According to the United Nations, the global population is roughly 8 billion, and that figure is set to reach 10 billion by 2050. Against the backdrop of a steadily rising world population, investing in agricultural stocks gives investors exposure to a theme that is evergreen - a consistently increasing demand for global food supplies. 

Plus, owning agriculture stocks can also provide a measure of protection against inflation. For investors looking to pick up shares of high quality agriculture names, here's a look at five dividend-paying stocks that are reasonably valued at current levels, and recommended by Wall Street analysts.

1. Nutrien Stock

Founded in 2018 by the merger between Agrium and Potash Corporation of Saskatchewan, Nutrien (NTR) is the world's largest provider of crop inputs and services. They operate throughout the agricultural value chain, providing fertilizers, crop protection products, and digital solutions to growers around the globe. Its market cap currently stands at a mammoth $27.57 billion.

Over the past year, Nutrien stock is down 30%. The stock offers a dividend yield of 3.80%, which is well above the sector median of 2.11%.

It is also trading at a more attractive valuation than its sector peers, based on some key metrics. The stock's forward price/earnings, price/sales and price/cash flow multiples of 11.87x, 0.98x, and 6.04x, respectively, are all lower than the comparable sector medians.

Overall, analysts have a rating of “Moderate Buy” for the stock, with a mean target price of $77.76 - which denotes an upside potential of about 45% from current levels. Out of 18 analysts covering the stock, 10 have a “Strong Buy” rating, 2 have a “Moderate Buy” rating, and 6 have a “Hold” rating.

2. Bunge Stock

Established more than two centuries ago, Switzerland-based Bunge (BG) is a leading agribusiness and food ingredient processor. Their core activities involve sourcing, processing, transporting, and selling agricultural commodities like oilseeds, grains, and sugar (SBH24). They also produce value-added food ingredients like vegetable oils and biofuels.

Commanding a market cap of $14.41 billion, Bunge stock is down 1.5% over the past year. The stock offers a healthy dividend yield of 2.67%.

Bunge stock's forward p/e of 7.65x, p/s of 0.24x, and p/cf of 6.97x all represent a discount to sector median valuations, suggesting the stock is a good value at current levels.

Analysts have a rating of “Strong Buy” for Bunge stock overall, with a mean target price of $131.44. This implies an upside potential of about 36% from current levels. Out of 8 analysts covering the stock, 6 have a “Strong Buy” rating and 2 have a “Hold” rating.

3. Archer-Daniels-Midland Stock

Archer-Daniels-Midland (ADM), more popularly known as ADM, is a global leader in agricultural processing and food ingredients. The company, founded in 1902, sources, transports, processes, and markets agricultural commodities like corn (ZCH24), soybeans (ZSH24), and wheat (ZWH24), alongside producing various food ingredients like oils, flours, sweeteners, and proteins. It currently commands a gigantic market cap of $37.9 billion.

ADM stock, which offers a dividend yield of 2.53%, is down 17.5% over the past year.

As a result, ADM is now attractively valued compared to its sector peers. The stock is trading at a forward p/e of 9.73x, forward p/s of 0.39x, and forward p/cf of 10.52x.

Analysts have a consensus rating of “Moderate Buy” for the stock, with a mean target price of $89.18 - indicating an upside potential of about 26.6% from current levels. Out of 12 analysts covering the stock, 6 have a “Strong Buy” and 6 have a “Hold” rating.

4. Agco Stock

Based out of Georgia, Agco Corp (AGCO) is a world leader in the design, manufacture, and distribution of agricultural machinery and precision ag technology. They offer a wide range of tractors, harvesters, implements, and related equipment under several well-known brands, including Fendt, Massey Ferguson, and Valtra.

With a market cap of $9.1 billion, Agco stock is down 11.1% over the past year. The stock offers a forward dividend yield of 0.94%, backed by a decade of consistent growth.

Agco is reasonably valued at current levels, based on key metrics such as forward p/e (7.73x), forward p/s (0.62x), and forward p/cf (5.66x), which all represent a discount to their respective sector medians.

Analysts have an average rating of “Moderate Buy” for the stock with a mean target price of $143.92. This denotes an upside potential of about 18.5% from current levels. Out of 13 analysts covering the stock, 8 have a “Strong Buy” rating and 5 have a “Hold” rating.

5. CF Industries Stock

Founded in 1946 as the Central Farmers Fertilizer Company, a federation of regional agricultural supply cooperatives, CF Industries (CF) is now a leading global manufacturer and distributor of hydrogen and nitrogen products, essential for food production and various industrial applications. They primarily focus on ammonia, urea, and ammonium nitrate products, playing a crucial role in the agricultural and chemical industries.

CF's market cap currently stands at $15.13 billion. Over the past year, the stock is down 8.3%, and it offers a forward dividend yield of 2.02%.

CF stock is trading at cheaper valuations than many of its industry peers. Its forward p/e is 9.70x, and its p/cf is 5.42x.

Analysts have an overall rating of “Moderate Buy” for the stock, with a mean target price of $90.33. This represents an upside potential of about 14.4% from current levels. Out of 14 analysts covering CF shares, 5 have a “Strong Buy” rating, 1 has a “Moderate Buy” rating, 7 have a “Hold” rating, and 1 has a “Strong Sell” rating.