For investors, 2022 has been a very grim year. Both the Nasdaq and the S&P 500 are back in bear market territory. The stock market is poised for more trouble, with Federal Reserve Chair Jerome Powell noting that rates will rise to 4.4% by the end of this year and likely will have a final terminal rate of 4.6% in 2023. Many top analysts and strategists see downside in the venerable S&P 500 to 3,100. That would be another 20% decline from current trading levels.

There are always places for investors to seek shelter from the interest rate storm, and sectors like utilities and health care are often seen as safe havens. The sector that has seen the biggest moves recently is consumer staples: 12 of the top 20 gainers in the S&P 500 on Wednesday, when the Fed lifted rates another 75 basis points, were consumer staples leaders.

We screened our 24/7 Wall St. research database looking for the top consumer staples companies. The seven that hit our screens all pay big and dependable dividends, are rated Buy at top Wall Street firms and are likely among the best places to move to now.

It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.

Conagra Brands

This is a solid stock for conservative investors looking for growth and income. Conagra Brands Inc. (NYSE: CAG) operates as a food company in North America. Its brands include Marie Callender’s, Reddi-wip, Hunt’s, Healthy Choice, Slim Jim, Orville Redenbacher’s, Alexia, Frontera, Banquet and Chef Boyardee.

The company’s Grocery & Snacks segment primarily offers shelf-stable food products in various retail channels in the United States. The Refrigerated & Frozen segment provides temperature-controlled food products in various retail channels in the United States. The International reporting segment offers food products in various temperature states in retail and foodservice channels outside of the United States.

The Foodservice segment offers food products, including meals, entrees, sauces and various custom-manufactured culinary products packaged for sale, to restaurants and other foodservice establishments in the United States.

Conagra Brands stock investors receive a dividend of 3.85%. Evercore ISI has a $40 target price. The lower consensus target is $36.03, and the stock closed trading on Thursday at $34.76.

General Mills Inc. (NYSE: GIS) manufactures and markets branded consumer foods worldwide. The company offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and salty snacks, ice cream, nutrition bars, wellness beverages, and savory and grain snacks, as well as various organic products, including frozen and shelf-stable vegetables.

The company also supplies branded and unbranded food products to the North American foodservice and commercial baking industries, and it manufactures and markets pet food products, including dog and cat food.

The company markets its products under the Annie’s, Betty Crocker, Bisquick, Blue Buffalo, Blue Basics, Blue Freedom, Bugles, Cascadian Farm, Cheerios, Chex, Cinnamon Toast Crunch, Cocoa Puffs, Cookie Crisp, Fiber One, Food Should Taste Good, Fruit by the Foot, Fruit Gushers, Fruit Roll-Ups, Gardetto’s, Go-Gurt, Gold Medal, Golden Grahams, Häagen-Dazs, Helpers, Jus-Rol, Kitano, Kix, Lärabar, Latina, Lucky Charms, Muir Glen, Nature Valley, Oatmeal Crisp, Old El Paso, Oui, Pillsbury, Progresso, Raisin Nut Bran, Total, Totino’s, Trix, Wanchai Ferry, Wheaties, Wilderness, Yoki and Yoplait trademarks.

Shareholders receive a 2.86% dividend. Citigroup’s price target on General Mills stock is $88. The $74.59 consensus target is less than the most recent close at $80.78 a share.

Hormel Foods

During even difficult times, people still have to buy groceries, and this stock is a pure play in the consumer defensive arena. Hormel Foods Corp. (NYSE: HRL) develops, processes and distributes various meat, nuts and other food products to retail, food service, deli and commercial customers in the United States and internationally.

The company provides various perishable products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles and bacons, as well as such shelf-stable products as canned luncheon meats, nut butters, snack nuts, chilies, microwaveable meals, hashes, stews, tortillas, salsas and tortilla chips.

It also engages in the processing, marketing and sale of branded and unbranded pork, beef, poultry and turkey products. It offers nutritional food products and supplements, desserts and drink mixes, and industrial gelatin products. Its brands include Skippy, Spam, Hormel, Natural Choice, Applegate, Justin’s, Jennie-O, Café H, Herdez, Black Label, Sadler’s, Columbus, Gatherings, Wholly, Columbus, Planters, Planters Cheez Balls and Corn Nuts.

