Strategy steps

In a similar way to picking UK dividend stocks, my first action is to filter a list around my target yield. At the moment, I think a 6%-7% yield is strong for a portfolio, without having a crazy level of risk. Can I take this filter and find enough companies in the S&P 500? Absolutely.

There are currently 10 companies that meet this target yield. The stocks range in terms of sector and geographic exposure. This can act to diversify the portfolio, so that even if one company underperforms or cuts its divdiend, the overall impact is minimised.

The £10k lump sum could be invested all at once, or drip-fed over a few months. The advantage of doing everything at once is that the first dividend payment will come sooner than if £1k was invested in a stock each month. However, the advantage of the latter method is that it allows someone to take advantage of market opportunities that present themselves further down the line.

For now, let’s assume the £10k is deployed across the 10 stocks simultaneously. The exact yields will depend on when the trades are booked, but let’s estimate an overall yield of 6.5%. From there, dividends can be reinvested, helping compound the portfolio’s gains over time.

If this were kept up for 20 years, the person would be receiving just under £2,300 each year, even without having invested a penny more than the initial £10k! However, if someone wanted to speed up the process, they could allocate a further £250 a month after the £10k had been put to work. In this case, by year seven, the annual income payments would exceed £2.3k.

A pharma giant

Of course, predicting future dividend payments is tough. That’s why stocks that have a strong track record are appealing. For example, consider Pfizer (NYSE:PFE). The stock has a yield of 6.35%, with the share price up 23% in the past year.

Pfizer is one of the world’s largest pharmaceutical companies, focused on discovering and developing medicines and vaccines. When it comes to the dividend, Pfizer has long been a favourite among income investors. The company generates substantial free cash flow, even outside of pandemic-era peaks, which helps support dividend payments.

Looking ahead, the outlook should support income payments. It’s leaning heavily into growth areas like oncology and weight-loss treatments, which have a large, growing market to cater to. As new drugs move through late-stage trials and toward approval, there’s a steady pattern of potential revenue drivers.

Of course, there are still risks. Patent cliffs are a constant threat, which is when key drugs lose exclusivity. Revenue can drop sharply in these cases. However, I think it’s a US income stock for investors to consider as part of this strategy.

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I believe buying shares is one great way to achieve this. This is because investors only need to research the companies they’re invested in, not manage them.

One tax-efficient way to buy shares for this purpose is to use a Stocks and Shares ISA. You can invest up to £20,000 a year into one, and the dividends received are be tax-free.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

By investing consistently over time, it’s possible that investors could make a sizeable additional income.

So, how much would you need to aim for £5,555 a month? And what shares may help achieve this?

A plan for passive income

To achieve a passive income of £5,555 a month, investors need to consider high-yielding dividend stocks.

If we target an average portfolio yield of 5%, £1,333,200 would be needed to generate this second income straight away. It’s important to bear in mind that dividends aren’t necessarily guaranteed.

However, I doubt many reading this have that amount of spare cash to use right now. Even if you do, only £20,000 can be invested in an ISA annually to get the benefit of tax-free dividends.

However, it can still be achieved over time. For example, if investors set aside a more reasonable £20,000 initially, and then invest £1,666 a month, they could hit £1,341,746 in 24 years. That’s more than enough to generate £5,555 a month.

Crucially, the £1,666 monthly investment means it’s just under the ISA limit. Moreover, this is computed under some pretty conservative assumptions, notably that annual share price and dividend growth are only 2%. Investors would also need to reinvest their 5% dividends.

A juicy 6.7% yield

As mentioned above, an average yield of 5% could help to generate an investor’s passive income machine. That’s why Pfizer (NYSE:PFE) is a good share to consider, with a handsome 6.7% dividend yield.

Since the start of 2025, the pharmaceutical giant has seen its shares fall by 3.2%. Considering the S&P 500 has gained 16.7% over the same period, this has been disappointing.

However, savvy investors will understand that the cost to obtain the future stream of Pfizer’s dividend is now 3.2% cheaper than it was at the start of the year. Furthermore, its yield is far superior to the S&P 500’s 1.1%.

