Amcor Ltd (ASX: AMC) shares have been having an up and down year on the ASX in 2019.
The Aussie packaging company's shares have climbed 16.60% higher but still trail the S&P/ASX 200 Index (INDEXASX: XJO).
The benchmark index has gained 23.24% this year on the back of low rates and global economic growth.
But with Amcor paying its dividend to shareholders today, it's a good time to consider buying into the ASX 50 stock.
Should you buy Amcor shares for the dividend?
Amcor will pay its eligible shareholders an unfranked 16.70 cents per share (cps) distribution today.
The group's share price is up 11.13% since the end of October in a bullish run to end the year.
Amcor is yielding 2.43% per annum which doesn't put it in the top tier of ASX dividend shares. However, it is very much a large-cap stock and boasts an impressive $25 billion market capitalisation.
The Aussie packaging group's shares trade at a price-to-earnings (P/E) multiple of 17.4 times. That's not too expensive compared to the ASX 200 average of around 16 times or so.
It's fair to say you probably aren't buying Amcor shares if you're just after yield. The likes of Alumina Limited (ASX: AWC) or Harvey Norman Ltd (ASX: HVN) can offer much higher yields than Amcor.
However, as far as the Aussie blue-chips go, Amcor doesn't look to be a bad option.
It can offer a level of capital stability and has some defensive qualities. The Materials sector isn't notoriously cyclical which could help in the event of a recession here in Australia.
Foolish takeaway
As Amcor pays its dividend to shareholders today, it's worth looking at whether or not it's in the buy zone.
Based on its 2.43% dividend yield and 16.60% capital gains, I think there are worse ASX dividend shares on the market.
Amcor doesn't look to fit the bill from either a pure income or value perspective. However, if you're looking for a middle ground with a bit of both, Amcor shares could be a great portfolio addition right now.
