength of its business and, thus, its ability to continue rewarding shareholders.

Texas Instruments Incorporated (TXN), Cintas Corporation (CTAS), and Innovative Industrial Properties, Inc. (IIPR) pay steady dividends and hold immense price appreciation potential based on growth in their revenues and earnings.

Texas Instruments Incorporated (TXN)

TXN is a global semiconductor company that designs, manufactures, tests, and sells analog and embedded processing chips for markets, such as industrial, automotive, personal electronics, communications equipment, and enterprise systems.

The company also provides DLP products, primarily for use in projectors to create high-definition images, calculators, and application-specific integrated circuits. It operates in two segments – Analog and Embedded Processing.

In terms of forward P/E, TXN has recently been trading at 31.29x, 5.5% higher than the industry average of 29.67x. TXN has been uniformly paying dividend every quarter since 1972 and has raised its payout in each of the last 17 years.

Its dividend has grown at a CAGR of 20.6% over the last three years. The most recent dividend declared by TXN was $1.02 in October, raising its payout 13%. TXN’s annual dividend aggregates to $4.08, which yields 2.38%.

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