3 Relentless Dividend Stocks to Buy in September

The article identifies eBay, McDonald's, and Constellation Brands as dividend-growth opportunities, with forward yields of 1.2%, 3.0%, and 3.38%, respectively. eBay reported 15% Q2 revenue growth and 26% growth in consumer-to-consumer, pre-owned, and refurbished GMV, supported by AI listing tools and its Depop acquisition; its dividend has compounded at 12% annually over five years. McDonald's faces weak U.S. comparable-sales growth of 0.8% and a 17% share-price decline, while Constellation's shares are 55% below 2024 highs amid soft beer demand, but both retain manageable free-cash-flow payout ratios and capacity for continued dividend increases.

Analysis

EBAY's capital-return case is less about the dividend yield than whether its higher-margin revenue mix can persist as resale supply scales. AI listing tools lower seller acquisition cost and improve marketplace liquidity, but they also intensify competition for inventory with Etsy, Poshmark and Vinted; the key underwriting variable is incremental take-rate/advertising revenue rather than headline GMV. Over the next 1-3 quarters, sustained double-digit revenue growth would justify multiple expansion; a reversion in active sellers, ad penetration, or transaction take rate would expose a stock already rerated sharply.

MCD offers the cleanest downside-buffered cash-flow profile, but its equity catalyst depends on U.S. traffic recovery rather than dividend growth. Margin resilience can mask franchisee-level stress from labor, food and promotional spending; deteriorating franchisee cash-on-cash returns would eventually constrain unit development and remodel cadence. Watch monthly traffic, franchisee commentary and whether value initiatives lift guest counts without expanding the company-funded discount burden; this is a 6-18 month execution story, not a near-term yield trade.

STZ is the more asymmetric contrarian setup, but the market is correctly discounting a concentrated beer profit pool facing weak volumes and Mexico-linked input, FX and tariff risk. A modest volume inflection would have outsized operating leverage after the drawdown, while further shipment depletion or a step-up in promotional intensity could force FY27 earnings revisions despite dividend coverage. The relevant catalyst window is the next two earnings prints and spring/summer 2027 beer scans; independently verify scanner-data share and distributor inventories before treating brand rankings as evidence of accelerating demand.

Key Decisions for Investors

• Initiate a 6-12 month long STZ / short TAP pair, sized modestly: STZ has greater upside to a Mexican-import volume stabilization while TAP remains more exposed to mature domestic-beer pressure. Target 15-20% relative return; exit if STZ beer depletions turn negative for two consecutive reported quarters or FY27 beer margin guidance is cut.
• Accumulate MCD on further weakness rather than chase the yield; use a 9-12 month target horizon and require evidence of sequential U.S. traffic improvement. A defined-risk alternative is selling 6-month downside puts only after confirming franchisee margins and same-store-sales trends; invalidate on renewed negative traffic plus a material reduction in unit-opening targets.
• Do not add EBAY solely for income. Set an alert for quarterly revenue growth falling below high single digits or advertising/services monetization failing to offset marketplace investment; absent current EV/EBIT and repurchase data, valuation support cannot be established. If those metrics hold through the next earnings release, EBAY is a candidate for a 3-6 month long versus ETSY.
• For STZ, monitor U.S. beer scanner data, distributor inventory days, USD/MXN and any tariff action affecting Mexican imports before increasing exposure. A tariff announcement or sustained peso appreciation would reduce the expected margin-recovery payoff and warrants cutting the long/pair position.