It also has a strong track record of raising its dividend year on year. It’s now increased every year since 2010.

There are some risks with respect to the company. The biggest is that it has several patents coming to an end over the next few years.

For example, Eliquis, its top-selling medicine, is set to lose its patent exclusivity in Europe in 2026 and in the US in 2028.

However, I still believe the firm’s long-term prospects remain strong. This is because it has plenty of exciting candidates in its pipeline, such as its PF-4044 medicine, which management believes could be used to treat various types of cancer.

While the company may have struggled with growth over the last few years, I believe it has solid foundations to bounce back and resume growth. That’s why I believe investors should consider its shares.

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Key details to note

I’m referring to Pfizer (NYSE: PFE), the well-known global biopharmaceutical company, with its revenues coming mainly from developing, manufacturing, and selling prescription drugs and vaccines. Its business model relies on both innovative new medicines and long-established products that generate steady cash flow.

This mix of both new and existing revenue streams makes it a good example when it comes to paying out dividends. It has a solid track record in this regard. In fact, from 2011 to 2024, Pfizer has increased its annual dividend payment each year. Currently, the dividend yield‘s 7.01%, with income paid quarterly.

Typically, the dividend per share increases each calendar year. At the moment, it’s $0.43 per quarter, but is forecast to be $0.44 next year and $0.46 the year after. Based on the current share price of $24.30, this means that in 2027 the yield could rise to 7.57%.

Of course, I don’t know where the share price will be in 2027. Therefore, it’s essential to take the projected yields with a pinch of salt. In reality, it could be higher or lower. Let’s also not forget that dividends aren’t guaranteed.

The outlook from here

I believe the forecast numbers are accurate, and the business fundamentals are strong. Even with declining Covid-related revenue, Pfizer continues to generate tens of billions of dollars in operating cash flow annually from its diverse portfolio. This easily covers its dividend obligations, with a dividend cover ratio of 2.0. This means that the current dividend can be covered twice from the latest earnings.

From the data I saw, Pfizer invests between $10bn-$12bn annually on research and development. A healthy drug pipeline supports long-term earnings growth, which underpins the dividend. So even though some might not want such high spending, it’s actually a positive for further down the line.

One concern is that the company’s exposed to regulatory changes. If new laws come in regarding certain drugs or even price controls, it could negatively impact the business. Investors need to watch out for share price swings too. Over the past year, the stock’s down 13%. Even though this isn’t a disaster, it’s still enough to wipe out the gains from the dividend for this year.

On balance, I think Pfizer’s a US stock that UK investors can consider. It can act as a diversifier to a portfolio full of UK income stocks, while still offering a competitive yield.

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To find potential bargains, I screened the index for companies with a forward price-to-earnings (P/E) ratio below 10. That gave me a decent shortlist but not every stock with a low valuation is worth holding. Forecast earnings can be overly optimistic and the market may have good reason to price a company cheaply.

To narrow things down further, I ranked the list by relative trading volume and then reviewed recent earnings growth. One name in particular stood out — Verizon Communications (NYSE: VZ.). Not only does it look highly undervalued but its 6.2% dividend yield caught my attention. Then I spotted another stalwart, Pfizer (NYSE: PFE), with an even higher yield of 6.9%.

Both stocks have fallen around 28% over the past five years. In Pfizer’s case, most of those losses have been concentrated in the past 12 months. That level of decline usually signals problems but it can also be an opportunity for investors who like to consider contrarian picks.

Verizon

Verizon has been under pressure from intense competition in the US telecoms market and high infrastructure costs. Yet its financials still look solid. Earnings grew by 61.4% year on year, while revenue rose 14.7%. On a forward P/E ratio of 9.4, that looks cheap compared with many other S&P 500 constituents.

At $44 a share, it’s a fair way down from its five-year high of $64.

What impresses me most is Verizon’s commitment to shareholders. The company has increased its dividend for 18 consecutive years, and the current payout ratio sits at 63%. That gives me confidence the dividend is sustainable even if profits slow.

