NEW YORK ( TheStreet) -- While dividend stocks have been beaten up lately, TheStreet's David Peltier believes there is value to be found in Walgreen ( WAG).
The prescription-filling, convenience store giant has been very consistent as to when it will raise its dividend. According to Peltier, Walgreen has raised its dividend in the month of July every year, for the past 37 years. Why should we expect it to stop now? He also pointed to the company's ability to pay the dividend -- Walgreen only shells out about half of its earnings to do so. However, with the stock on a tear this year, it might be better to hold off. With shares at $44, the stock is up approximately 20% on the year. But a pullback to the $42 range could be enough of a reason to get into the name ahead of the dividend increase, he concluded. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell