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

CTAS paid an annual dividend of $2.81 per share, an increase of 10.2% over last year’s annual dividend. The current dividend yields 0.86%. This marked the 37th consecutive increase in the company’s annual dividend. In addition, CTAS paid a quarterly dividend of $0.70 per share.

Over the past three years, CTAS’ EPS and free cash flow have grown at a CAGR of 25.5% and 30.5%, respectively. In its fiscal second quarter ended Nov. 30, 2020, CTAS reported total revenue of $19.3 billion, which remained relatively stable sequentially on the back of organic revenue from the First Aid and Safety Services operating segment. The company reported free cash flow of $234 million. EPS for the quarter came in at $2.62, growing 15.4% year-over-year.

CTAS strength across the healthcare and hygiene end markets has driven solid demand for its personal protective equipment (PPE) amid the coronavirus pandemic. The company is currently focusing on enhancing its product portfolio, strong supply chain and distribution network, along with expanding its market share and customer base through acquisitions. In line with the progress, analysts expect the company’s EPS to grow 19.2% this year.

Under our POWR Ratings, CTAS has a “Buy” rating. It has been accorded a “B” for Trade Grade and Buy & Hold Grade. Among the 55 stocks in the Outsourcing – Business Services industry, it is ranked #22.

Innovative Industrial Properties, Inc. (IIPR)

IIPR operates as a real estate investment trust (REIT) that targets medical-use cannabis facilities for acquisition, ownership, and management, including sale-leaseback transactions of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities.

In terms of forward P/E, IIPR has recently been trading at 54.69x, which is 29% more expensive than the industry average of 42.36x. IIPR has grown its dividend at an average rate of 58% over the trailing 12 months. While the company’s four-year average yield is 2.16%, its annual dividend of $4.96 translates to a yield of 2.62%. IIPR paid a quarterly dividend of $1.17 per share on Oct. 15, 2020, representing a 10% increase sequentially and a 50% dividend increase over the comparable quarter last year.

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