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This Cheap Dividend Stock Offers a 5.6% Yield

High inflation and slowing growth have some experts and analysts warning about the feared beast that is stagflation. The prospect of slow growth or an economic contraction should spur investors to seek out dividend stocks that could weather such a storm. Today, I want to focus on a stock that offers exposure to a highly resilient market.

Corby Spirit and Wine (TSX:CSW.A) is a Toronto-based company that manufactures, markets, and imports spirits and wines in Canada, the United States, the United Kingdom, and around the world. The alcohol industry has proven to be resilient in the face of past economic downturns. Indeed, an economic drawdown has sometimes led to increased consumption. Shares of Corby have dropped 7.7% so far in 2023.

This company released its fourth quarter (Q4) and full year fiscal 2023 earnings on August 23. Adjusted earnings from operations dropped 17% year-over-year to $5.9 million. Meanwhile, adjusted net earnings dipped 6% to $4.9 million. Corby reported revenue growth of 7% on the back of strong international markets sales and a 17% increase in commissions. Moreover, full year revenue rose 2% compared to the full year in fiscal 2022.

Shares of this dividend stock currently possess a favourable price-to-earnings ratio of 19. Meanwhile, Corby offers a quarterly distribution of $0.21 per share. That represents a very strong 5.6% yield. I’m looking to snatch up this dividend stock as the odds of a recession increase in the second half of 2023.