挑选新年股息股票并持有的 3 种方法

年末是反思投资之旅的最佳时机。反思的一部分可能涉及确定值得避免的错误或在年底前采取的投资组合举措。

The end of the year is a perfect time to reflect on your investment journey. Part of that reflection can involve identifying mistakes worth avoiding or portfolio moves to make before the end of the year. You can also dig deeper into a particular sector or type of stock, such as growth stocks versus value or dividend stocks.

年末是反思投资之旅的最佳时机。反思的一部分可能涉及确定值得避免的错误或在年底前采取的投资组合举措。您还可以更深入地研究特定行业或股票类型，例如成长型股票与价值型或股息型股票。

Here are three lessons you can use to help pick winning dividend stocks to buy and hold in the new year.

您可以利用以下三个教训来帮助您选择在新的一年中购买和持有的获胜股息股票。

1. The power of earnings growthThere's no force more powerful in the stock market than earnings growth. Earnings growth can make a company that looks expensive based on trailing earnings still worth buying. It can create a snowball effect for accelerating shareholder value by compounding the pace of innovation, dividend raises, buybacks, mergers and acquisitions, and more.

1.盈利增长的力量 在股票市场上，没有比盈利增长更强大的力量了。盈利增长可以使一家从往绩盈利来看看起来昂贵的公司仍然值得购买。它可以通过加快创新、提高股息、回购、并购等的步伐，产生滚雪球效应，加速股东价值的增长。

Income investors often look for companies that sport track records of routinely raising their payouts. However, that can be expensive and ultimately damaging if a company isn't growing earnings. For example, suppose a company is passing along all of its profits to shareholders through dividends, but it continues to take on debt. That can damage the company's health and, ultimately, make it a bad investment.

收入投资者经常寻找那些有定期提高派息记录的公司。然而，如果公司的盈利没有增长，这可能会代价高昂，并最终造成损害。例如，假设一家公司通过股息将所有利润转移给股东，但它继续承担债务。这可能会损害公司的健康，并最终使其成为一项糟糕的投资。

The best dividend-paying companies can grow their earnings at least as fast as their dividend payment. Procter & Gamble (NYSE: PG) is a Dividend King with 68 consecutive years of dividend increases -- an impeccable track record. Over the last decade, P&G has increased its diluted earnings per share at a slightly faster rate than its dividend. It has been able to buy back a considerable amount of stock to reduce its share count by 12.8%.

最好的股息支付公司的盈利增长速度至少可以与股息支付的速度一样快。宝洁公司（纽约证券交易所股票代码：PG）是股息之王，连续 68 年股息增加，这是无可挑剔的记录。在过去的十年中，宝洁公司稀释后每股收益的增长速度略快于股息的增长速度。它已经能够回购大量股票，从而将其股份数量减少12.8%。

Growing earnings and dividends have justified an increase in P&G's value. Investors who have held P&G stock for the last decade have enjoyed a 92.3% increase in the stock price. However, the total return (factoring in dividends) is much higher at 155%. P&G is a good example of how a company with wonderfully mediocre earnings and dividend growth can be an excellent investment because of consistency.

盈利和股息的增长证明了宝洁公司价值增长的合理性。过去十年持有宝洁股票的投资者的股价上涨了92.3%。然而，总回报率（考虑股息）要高得多，达到 155%。宝洁公司就是一个很好的例子，它说明了一家盈利和股息增长极其平庸的公司如何因其一致性而成为一项出色的投资。

2. Yield can be misleadingDividend yield is a company's annual dividend payment divided by its market cap, or more simply, dividend per share divided by the price per share of the stock. The yield will go up if dividend raises outpace the stock price, and down if the stock price exceeds the dividend growth rate. The best combination is a company that consistently raises its dividend by a sizable amount and grows in value -- creating a greater shareholder return driven by capital gains and dividends instead of just dividend income.

