This Top Dividend Stock Hit a 52-Week Low: Should You Buy Today?

Corby Spirit and Wine (TSX:CSW.A) is a Toronto-based company the manufactures, markets, and imports spirits and wines in Canada, the United States, the United Kingdom, and around the world. Shares of this dividend stock have dropped 8.5% year-over-year as of mid-afternoon trading on February 23. The stock has fallen 3.6% so far in 2023. Corby dropped to a 52-week low this week.

The company released its second quarter fiscal 2023 earnings on February 8. Corby delivered revenue growth of 3% for the first six months of the fiscal year on the back of robust sales growth. Meanwhile, net earnings also increased 3% compared to the first half of fiscal 2022. Indeed, investors should feel good about the future at this company.

Millennial consumers, which have now grown into the largest demographic cohort, have shown to be more inclined towards wine and spirits over the beer that dominated the boomer demographic. That is good news for Corby and others that have bet on this alcohol segment. This company reported a strong domestic performance in Q2 FY2023 as it posted Case Goods sales growth of 5% and commissions growth of 11%.

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Shares of this dividend stock currently possess a favourable price-to-earnings ratio of 18. Moreover, Corby offers a quarterly dividend of $0.21 per share. That represents a strong 5.3% yield. I’m looking to snag this undervalued dividend stock in late February.