This week, I'm seeking the second robust dividend-paying stock from the consumer defensive business sector for my Ivy portfolio. 

That defensive sector includes thirteen industries all related to providing those conveniently packaged goods we've just gotta have. Industries like: beverages, brewed, soft, or distilled; confections; discount stores; education & training; farm products; food distribution; grocery stores; household & personal products; packaged goods; pharmaceutical retailers; tobacco

Today I'm reviewing a small-cap food distribution company, named SpartanNash Company. Its trading ticker symbol is SPTN.

SpartanNash Company is a multi-regional grocery distributor and retailer. It distributes grocery products to independent grocery retailers, national retailers, and food service distributors.

 It operates in three segments: Food Distribution, Military, and Retail. The Food Distribution segment offers approximately 60,000 stock-keeping units, from dry groceries, produce, dairy products, meat, delicatessen items, and bakery goods, to frozen food, seafood, floral products, general merchandise, beverages, tobacco products, health and beauty care, and pharmacy products to independent retail locations, food service distributors, and corporate-owned retail stores.

The Military segment sells and distributes grocery products to military commissaries and exchanges located in 45 states across the United States and the District of Columbia, Europe, Cuba, Puerto Rico, Italy, Bahrain, Djibouti, and Egypt.

The Retail segment primarily operates neighborhood supermarkets. These include 145 owned retail stores in the Midwest region primarily under the Family Fare Supermarkets, D&W Fresh Markets, VG's Grocery, Dan's Supermarket, and Family Fresh Market banners.

SpartanNash Company also markets and distributes private brand items primarily under the Our Family, Open Acres, Top Care, Tippy Toes, Full Circle, Culinary Tours, PAWS Premium, Valu Time, Freedom's Choice, and Home Base brands. 

The company was formerly known as Spartan Stores, Inc. and changed its name to SpartanNash Company in November 2013. 

SpartanNash Company was founded in 1917 and is headquartered in Grand Rapids, Michigan.

I use three key data points to gauge the value of any dividend equity or fund like SpartanNash Company (SPTN): 

(1) Price

(2) Dividends

(3) Returns

Besides those three, four more keys will finally unlock an equity or fund in which to invest.

But those first three primary keys, best tell whether a company has made, is making, and will make money. 

SPTN Price

SpartanNash's price per share was $18.86 at yesterday's market close. A year ago its price was $25.36 for a price drop of $6.50 per share for the year or a 26% tumble. 

Assuming SpartanNash's price will trade in the range of $15 to $25next year, SpartanNash's recent $18.86 price could maybe climb by $2.00 and improve to $20.86 by early-December, 2019. 

SPTN Dividends

SpartanNash's most recent quarterly dividend was $0.18 declared November 16th and payable, December 31st. 

That $0.18 quarterly stipend equates to an annual amount of $0.72 yielding 3.8% at yesterday's closing $18.86 price.

Gains For SPTN?

Adding the $0.72 annual dividend to my estimated $2.00 annual price upside estimate forSpartanNash Company (SPTN) adds up to a $2.72 potential gross annual per share gain, which will be reduced by costs to trade the shares.  

For a little under $1,000.00 invested today at the $18.86 recent price, we could buy 53 SPTN shares. 

A $10 broker fee paid half at purchase and half at sale costs us $0.19 per share. Subtract that $0.19 brokerage cost from the estimated $2.72 gross annual gain leaves a net gain of $2.53 X 53 shares = $134.09 for a 13.4% net gain on a $999.58 investment.

Therefore, SpartanNash Company whose trading ticker symbol is SPTN, now shows a possible 13.4% net gain including a 3.8% dividend yield. 

Seven brokers cover this stock:

One says "buy" SPTN shares

None think SPTN will "outperform" peers.

Five say "hold" your SPTN shares.

One says "sell" SPTN shares.

The median price consensus among those seven brokers is a $20.50 target, $0.36 under my $20.86 estimate.

Therefore, you can look at SpartanNash, and see it has made money, is making money, but could net a 10 to 13.4% net annual gain including that3.8% dividend yield. It could be more, it could be less. 

The above speculation is based on past year performance. The actual results remain to be seen to determine if SpartanNash Company (SPTN) is worth your time and money.