But despite the higher-than-average valuation level of the overall market, there are still bargains available.
Let's look at three well-respected consumer goods dividend stocks that are trading at extremely low P/E ratios.
The first undervalued consumer goods stock is the largest corporation in the world. Still, investors have bid down the company's P/E ratio.
Another continues to have success driven by macroeconomic tailwinds, yet the market isn't rewarding its stock. The company paid a hefty special "bonus" dividend this year.
And the final stock has fallen 19% this year, despite favorable long-term growth prospects. This company is a dividend aristocrat, poised to continue delivering many more years of consecutive dividend increases.
Take a closer look for those three...
Source: The Street