Of course, there are risks. Heavy debt from network investments leaves Verizon exposed if interest rates stay higher for longer. Growth opportunities are also limited in a saturated telecoms market. 

Still, I think it’s a share for income investors to think about.

Pfizer

Pfizer’s been hit hard by declining Covid-related revenues. Much of its pandemic windfall has now disappeared, and the market has been quick to punish the stock. But away from vaccines, the company still posted revenue growth of 14.7% year on year, with earnings up 61.4%.

The forward P/E ratio of 7.9 suggests the market remains unconvinced. Now selling at $24.30, the shares are 60% down from their all-time high of $61.70

Pfizer’s raised its dividend for 15 consecutive years. However, the quality of this income stream looks weaker than Verizon’s. Dividend coverage is thin, with a payout ratio of 90.9% and just 1.9 times cash coverage. If earnings come under pressure again, cuts could follow.

Regulatory challenges and patent expirations add further uncertainty. While the yield’s tempting, it’s not without risk.

Final thoughts

Both Verizon and Pfizer look undervalued at current prices. But if I had to pick just one, I’d lean towards Verizon. It has a healthier dividend profile and appears further along in its recovery. 

For investors seeking exposure to US stocks while maintaining strong income potential, I think Verizon’s a stock well worth careful consideration.

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Today, the pharma giant’s market-cap has collapsed over 50% from its Covid-era high of $333.8bn. Now at around $150bn, it no longer holds a place in the largest 100 companies in the world.

As the pandemic ended, the huge influx of revenue from vaccine sales tapered off. In the ensuing years, the share price fell to a 10-year low. But Pfizer is not just a vaccine company. It also develops treatments for a range of medical conditions such as cancer, sickle cell disease and arthritis.

So is the falling share price indicative of wider issues or simply an expected correction after Covid?

Business as usual

Pfizer doesn’t appear to be struggling in the face of falling revenues. In 2022, it acquired the immuno-inflammatory company Arena Pharmaceuticals and the following year, Seagen, an oncology specialist.

But vaccines remain one of its biggest focus areas. Its success during Covid means it’s in good stead to be the company of choice for vaccine development. It currently has a strong pipeline for the development of new mRNA-based flu and RSV vaccines.

Valuation

The falling price means the stock is now trading at 67% below fair value based on future cash flow estimates. Plus, earnings are forecast to grow at a rate of 15.7% a year. 

That gives the stock an attractive forward price-to-earnings (P/E) ratio of 13. As such, analysts expect price growth of 25% on average in the coming 12 months.

Challenges

Like many pharmaceutical companies, Pfizer faces the imminent and terrifying patent cliff. As the expiration dates of its major drug patents draw near, it faces the risk of competition from generics and biosimilars.

Not only does it face competition from generic developers but also major pharmaceutical players like Merck, Johnson & Johnson and Novartis. It can’t rely on another pandemic to boost sales — if it hopes to remain relevant, it needs to outperform its competitors.

In the past, it suffered reputational damage from the high pricing of EpiPens and cancer drugs. With a recent uptick in debates around healthcare pricing in the US, a forced reevaluation of its pricing model could limit revenues.

My verdict

Pfizer remains a strong business that seems to be performing well and expanding effectively. The 6.5% yield makes the current low price particularly attractive. Grabbing some cheap shares now could set an investor up for lucrative returns over the coming years.

Without a doubt, there are challenges, particularly those related to the wider healthcare controversy in the US. However, the company’s worst losses appear to be over with the stock trading up during Q3 this year. If the economy enjoys a boost in 2025 under the new Trump administration, it stands to benefit. 

With Christmas coming, I don’t have spare cash to put into new stocks right now. However, for investors looking to diversify into US pharmaceuticals, I think Pfizer is worth considering.

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Stocks don’t come with labels that say when they’re undervalued, but there are some things investors can look for. And I think there are a couple of interesting candidates right now.

