10 Best Halal Dividend Stocks To Invest In

7. Kenvue Inc. (NYSE:KVUE)

Number of Hedge Fund Holders: 46

Kenvue Inc. (NYSE:KVUE), a consumer health company based in New Jersey, became a fully independent entity in 2023 following its separation from Johnson & Johnson. Corporate breakups and restructurings often create uncertainty, which has impacted the recent stock performance of both Kenvue and Johnson & Johnson. Nevertheless, Kenvue has the potential to establish itself as a robust high-yield dividend stock, making it an appealing option for long-term investors. In the past 12 months, the stock has surged modestly by a little over 1.5%.

In the third quarter of 2024, Kenvue Inc. (NYSE:KVUE) maintained strong productivity and achieved efficiency gains through its Vue Forward initiative. These improvements are being reinvested into its iconic brands to unlock the business’s full potential and uphold its commitment to delivering long-term value for shareholders. The reinvestment is allowing the company to sustain market share growth in Self Care, achieve widespread growth across Essential Health categories, and establish a solid foundation in Skin Health and Beauty, where early signs of recovery are becoming evident. The company reported revenue of $3.9 billion, which showed a 0.4% decline from the same period last year.

Kenvue Inc. (NYSE:KVUE)’s cash position was also noticed by income investors. In the first nine months of the year, the company generated $1 billion in operating cash flow and its free cash flow came in at $0.7 billion. On January 17, the company declared a quarterly dividend of $0.205 per share, having raised it by 2.5% in July 2024. With a dividend yield of 3.95% as of January 22, KVUE is one of the best halal stocks to buy.

Kenvue Inc. (NYSE:KVUE) was a part of 46 hedge fund portfolios at the end of Q3 2024, as per Insider Monkey’s database. The stakes owned by these hedge funds are worth over $1.3 billion. With more than 31.4 million shares, Harris Associates was the company’s leading stakeholder in Q3.