When a former dividend hero like Tesco scraps its final payout of the year, its enough to give grown investors the blues.
Especially when that comes on top of a previous 75% cut in its dividend payout.
Wipe your tears, income seekers, because there are plenty more fish swimming in this particular sea. The FTSE 100 is positively teeming with big fat juicy dividends just waiting to be snapped up.
And plenty of them are yielding far more than Tesco ever did.
If you reckon the supermarket sector is ripe for a recovery, you may be tempted by WM Morrison (LSE: MRW).
Its share price leapt more than 7% on Thursday, largely on the coattails of rivals Tesco and Sainsburys, whose Christmases werent the disaster everybody expected.
Normally I wouldnt touch a company yielding 7.4% on the assumption that it would be unsustainable, but management surprised everybody last year by promisingfurther progression.
At 6.8 times earnings, Morrisonsisnt expensive, either, especially with consumer spending power finally set to rise in real terms this year.
Morrisons is risky, but thats in the price.
Oil giant BP (LSE: BP) is also risky, with Brentcrudeshading $50 a barrel and the companys tie-up with Kremlin-controlled Rosneft under the sanctions cosh.
BPs share price is down more than 20% in the last six months but that leaves it cheap at just 4.8 times earnings, with a gushing 5.73% yield.
If you think we still cant live without black gold, now is the ultimatecontrarian buying opportunity.
You could say the same about mining giant BHP Billiton (LSE: BLT), as we nearthe end of the commodity super-cycle.
Even if we are, its 5.23% yield should provide some solace. And with the share price down nearly one-third in the last six months, you arent overpaying at 7.79 times earnings.
Especially if the commodity shake-up wipes out its smaller rivals.
GlaxoSmithKline And Centrica
Glaxo faces a battle to restore its tarnished reputation, but could prove a strong defensive hold in what may be a turbulent year.
Centrica is set to be a political football withhigh utility billsto feature heavilyin the forthcoming election, although a mild winter and recent energy price falls may take some heat out of the debate. That yield is enough to cureyour bluesuntil it is all over.
These are all big-name, solid companies offering yields well over 5% or 6%, that’s up to 12 times base rate.
It’s hard to spurn that level of income, especially with the first Bank of England interest rate hike receding ever further into the distance.
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