3i 

3i Group‘s (LSE:III) been one of this year’s better-performing UK shares. But I think the stock’s still worth considering for value investors looking for opportunities. 

At a price-to-earnings (P/E) ratio of just under 8, investors might not expect much in the way of growth. But there’s a lot going on beneath the surface that’s worth paying attention to.

The firm’s largest investment is in Action – a discount retailer based in the Netherlands, which 3i values at around £12bn. This makes up around 66% of the investment portfolio.

Investors should note the company’s valuation of its asset might be on the aggressive side. The likes of peers B&M European Value and Five Below both trade at lower multiples of sales.

Action however, has been growing impressively. Sales are up 22% over the last 12 months and margins have been expanding, boosting profitability. 

I think that makes the value equation on 3i shares quite interesting, especially with the stock trading at a low P/E multiple. 

Pfizer

The end of the pandemic heralded a downturn for the Pfizer (NYSE:PFE) share price. Falling demand for Covid-19 vaccines – predictably – caused sales and profits to fall.

On top of that, the company’s fallen behind the likes of Eli Lilly and Novo Nordisk in the race to develop anti-obesity drugs. But I think the stock looks interesting at the moment. 

The challenge with pharmaceutical stocks – especially big ones – is growth. With just under $60bn in annual sales, generating meaningful revenue growth isn’t easy.

Furthermore, assessing the strength of Pfizer’s pipeline is far from straightforward. Doing this accurately involves a lot of technical knowledge that most investors are unlikely to have. 

That’s why it’s important to insist on a margin of safety with this type of business. And I think this is available right now for investors considering buying the stock.

Analysts have an average price target of $34.10 – almost 18% above than the current level. And while value stocks aren’t known for being innovative, Pfizer’s a lot going for it.

Investors need a short memory to forget how quickly the company developed a Covid-19 vaccine in an emergency. So I wouldn’t count them out of the GLP-1 industry just yet.

Value investing

Value investing isn’t just about buying shares that trade at low multiples. A lot of the time, stocks trade at discount prices because the underlying businesses have permanent problems. 

When looking for a margin of safety though, this can be a good place to start looking. And I think both 3i and Pfizer are interesting opportunities for value investors to consider.

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With the travel sector under pressure, I think there are some strong businesses with falling share prices. And there’s a pharmaceutical giant with a 5.5% dividend yield that looks good to me.

InterContinental Hotels Group

With a 1.6% dividend yield, InterContinental Hotels Group (LSE:IHG) doesn’t look like much of an income stock at first sight. But dividends aren’t the company’s only shareholder distribution.

The firm also distributes cash to investors through share repurchases. And it intends to return around £790m this year through a combination of dividends and buybacks. 

With a market cap of £12.36bn, that’s a return of around 6.39%. I think that’s something income investors should take a serious look at.

The reason the company’s able to do this is because its capital requirements are so low. The business only uses 10% of the cash it generates, leaving 90% available for distributing to shareholders.

That makes InterContinental a quality business. But the stock’s fallen almost 10% over the last month, mostly due to news of weak travel demand for this year. 

A drop in profits is a serious risk for a stock trading at a price-to-earnings (P/E) ratio of 21. Nonetheless, this is the kind of stock I’d consider to take advantage of a cyclical downturn.

Pfizer

Pfizer‘s (NYSE:PFE) shares have fallen around 14% over the last 12 months. And while there’s some justification for that with Covid-19 vaccine demand evaporating, I think it’s an overreaction.

At today’s prices, the stock comes with a dividend yield of just under 5.5%. Furthermore, there are reasons for thinking the company’s going to be able to return cash to shareholders for some time.

Pharmaceutical companies like Pfizer are always a bit of a risk. Which new drugs will get regulatory approval and develop into lucrative opportunities is hard to predict, even for industry experts. 

The company’s been doing well recently though. And one of the most eye-catching developments is the progress of its once-a-day weight-loss drug, which is showing encouraging signs. 

