S&P/ASX 200 Index (ASX: XJO) shares have been smashed in the 2020 bear market. Some of the biggest names are now trading 20-40% lower since the start of the year.
For many, that's a scary proposition. However, I prefer to look at it as a once in a generation buying opportunity.
In times like these, I like to look for companies with strong track records and stable management.
Here are 3 ASX 200 shares that have seen stable income growth in recent years which could be in the bargain basket.
3 ASX 200 shares with a history of strong dividends
Harvey Norman Holdings Limited (ASX: HVN) is a particularly solid ASX 200 dividend share.
The Aussie retailer is a household name here in Australia and boasts a $3.58 billion market capitalisation right now.
Impressively, the group's shares are also yielding 11.50% today. Of course, dividend yields can be misleading in these unprecedented times.
However, Harvey Norman has consistently boosted its dividends in recent decades. I like that track record and believe that even a temporary cut (and share price fall) could present a buying opportunity in 2020.
Another top ASX 200 dividend share I like is Magellan Financial Group Ltd (ASX: MFG). Magellan has a strong track record of outperformance and is a standout ASX wealth manager.
Magellan shares are down 15% since the start of the year but could be a long-term buy. With a 4.22% dividend yield and solid long-term returns, I wouldn't bet against the Magellan share price in 2021.
Finally, I like the look of Wesfarmers Ltd (ASX: WES) for $38.12 per share. The Aussie conglomerate has a diversified earnings profile and a whopping $43.22 billion market capitalisation.
Those are some solid numbers for an ASX 200 share given the current bear market. Wesfarmers has plenty of dry powder following its $1 billion sale of Coles Group Ltd (ASX: COL).
That could mean more acquisitions on the horizon or simply a strong balance sheet to ride out the COVID-19 storm.
Either way, I like the ASX 200 share's long-term prospects and dividend potential beyond 2020.
