Pros recommend dividend stocks

A slumping stock market and economic difficulties make this a challenging time for investors looking for the best place to put their money. No consensus emerged among the nearly 1,700 financial planners and fund managers attending the annual Morningstar Investment Conference. But many floated ideas for good buys and strategies in this difficult environment. Several professionals offered up their single best investment ideas:

According to Josh Peters, equity income strategist for Morningstar: Procter & Gamble (PG) and Abbott Laboratories (ABT) as dividend stocks to hold for the long term. Both have yields of more than 3 percent. "Their stocks haven't moved in years but both their dividends and revenues are moving." Both are businesses that are going to be around and still strong 15 years from now. P&G's rise in product sales is coming from emerging markets countries with good growth prospects. Abbott's top-selling drug, Humira, which is used to treat inflammatory diseases like rheumatoid arthritis, is "not going to fall off the cliff" and the company keeps finding new uses for it.

Source: Daily Journal

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