Oppenheimer Picks 18 Dividend Stocks 'Thrown Out With the Bathwater'

Should a dividend stock be discounted just because market volatility has wreaked havoc on its stock price?

Oppenheimer has compiled a list of 18 stocks -- some covered by its equity analysts and some not -- considered "babies thrown out with the bath water."

Oppenheimer believes these dividend-paying stocks "look attractive from a valuation and potential total return perspective," according to a Feb. 29 note to clients. "This week we sought out and screened for stocks that appeared to us to be stocks off their 52-week high that offer attractive dividends and have prospects, in our view, for dividend growth and capital appreciation."

Only nine of the stocks are covered by Oppenheimer analysts, but all 18 merit consideration for a dividend-oriented portfolio, the note said.

Here are the stocks that pulled up on Oppenheimer's screen. We've paired the list with commentary from Jim Cramer, if the stock is owned by his Action Alerts PLUS charitable trust portfolio.

Ford Motor
Ford Motor

Sector: Consumer Goods & Services/Automobile Manufacturers
Oppenheimer Rating/Target Price: not covered

Ford Motor (F - Get Report) is a global automotive and mobility company based in Dearborn, Michigan. With about 199,000 employees and 67 plants worldwide, the company's core business includes designing, manufacturing, marketing, financing and servicing a full line of Ford cars, trucks, SUVs and electrified vehicles, as well as Lincoln luxury vehicles, according to its Web site.

Ford's stock is down 21% from its 52-week-high of $12.47. The stock's dividend yield is at 4.81%.

Pfizer
Pfizer

Sector: Health Care/Pharmaceuticals
Oppenheimer Rating/Target Price: n/a

Pfizer (PFE - Get Report) is a biopharmaceutical company that discovers, develops, manufactures and sells health care products worldwide.

Pfizer's stock is down 16.9% from its 52-week-high of $36.15. The stock's dividend yield is at 3.97%.

Boeing
Boeing

Sector: Industrials/Aerospace & Defense
Oppenheimer Rating/Target Price: n/a

Boeing (BA - Get Report) is the world's largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems, according to its website.

Boeing's stock is down 22.9% from its 52-week-high of $155.73. The stock's dividend yield is at 3.69%.

Merck
Merck

Sector: Health Care/Pharmaceuticals
Oppenheimer Rating/Target Price: n/a

Merck (MRK - Get Report) is an international developer, manufacturer and distributor of pharmaceuticals.

Merck's stock is down 15% from its 52-week-high of $60.89. The stock's dividend yield is at 3.63%.

Microsoft
Microsoft

Sector: Technology
Oppenheimer Rating/Target Price: Outperform/$56

Microsoft (MSFT - Get Report) a technology company, develops, licenses and supports software products, services, and devices worldwide.

Microsoft's stock is down 7% from its 52-week-high of $56.55. The stock's dividend yield is at 2.81%.

Macquarie Infrastructure
Macquarie Infrastructure

Sector: Industrials/Airport Services
Oppenheimer Rating/Target Price: Outperform/$100

Macquarie Infrastructure (MIC - Get Report) owns, operates and invests in a diversified group of infrastructure businesses in the U.S. The company's portfolio includes airport services, bulk liquid terminals, gas production and distribution, and contracted power and energy, according to its Web site.

Macquarie Infrastructure is down 29.4% from its 52-week-high of $87.24. The stock's dividend yield is at 7.5%.

Six Flags Entertainment
Six Flags Entertainment

Sector: Consumer Goods & Services/Leisure Activities
Oppenheimer Rating/Target Price: Outperform/$58

Six Flags Entertainment (SIX - Get Report) is the world's largest regional theme park company with $1.3 billion in revenue and 18 parks across North America, according to its website.

Six Flags' stock is down 6.4% from its 52-week-high of $54.96. The stock's dividend yield is at 4.5%.

LyondellBasell Industries
LyondellBasell Industries

Sector: Materials/Commodity Chemicals
Oppenheimer Rating/Target Price: n/a

LyondellBasell Industries (LYB - Get Report) is manufacturer of chemicals and polymers, refiner of crude oil, producer of gasoline blending components, and developer and licensor of technologies for production of polymers.

LyondellBasell's stock is down 23.7% from its 52-week-high of $106.13. The stock's dividend yield is at 3.89%.

Coach
Coach

Sector: Consumer Goods & Services/Apparel, Accessories & Luxury Goods
Oppenheimer Rating/Target Price: Outperform/$50

Coach (COH) provides luxury accessories and lifestyle collections in the U.S.

Coach's stock is down 9.7% from its 52-week-high of $43.56. The stock's dividend yield is at 3.5%.

CA
CA

Sector: Technology
Oppenheimer Rating/Target Price: Perform/NA

CA  (CA) , formerly Computer Associates International, is one of the world's leading providers of information technology management software and solutions, helping organizations of all sizes develop, manage, and secure complex IT environments that increase productivity and enhance the competitiveness in their businesses, according to the company's Web site.

