These 3 Dividend Growth Stocks Could Get A Big Boost From Stimulus Spending

As part of the American Rescue Plan Act of 2021, millions of Americans are getting direct $1,400 stimulus checks as part of the stimulus check update package. Almost 100 million of those stimulus checks already went out on March 17. The US government is spending about $400 billion on these checks. And we investors have the opportunity to take advantage of this. There are certain stocks out there that are sure to benefit big time from these checks. Especially retailers.

These businesses are almost guaranteed to see additional revenue because of consumers' higher purchasing power. I know of three high-quality stocks that clearly fall into this category. Better yet, these are dividend growth stocks. That means it's not just the retailers set to benefit from the stimulus checks. You can benefit, too, by virtue of the growing dividends these stocks are sending shareholders way. Want to know which three high-quality dividend growth stocks, possibly the best stocks to buy now?

Let's dig in.

The first stock I want to tell you about is Home Depot Inc. - stock ticker HD. This home improvement retailer is an obvious beneficiary of a sudden boost in consumer spending. A pandemic, low interest rates, and structural issues with big American cities have motivated people to buy homes.

Home Depot is a no-brainer right now. It would do great without stimulus checks. With extra spending, it's that much better.

The second stock I want to tell you about is Target Corporation - stock ticker TGT. Selection, footprint, service, speed, convenience, etc. You name it, they offer it. We haven't done a video on this stock yet. Between its challenging valuation and the availability of competing ideas, the stars haven't yet aligned for coverage. But that makes it no less worthy as a long-term investment. It's a world-class dividend growth stock that has increased its dividend for 53 consecutive years.

Target is practically a lock for seeing more spending from consumers who want to pick up everything from laundry detergent to yoga pants. Target should definitely be on your shopping list if it isn't already. This is the kind of stock that you stock up on when you're given the opportunity.

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Disclaimer: Please consult with a licensed investment professional before investing any of your money. Never invest in a security or idea featured on this channel unless you can afford to lose ...

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