Here, the dividend yield is 2.26%. The $57 Argus price target is well above the $46.88 consensus target. Hormel Foods stock was last seen on Thursday trading at $47.05.

It should come as no surprise this solid company is included as a safe bet for the rest of 2022. Kellogg Co. (NYSE: K) is the global leader in breakfast cereal, and its other principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, frozen waffles, veggie foods and noodles.

The company offers its products under the Kellogg’s, Cheez-It, Pringles, Austin, Parati, RXBAR, Kashi, Bear Naked, Eggo, Morningstar Farms, Choco Krispies, Crunchy Nut, Nutri-Grain, Special K, Squares, Zucaritas, Sucrilhos, Pop-Tarts, K-Time, Split Stix, Be Natural, LCMs, Coco Pops, Rice Krispies Squares, Kashi Go, Vector and Gardenburger brand names.

Kellogg stock comes with a 3.24% dividend. The price target at Citigroup is $87, while the consensus target stands at $67.95. Shares closed on Thursday at $73.61.

Kraft Heinz

Even in bad times, everybody has to eat, and this company always stands to benefit. Kraft Heinz Co. (NASDAQ: KHC) was formed via the merger of H.J. Heinz and Kraft Foods. The company is a leading global food company, with $29 billion of annual revenues generated by such well-known brands as Kraft, Heinz, Oscar Meyer and Maxwell House.

It is the third-largest food and beverage manufacturer in North America, deriving 76% of revenues from that market and 24% internationally. Additional brands include Oscar Meyer, Maxwell House, Capri Sun, Classico, Jell-O, Kool-Aid, Lunchables, Ore-Ida, Oscar Mayer, Philadelphia, Planters, Plasmon, Quero, Weight Watchers Smart Ones and Velveeta.

Shareholders receive a 4.65% dividend. This is one of Stifel’s top dividend picks, and its price target is $48. The consensus target for Kraft Heinz stock is $41.94, and shares closed at $34.26 on Thursday.

Mondelez

This is another consumer sector giant that makes good sense for conservative investors. Mondelez International Inc. (NASDAQ: MDLZ) manufactures and markets snack food and beverage products worldwide. It offers biscuits, including cookies, crackers and salted snacks; chocolates, and gums and candies; powdered beverages and coffee; and cheese and grocery products.

Its primary brand portfolio includes LU, Nabisco and Oreo biscuits; Cadbury, Cadbury Dairy Milk and Milka chocolates; Trident gum; Jacobs Kaffee; and Tang powdered beverages.
Mondelez sells its products to supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores, gasoline stations, drug stores, value stores and other retail food outlets through direct store delivery, company-owned and satellite warehouses, distribution centers and other facilities, as well as through independent sales offices and agents.

Investors receive a 2.58% dividend. Mondelez International stock has a price target of $79 at Bernstein. The $73.06 consensus target is also well above Thursday’s close at $59.80.

Procter & Gamble

The company offers a very solid dividend as well as a host of recognizable products. Procter & Gamble Co. (NYSE: PG) is one of the world’s largest consumer products companies and one of the oldest in the Fortune 500. Its many brands include Pampers, Tide, Bounty, Charmin, Gillette, Oral B, Crest, Olay, Pantene, Head & Shoulders, Ariel, Gain, Always, Tampax, Downy and Dawn.

The company sells its products through mass merchandisers, e-commerce, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, baby stores, specialty beauty stores, high-frequency stores and pharmacies. The company has been very innovative in its product development process and uses that to help ensure future growth and cash flow. This should provide investors years of steady growth and dividends.

The dividend yield is 2.59%. Wells Fargo has set its price objective at $160. The consensus target is $155.51. Procter & Gamble stock closed on Thursday at $136.21.

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These seven top consumer staples stocks for worried investors, while not invincible, will surely hold up better for the rest of 2022 and into next year than technology and some other more volatile sectors. As noted, the stock market has some big downside potential from where we are now, and playing it safe just makes sense until the Federal Reserve is done raising interest rates.

To prove how well these consumer staples stocks fare in a bear market, note that six of them, with the lone exception of Kraft Heinz, traded higher on Thursday when all the major indexes close lower.

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