3 Top Dividend Stocks to Buy in November

The month of November means that the holidays are just around the corner. The holiday shopping season kicks off this month, making it a great time to think about buying some investment income for your stock portfolio.

While the broader stock market continues to trade near all-time highs, you can find deals -- especially once you venture outside of the technology space.

A beaten-up pharmaceutical giant, as well as two world-class businesses within the financial services market sector, stand out as top dividend stocks to buy in November.

Here is a quick rundown on each opportunity.

Image source: Novo Nordisk.

1. Novo Nordisk

It can be hard to believe that Novo Nordisk (NYSE: NVO), the company behind highly popular GLP-1 agonist weight-loss and diabetes drugs like Ozempic and Wegovy, would have done so poorly. But here we are; the stock has plunged nearly 70% from its all-time high. The Danish pharmaceutical company, which specializes in treatments for diabetes and obesity, has gotten its butt kicked by competition.

Not only has arch-rival Eli Lilly taken market share from Novo Nordisk, but the company has also felt pressure from compounding pharmacies that sprang up during drug shortages and never really went away. The selling appears overdone. Shares trade at under 14 times 2025 earnings estimates, and the dividend yield is approaching an all-time high at 3.6%.

Novo Nordisk should have plenty of growth opportunities in the obesity drug market, which could swell to $150 billion over the next decade. The company also changed out its CEO earlier this year, and the new CEO has been more aggressive in strategic acquisitions and sales strategies to push back against the competition. Novo Nordisk's steep decline might look like an obvious buying opportunity in hindsight.

2. Moody's

The global economy relies on debt. Moody's Corporation (NYSE: MCO) is one of the leading authorities in that space. The company sells financial data and research, and is one of the two primary agencies that rate bonds. The company has been in business for over a century, so it enjoys a powerful reputation. The Moody's brand name makes it difficult for competitors to challenge its business.

Moody's business is built on its data and other intangible assets. Therefore, the company is highly profitable. Companies and governments borrow constantly, so Moody's business is also relatively steady. The company has paid and raised its dividend for 15 consecutive years. The dividend payout ratio is only a quarter of 2025 earnings estimates, leaving plenty of room for future increases.

The stock's not a bargain, but fantastic companies rarely come cheap. However, shares do seem reasonably priced at the moment. The stock's price-to-earnings (P/E) ratio of 32 against 2025 estimates isn't a bad valuation for a business that analysts estimate will grow by 11% to 12% annually over the next three to five years.

3. Mastercard

The global shift from cash to debit and credit card payments has been a long and powerful tailwind for Mastercard (NYSE: MA) and the other leading payment network companies. Mastercard has consistently grown and maintained healthy profit margins, generating billions of dollars in cash flow annually. As a result, Mastercard has paid and raised its dividend for 14 consecutive years.

Mastercard's business is like a toll. It charges fees on each transaction that goes through its network. While that may mean Mastercard's business could fluctuate with the economy, potentially slowing during a recession as people spend less, the percentage-based fee structure means that fees rise with inflation. That builds long-term growth into Mastercard's business as prices and transaction values increase.

The stock currently trades at more than 32 times 2025 earnings estimates. While that's not cheap, it's another example of an excellent business trading at a fair price. Mastercard is a cash-flow machine with solid growth ahead. Analysts see Mastercard growing earnings at an annualized rate of 15% over the next three to five years. That's enough growth to justify buying this proven winner at these levels.

Justin Pope has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard and Moody's. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.