TJX - Worried About a Recession? This Dividend Growth Stock Looks Great.
2023-07-15 08:19:00 ET
Despite the Federal Reserve's aggressive pace of interest rate hikes and the recent collapse of several prominent regional banks, the U.S. economy and job market have remained quite solid. Nevertheless, survey research consistently shows that a majority of Americans think a severe recession could be right around the corner.
For those who fear that a recession is looming, buying stocks might seem too risky -- particularly because most stocks continue to trade at high valuations. However, TJX Companies (NYSE: TJX) could be a great investment even if a recession begins soon. Over the past 25 years, the off-price retail giant has proven itself to be extremely resilient and nearly recession-proof. This has supported rapid dividend growth and strong share price performance.
In the U.S., TJX is best known for its popular T.J. Maxx, Marshalls, and HomeGoods discount chains. The company has successfully expanded internationally, too, and operates multiple retail concepts in Canada, Europe, and Australia.
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Worried About a Recession? This Dividend Growth Stock Looks Great.