CA's stock is down 9% from its 52-week-high of $33.05. The stock's dividend yield is at 3.4%.

Harley-Davidson
Harley-Davidson

Sector: Consumer Goods & Services/Motorcycle Manufacturers
Oppenheimer Rating/Target Price: n/a

Harley-Davidson (HOG - Get Report)  primarily manufactures cruiser and touring motorcycles.

Harley-Davidson's stock is down 32.2% from its 52-week-high of $65.07. The stock's dividend yield is at 2.86%.

Darden Restaurants
Darden Restaurants

Sector: Consumer Goods & Services/Restaurants
Oppenheimer Rating/Target Price: Outperform/$70

Darden Restaurants (DRI - Get Report) owns and operates more than 1,500 restaurants that generate $6.8 billion in annual sales, according to its Web site. The company, headquartered in Orlando, Fla., owns restaurant brands Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V's and Yard House.

Darden's stock is down 14.2% from its 52-week-high of $74.91. The stock's dividend yield is at 3.14%.

Lockheed Martin
Lockheed Martin

Sector: Industrials/Aerospace & Defense
Oppenheimer Rating/Target Price: n/a

Lockheed Martin (LMT - Get Report) is a global security and aerospace company that employs approximately 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

Lockheed Martin's stock is down 3.6% from its 52-week-high of $226.42. The stock's dividend yield is at 3.04%.

Jim Cramer's Action Alerts PLUS charitable trust portfolio owns shares of Lockheed Martin. Cramer and Jack Mohr, Action Alerts Plus' research director, wrote in their most recent weekly roundup:

"Shares of Lockheed climbed higher this week. Some subscribers have expressed concern around a news alert indicating the company's Sikorsky helicopter business may underperform relative to expectations. While this appeared concerning on the surface, the comments were taken from the company's regulatory 10k filing; as standard procedure, it is part of the 'potential risks' section of the filing, which all companies have to include and lay out any and all potential risks. This is not to say the risk isn't real, but it certainly isn't anything new and if anything aligns with management's commitment to transparency. Executives at the company have made a conscious effort to discuss the complexity of the Sikorsky integration in its many releases, conference calls and conference presentations. As a result, they have made it clear that 2016 could be a bit of a messy year given the costs that go along with an integration of this size. That being said, 2017 and beyond are expected to be much clearer and the company is well set up to succeed. This is a very well-seasoned management team and they are preparing investors for any outcome. The market is willing to give LMT some leeway on Sikorsky since management has been so upfront, and, of course, due to the strength of the company's other divisions. There have, of course, been some pressures in the helicopter industry, but the Sikorsky division has a good backlog of orders for support as the integration goes on. We will definitely continue to monitor this situation, but believe it is management simply making the market aware of potential risks. We reiterate our $225 target."

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Watsco
Watsco

Sector: Industrials/Trading Companies & Distributors
Oppenheimer Rating/Target Price: n/a

Watsco (WSO - Get Report) is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies in the HVAC/R distribution industry, according to its Web site.

Watsco's stock is down 1.6% from its 52-week-high of $131.89. The stock's dividend yield is at 2.64%.

Automatic Data Processing
Automatic Data Processing

Sector: Technology/Data Processing & Outsourced Services
Oppenheimer Rating/Target Price: Perform/NA

Automatic Data Processing (ADP - Get Report) , together with its subsidiaries, provides business process outsourcing services worldwide.

ADP's stock is down 4.1% from its 52-week-high of $90.53. The stock's dividend yield is at 2.47%.

H&R Block
H&R Block

Sector: Consumer Goods & Services/Specialized Consumer Services
Oppenheimer Rating/Target Price: Outperform/$38

H&R Block (HRB - Get Report) , through its subsidiaries, provides tax preparation, banking, and other services to the general public primarily in the U.S., Canada and Australia.

H&R Block's stock is down 12.2% from its 52-week-high of $37.40. The stock's dividend yield is at 2.37%.

Whirlpool
Whirlpool

Sector: Consumer Goods & Services/Household Appliances
Oppenheimer Rating/Target Price: n/a

Whirlpool (WHR - Get Report) is a major global appliance manufacturer, with approximately $21 billion in annual sales, 97,000 employees and 70 manufacturing and technology research centers in 2015. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in nearly every country throughout the world, according to its Web site.

Whirlpool's stock is down 26.7% from its 52-week-high of $215. The stock's dividend yield is at 2.33%.

American Tower
American Tower

Sector: Financial Services/REITs
Oppenheimer Rating/Target Price: Outperform/$110

American Tower (AMT - Get Report) is the owner, operator and developer of wireless communications towers with more than 14000 sites in the U.S., Mexico and Canada.

American Tower's stock is down 9% from its 52-week-high of $104.06. The stock's dividend yield is at 2.18%.

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