12 Best Long-Term Dividend Stocks to Invest in Right Now

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

Number of Hedge Fund Holders: 70

Bristol-Myers Squibb Company (NYSE:BMY) is a New York-based multinational pharmaceutical company. Its earnings came in strong in the third quarter of 2024. The company posted revenue of nearly $12 billion, reflecting an 8.5% increase compared to the same period last year. This strong performance was fueled by higher sales in its growing oncology portfolio and effective operational management. The results demonstrated its capacity to manage competitive challenges while driving substantial revenue growth. By the end of the quarter, the company held around $8 billion in cash and cash equivalents.

Since 2019, Bristol-Myers Squibb Company (NYSE:BMY) has launched several new medications and continues to make significant progress. In September, the U.S. Food and Drug Administration approved Cobenfy, a treatment for schizophrenia. Although this approval is not brand new, Bristol Myers’ shares have recently risen due to positive updates related to Cobenfy. Since the start of 2024, the stock has surged by over 7% and its 12-month return came in at nearly 11%.

Bristol-Myers Squibb Company (NYSE:BMY) has steadily increased its dividends for the last 18 years, positioning itself just seven years away from achieving dividend aristocrat status. With robust cash reserves, the company has the flexibility to further boost its payouts. For the trailing twelve months, its operating cash flow stood at $15 billion, while its levered free cash flow reached $17.52 billion. Currently, the company pays a quarterly dividend of $0.60 per share and has a dividend yield of 4.24%, as of December 11.

With a collective stake value of more than $3.3 billion, 70 hedge funds in Insider Monkey’s database held positions in Bristol-Myers Squibb Company (NYSE:BMY) in Q3 2024. In the previous quarter, 61 funds held investments in the company.