Pfizer’s relatively late to the anti-obesity scene. But as the firm showed with its ability to develop a Covid-19 vaccine, it has the scale and the resources to innovate at speed when it sees an opportunity.

With management explicitly stating its intention to grow the dividend over time, this could be a great stock for income investors. So I think there’s an opportunity to consider right now with the stock on sale.

Opportunities

Getting a discount on quality merchandise is always a nice thing. And the key to this is knowing where the sales are. Different stocks come in and out of favour at different times. But the market can overreact to bad news, giving investors buying opportunities.

Sometimes it’s an industry – such as travel – suffering from a weak demand outlook. Other times, it’s a specific company going through a cyclical downturn.

Either way, dividend investors who are prepared to be opportunistic can usually find stocks to buy for good returns. And I certainly think this is true at the moment.

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Beneath the surface, though, I think there’s reason for optimism. The firm’s life sciences division is still battling a post-Covid hangover, but there are encouraging signs elsewhere.

Company overview

Croda International is a chemicals company. Its products are used in various industries, including crop protection and beauty products, but a key part of the business is life sciences.

The firm makes lipids that enable drugs to be absorbed in the right part of the body. And its products were used in the Pfizer Covid-19 vaccine, which naturally brought a big windfall. 

Since then, though, vaccine demand has evaporated and manufacturers have excess inventories left over. As a result, sales in Croda’s life sciences division have stalled.

The situation has gone from unusually good to unusually bad – but investors might wonder how long this will last. At first sight, the latest results don’t look positive.

Declining sales?

Within Croda’s life sciences business, sales during the first six months of 2024 were 17.7% lower than during the last six months of 2023. That’s not a good sign. 

Excluding £48m in lipid sales for Covid vaccines at the end of last year, sales are still down 2%. In other words, it’s not obvious a return to normality is imminent.

Furthermore, this is set to weigh on profits for the year. Despite other divisions showing growth, operating income is set to be lower than management previously expected.

That’s why the stock is falling. But the decline in overall revenues for the first six months of 2024 obscure an important fact – the company is actually growing.

Growth

Croda International generated £881m in revenues during the first half of 2023, which fell to £816m in the first half of 2024. That’s a 7% decline, but this was due to a weak first quarter this year.

Over the last three months, sales have reached £407.4m. That’s a 0.8% increase on the £404.2m recorded during the second quarter of 2023.

Even with the life sciences division struggling, the overall business is doing well. Investors might have to wait for this to show up at the bottom line, but this is a clear positive.

With the stock at a five-year low, signs of growth might look like a buying opportunity. But there’s one more thing investors should note.

A bargain?

The latest decline takes Croda’s market cap to £5.5bn. But in its best year – when Covid-19 sales were supercharging its life sciences division – the company made £189m in free cash.

That implies a 3.5% return at today’s prices, which I don’t think is particularly exciting. So at today’s prices, the company needs to do more than ever before to look like a bargain.

It might be that this is on the cards, with other parts of the business growing well. But it’s not entirely obvious that the stock is a bargain – even at its lowest level since 2017.

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Neither is a UK stock, which is unusual for me. But a delay to interest rate cuts across the Atlantic has created some opportunities in companies that look set to increase their dividends over time.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

US stocks

US stocks have been falling lately following some worrying macroeconomic news. Specifically, the latest data indicates that the rate of inflation has crept back up to 3.5% from 3.2%.

By itself, I don’t think this is a huge issue – I’d expect businesses to be able to cope with 3.5% inflation. The issue though, is that it means interest rates are likely to stay higher for longer.

The US central bank has said it plans to start bringing down rates when inflation reaches 2%. And there had been some optimism this might be happening in the next couple of months.

To some extent, the level of the S&P 500 was already reflecting this. So news of rising inflation – which makes imminent rate cuts less likely – has been causing US share prices to fall.

Pfizer

Shares in Pfizer (NYSE:PFE) are down 37% from their 52-week high as Covid-19-related product demand faltered. I think the outlook for the business is much better than the market is giving it credit for though.

