I’m looking to pick up some of the best passive income shares at rock-bottom prices. Here’s why now could be the time to buy these particular dividend stocks.

Green machine

At 88 euro cents per share, renewable energy stock Greencoat Renewables (LSE:GRP) carries an enormous 7.7% dividend yield. Meanwhile, its price-to-earnings (P/E) ratio clocks in at just 9.9 times.

But why does it trade so cheaply? Well, high interest rates are a problem for businesses like this, and could remain so if central banks fail to deliver a stream of cuts in the coming months.

This would keep the pressure on net asset values (NAV) and, as a result, company earnings. But I believe that this threat is baked into the cheapness of Greencoat Renewables shares.

The company also trades on a forward price-to-book (P/B) value of below one, at 0.8. This indicates that it trades at a discount to the value of its assets.

I think Greencoat — which sells clean energy from its wind farms, primarily in Ireland — has significant long-term growth and income potential as the switch to renewables from fossil fuels accelerates.

10% dividend yield

I believe M&G (LSE:MNG) shares also look like a bargain at current levels of 201p. And that’s not just because its 10% forward dividend yield is one of the largest on the FTSE 100.

The financial services giant also trades on a P/E ratio of 9.6 times for this year. On top of this, its price-to-earnings growth (PEG) ratio clocks in at 0.1.

As with the P/B ratio, a sub-one reading suggests that a stock is undervalued.

Interest rate uncertainty is also a problem for M&G in the near term. As well as impacting its assets under management, a higher-than-normal rate environment also saps the amount consumers spend on financial services.

However, I believe the long-term benefits of owning M&G shares still make them an attractive investment. I’m confident its sales will rise strongly as the average population age increases, and concerns over pensioner benefits steadily intensify.

Bouncing back

ITV‘s (LSE:ITV) share price has gone gangbusters in 2024. And yet, at 78.7p per share, investors can still enjoy exceptional value with it today.

The FTSE 250 company trades on a forward P/E ratio of 8.8 times. It also offers up a 6.3% dividend yield.

As with any commercial broadcaster, profits at ITV are highly sensitive to conditions in the broader advertising market. Although improving of late, things may remain tough if interest rates fail to budge and the UK economy remains weak.

Yet there’s still a lot I like about the business from an investment perspective. Its ITV Studios division continues to deliver the goods, and is set to deliver average organic revenue growth of 5% between 2021 and 2026.

The firm’s ITVX streaming division also continues to perform robustly, with total viewer hours rising 16% in quarter one to 449m hours. There are risks here, but on balance I think it’s a great passive income stock to consider.