2. 收益率可能会产生误导股息收益率是公司的年度股息支付除以其市值，或更简单地说，是每股股息除以股票的每股价格。如果股息涨幅超过股价，收益率就会上升；如果股价超过股息增长率，收益率就会下降。最好的组合是一家公司能够持续大幅提高股息并实现价值增长——通过资本收益和股息而不仅仅是股息收入来创造更大的股东回报。

There are plenty of excellent dividend stocks with low yields because their stock prices have gone up considerably. A surprising recent example is Walmart (NYSE: WMT). Walmart is a stable, industry-leading company that's also a Dividend King. However, the stock is up a staggering 88.3% in the last year. Walmart's long-term investments are paying off, and it is taking market share during a time when many of its peers are struggling. The run-up in Walmart stock has pushed the yield below 1%, so Walmart is no longer a viable source for generating sizable passive income. But that doesn't mean Walmart isn't committing to growing its dividend.

有很多优秀的股息股票，但收益率较低，因为它们的股价已经大幅上涨。最近一个令人惊讶的例子是沃尔玛（纽约证券交易所股票代码：WMT）。沃尔玛是一家稳定的行业领先公司，也是股息之王。然而，该股去年上涨了 88.3%，令人震惊。沃尔玛的长期投资正在获得回报，并且在许多同行陷入困境之际，它正在抢占市场份额。沃尔玛股票的上涨已将收益率推低至 1% 以下，因此沃尔玛不再是产生大量被动收入的可行来源。但这并不意味着沃尔玛不承诺增加股息。

Costco Wholesale (NASDAQ: COST) is another retailer that has consistently produced outsized gains compared to the market. Costco is a unique case because it has a small ordinary dividend, but sometimes pays large one-time special dividends when its cash position reaches a healthy level. It's Costco's way of returning money directly to shareholders through dividends. Once again, Costco isn't a good option if you're looking for stable and consistent quarterly dividend payments, but it's highly committed to using dividends to return capital.

Costco Wholesale（纳斯达克股票代码：COST）是另一家与市场相比持续创造巨大收益的零售商。 Costco 是一个独特的案例，因为它的普通股息很少，但有时当其现金状况达到健康水平时，会支付大量一次性特别股息。这是 Costco 通过股息直接向股东返还资金的方式。再说一遍，如果你正在寻找稳定且一致的季度股息支付，Costco 并不是一个好的选择，但它高度致力于利用股息来返还资本。

You may know Sherwin-Williams (NYSE: SHW) as a paint company. It's also a high-octane stock that continues to crush the broader market. Sherwin-Williams has had an incredible year. In February, it hiked its dividend by 18.2%, marking the 45th consecutive annual increase. In November, it joined Nvidia as the latest additions to the Dow Jones Industrial Average.

您可能知道宣伟 (Sherwin-Williams)（纽约证券交易所股票代码：SHW）是一家涂料公司。这也是一只继续压垮大盘的高辛烷值股票。宣伟公司度过了令人难以置信的一年。 2月份，该公司将股息提高了18.2%，这是连续第45年增加股息。 11 月，它与 Nvidia 一起成为道琼斯工业平均指数的最新成员。

Over the last decade, Sherwin-Williams has more than tripled its dividend, but the stock price has quadrupled. Sherwin-Williams may yield just 0.7%, but its shareholders don't mind one bit given the epic gains.

在过去的十年里，宣伟公司的股息增加了两倍多，但股价却上涨了四倍。宣伟公司的收益率可能只有 0.7%，但鉴于其巨大的收益，其股东一点也不介意。

Microsoft (NASDAQ: MSFT) pays more dividends than any other U.S.-based company. Over the last decade, Microsoft has hiked its dividend by around 8% to 11% per year like clockwork, while also buying back enough stock to more than offset its stock-based compensation expense. But because the company is worth so much and has been growing in value faster than it is raising its dividend, the yield is only 0.8%.

微软（纳斯达克股票代码：MSFT）支付的股息比任何其他美国公司都多。在过去的十年里，微软像发条一样每年将股息提高约8%至11%，同时还回购了足够的股票以抵消其基于股票的薪酬支出。但由于该公司价值如此之高，而且价值增长速度快于提高股息的速度，因此收益率仅为 0.8%。

3. Yield on cost versus current dividend yieldWalmart, Costco, Sherwin-Williams,

3. 成本收益率与当前股息收益率对比沃尔玛、好市多、宣伟、