Published on 24 May 2024 on Insider Monkey via Yahoo Finance

Is Broadcom Inc. (NASDAQ:AVGO) The Best Tech Dividend Stock of 2024?

We recently analyzed the best dividend stocks of 2024.

Though Broadcom Inc. (NASDAQ:AVGO) ranks eighth on our list of the 10 Best Dividend Stocks of 2024, we have analyzed the stock in detail.

We are nearly halfway through the year, and the stock market is showing consistent signs of improvement. Even though the Dow Jones Industrial Average (DJIA) rose only 3.7% so far this year, its broader partner has surged by 11.1% this year so far, with its 12-month return coming in at nearly 26%, as of the close of May 23. However, dividend stocks are still not keeping up with the broader market, with the Dividend Aristocrats Index returning just 3.85% since the start of 2024. Last year also didn’t go well for these equities as tech stocks rose to fame. That said, the tech stocks that drove the market rally, have decided to enhance their shareholder return by initiating dividend policies this year. This could have an impact on the performance of dividend stocks and the overall market. David Harrell, an editor of the Morningstar Dividend Investor newsletter, made the following comment in this regard: