13 Best Pharma Dividend Stocks To Buy In 2024

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

Dividend Yield as of December 28: 4.33% 

Number of Hedge Fund Holders: 70

Bristol-Myers Squibb Company (NYSE:BMY) is a leading global biopharmaceutical company specializing in the discovery, development, manufacturing, and marketing of treatments for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. Bristol-Myers Squibb Company (NYSE:BMY) is one of the best dividend stocks to consider.

Bristol-Myers Squibb Company (NYSE:BMY) achieved solid Q3 results, with a 20% revenue increase in its growth portfolio, driven by innovative treatments like Cobenfy for schizophrenia and advancements in oncology. The company’s primary milestones included FDA approvals, promising data for therapies like nivolumab, and progress in areas like radiopharmaceuticals. The company is focused on transformational medicines, operational efficiency, and strategic investments, aiming to save $1.5 billion by 2025 and reduce $10 billion in debt by mid-2026. With strong clinical pipelines and upcoming data presentations, Bristol-Myers Squibb Company (NYSE:BMY) is well-positioned for sustainable growth.

The company’s commitment to maintaining its dividend remains steadfast, supported by a strong cash flow that allows it to improve its financial outlook. For 2024, BMS projects full-year revenue growth of around 5% on a reported basis and 6% at constant currency, driven primarily by stronger-than-expected sales of Revlimid. On December 16, Jefferies upgraded Bristol-Myers Squibb Company (NYSE:BMY) stock from Hold to Buy, raising its price target from $63 to $70.

On December 11, Bristol-Myers Squibb Company (NYSE:BMY) announced a $0.62 per share quarterly dividend, a 3.3% increase from its previous dividend of $0.60. The dividend is payable on February 3, 2025, to shareholders on record as of January 3.

70 hedge funds in Insider Monkey’s third-quarter database were bullish on Bristol-Myers Squibb Company (NYSE:BMY), up from 61 funds in the prior quarter.