10 Best High-Yield Dividend Stocks To Invest In

3. Bristol-Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holders: 70

Dividend Yield as of January 20: 4.41%

Bristol-Myers Squibb Company (NYSE:BMY) is an American pharmaceutical industry company, headquartered in New York. According to analysts, the company is well-positioned for growth as it enters a pivotal phase with results from 40 clinical trials expected. By 2025, five new products are projected to account for at least 50% of its revenue, signaling the start of significant expansion. A key asset in its pipeline is Cobenfy, a schizophrenia treatment that has already surpassed other branded medications for the condition. Its promising reception indicates considerable commercial potential. In the past year, the stock has surged by over 13.5%.

In the third quarter of 2024, Bristol-Myers Squibb Company (NYSE:BMY) posted revenue of nearly $12 billion, marking an 8.5% year-over-year increase. This growth was driven by strong sales in its expanding oncology portfolio and efficient operational management. The results highlighted the company’s capacity to navigate competitive pressures while achieving significant revenue growth. By the quarter’s end, the company held approximately $8 billion in cash and cash equivalents.

Bristol-Myers Squibb Company (NYSE:BMY)’s cash position also remained stable which comfortably supported its dividend payments. Over the past 12 months, the company generated an operating cash flow of $15 billion and its levered free cash flow for the period came in at $17.52 billion. This cash flow enabled the company to pay regular dividends for 93 consecutive years. In addition, it has raised its payouts for 16 years in a row, which makes BMY one of the best dividend stocks on our list. The company pays a quarterly dividend of $0.62 per share and has a dividend yield of 4.41%, as of January 20.

The hedge fund sentiment around Bristol-Myers Squibb Company (NYSE:BMY) also remained positive. 70 hedge funds tracked by Insider Monkey held stakes in the company in Q3 2024, up from 61 in the previous quarter. These stakes are collectively valued at over $3.3 billion.