A return to the $6.58 in earnings per share the company reported in 2022 looks unlikely, but a $26 share price clearly reflects this. Analysts are forecasting $2.22 for this year, rising to $3.01 in 2026.

There’s no question the stock’s a risky investment – drug development is expensive and returns are uncertain. And attempting to grow through acquisition comes with a danger of overpaying.

but at $26, I think the stock’s become too cheap to ignore. If the company manages to keep increasing its dividend, I’ll get a very good return over time by buying at today’s prices.

Realty Income

Realty Income (NYSE:O) is a real estate investment trust (REIT) with an enviable track record of dividend growth. But the stock’s 20% off its highs, due to one of its largest tenants closing stores.

By itself, I don’t think this is a big problem – Realty Income’s diversified portfolio means the effect is likely to be somewhat limited. The issue comes with the possibility of more widespread closures.

That’s a genuine concern. But with no company making up more than 3.8% of Realty Income’s total rent and the average tenancy having 10 years until expiry, I don’t see any imminent danger here.

As a result, I’ve been buying the stock for my Stocks and Shares ISA. Future growth might be slow and steady, but this is a chance to buy the stock at an unusually low price, so I’m looking to take advantage.

Dividend taxes

For UK investors, there’s an obvious disadvantage to investing in US dividend shares. Distributions are taxed at 30% (reduced to 15% with a W-8BEN form), rather than zero in a Stocks and Shares ISA.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice.

That’s not something to ignore. But even with this in mind, I think the opportunities in Pfizer and Realty Income are just too cheap to miss at the moment.

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I’m expecting interest rates to fall sooner or later and share prices to move higher when they do. But by locking in some attractive dividend yields at today’s prices, I’m hoping to be prepared for when returns on cash fall.

Interest rates

The Bank of England has set out plans to keep interest rates high until inflation reaches its target levels. I can see the merit in that policy, but it has come at a significant cost in terms of GDP growth.

Created at TradingView

Since the central bank began raising interest rates, the rate of GDP growth has come down to the point that it’s now turned negative. And I think that cutting rates to address this is going to happen sooner or later.

When it does, I expect the rate that savers can get on their cash to fall significantly. And that will make today’s dividend yields look attractive by comparison, causing share prices to rise.

To avoid being stuck in a situation where weak returns on cash are met with high share prices, I’m looking for stocks to buy today. And there are a couple of dividend shares that I think look especially promising.

Diageo

A 2.75% dividend yield might not look like much, but Diageo (LSE:DGE) shares should be on the radar of dividend investors looking for stocks to buy. The underlying business is a strong one with a bright future.

The strength of the company’s brands is evident in its operating margins. Over the last 10 years, these have been consistently higher than Pepsi or even the mighty Coca-Cola.

Created at TradingView

Profits have declined recently, especially in Latin America and the Caribbean. And there’s a risk this could continue for some time in a difficult macroeconomic environment.

Ultimately though, I think the trend towards more premium beverages – which suits Diageo – is a durable one. So I’d use right now as an opportunity to invest in the stock at a decent price.

Pfizer

The last time Pfizer (NYSE:PFE) shares came with a dividend yield this high, the stock market was dealing with the crisis of 2008-09. That gives some indication of the current situation.

Created at TradingView

Demand for Covid-19 vaccines has fallen from extreme highs to extreme lows. And there’s always a risk that new drugs and vaccines might be difficult to develop.

Analysts are expecting earnings between $2.05 and $2.35 for this year though, rising steadily over the next few years. And at that level, the $1.68 per share dividend is comfortably covered.

It’s worth noting that Pfizer actually increased its dividend going into 2024. Despite the uncertainty, I see this as a great opportunity to buy shares for a significant passive income boost.

Investing £10,000

With interest rates set to rise, I’m looking to get my excess cash into shares where I can see opportunities. And I think both Diageo and Pfizer can offer good returns for the next decade and beyond.

Both look like strong businesses that operate in diverse industries and countries. Investing £5,000 in each looks to me like a great use of £10,000 in excess savings.

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