Should you watch these under $50 dividend stocks in 2023?

Highlights

• Dividend stocks offer the additional benefit of passive income
• Cedar Fair saw nearly 27 million visitors in 2022, close behind the 28 million pre-pandemic visitors it saw in 2019
• Paramount's movie business recovered well in 2022 when the pandemic abated

Dividend-paying stocks can give your portfolio security in a volatile market. Because they offer the additional benefit of passive income, companies that consistently pay dividends have a history of outperforming the entire stock market.

Don't forget dividend stocks when looking to expand your portfolio because they could be the secret to your market-beating performance. Here are a few dividend stocks that each cost less than $50. Let's see how they've performed:

Cedar Fair L.P. (NYSE: FUN)

As the summer season has arrived, thrill-seekers may throng to amusement and water parks across the nation, many of which are owned and operated by Cedar Fair, whose shares are presently trading for US$ 45.12 each. For the past three years, the stock price has resembled a roller coaster, as the pandemic destroyed its finances and admissions, causing the company to postpone its dividend.

However, the park attendance eventually stabilised in 2022, and the management has just renewed its quarterly dividend, which is now valued at US$ 0.3 apiece, or a 2.66 per cent yield.

In Q4 2022, the company achieved a record net revenue amounting to US$ 366 million, up by four per cent year-over-year (YoY).

Also Read: MRK & UNH: Should you explore these US healthcare stocks?

In particular, Cedar Fair saw nearly 27 million visitors in 2022, close behind the 28 million pre-pandemic visitors it saw in 2019. Compared to US$ 1.5 billion in 2019, the company's revenue in 2022 was roughly US$ 1.8 billion.

Paramount Global (NASDAQ: PARA)

With a share price of US$ 22.88 per share, the media behemoth Paramount Global has a long and prosperous history in the entertainment industry.

Currently, the quarterly dividend paid by Paramount is $0.24 per share or a 4.4% yield.

Paramount's movie business recovered well in 2022 when the pandemic abated, with Top Gun: Maverick earning about US$ 1.5 billion at the global box office.

In Q4 2022, the company delivered 8 cents per share as adjusted earnings, and its revenues were US$ 8.13 billion. The company's affiliate revenues increased eight per cent YoY to US$ 2.86 billion.