My Top No-Brainer High-Yield Dividend Stock to Buy in 2023

A high yield dividend stock is great, but what you want is one that will last throughout 2023 and beyond, which is why this is the one I recommend.

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There are many companies out there with insanely high yields right now. Yet, this isn’t all that investors should be looking for right now. Instead, you want to find a dividend stock that’s not only going to pay you now, but could soar right out of 2023.

What to look for

If you’re going to identify a dividend stock with a high yield that lasts, you need to first think about the sector. I love the Warren Buffett quote that states don’t buy a stock unless a fool can run it, “because one day a fool will.”

So if you’re going to make a solid, long-term investment, which is what we recommend here at Motley Fool, then you want a solid, long-term stock. To find one, I would look at the sector and find companies that are in solid sectors, but growing ones.

One of these sectors I would consider is infrastructure. Sure, infrastructure has been around for practically forever, but there are certain areas that continue to expand. This would include infrastructure to support the growth of internet accessibility. That is why the dividend stock I’d buy isn’t even an infrastructure stock.

BCE stock

Instead, I would look to a beneficiary of this investment. That’s why today I’m looking at dividend stock BCE (TSX:BCE). BCE stock is a perfect option for those wanting exposure to the growing area of internet access. Canada is large, and there are still many areas that have little to no internet access. Because of this, the top telecom businesses are trying to be the first one on the ground, and therefore the only option.

Right now, BCE stock certainly has the lead, as the company has about 60% of the market share when it comes to internet providers. And the rich keep getting richer, as the company uses its wealth to then invest in rolling out the fastest internet speeds as soon as possible. It now boasts the fastest internet speeds in the country!

Yet again, with infrastructure continuing to be built and support of the growth of internet accessibility, there is still room to run for BCE stock. Which is why it’s a high-yield dividend stock I would certainly buy in 2023.

Getting down to the numbers

BCE stock currently has a dividend yield at 6.15%. Shares are down 14% in the last year, popping up recently and continuing to climb as earnings results come closer. While shares aren’t in value territory, they still fall in a good range trading at 21.3 times earnings as of writing.

Even with the drop, shares of BCE stock are still up 34% in the last decade. That’s stable growth that you can look forward to, as well as a nice increase coming out of 2023 as the stock will recover. In fact, the entire market will eventually! Which is why now is a great time to pick up strong, stable stocks like these that you can hold safely for decades.

So if you’re looking for a high yield dividend stock that’s only going to climb higher in the next decade, I would seriously consider BCE stock.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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