13 Highest Yielding Dividend Stocks in the Dow

3. Amgen Inc. (NASDAQ:AMGN)

Dividend Yield as of January 16: 3.53%

Amgen Inc. (NASDAQ:AMGN) is a California-based multinational biopharmaceutical company. The stock is down by over 11% in the past 12 months. The decline could be attributed to its leading weight loss candidate, MariTide, falling short of expectations in a mid-stage trial. Despite this, the stock has risen nearly 4% year-to-date. The biotech company still has to conduct phase 3 trials, and if these confirm the mid-stage results, MariTide could secure a small niche in the rapidly growing weight loss market.

In addition to this, analysts are focusing on Amgen Inc. (NASDAQ:AMGN) due to several other reasons. Notably, the company’s financial performance remains robust, with a 23% year-over-year revenue increase to $8.5 billion in the third quarter, driven by an acquisition. Even without this, its organic sales grew a solid 8% year over year. The company saw double-digit sales growth across ten products, including $1.2 billion from its rare disease treatments, fueled by several innovative early-stage medications. Amgen reported $3.3 billion in free cash flow for the quarter, an increase from $2.5 billion in Q3 2023. This growth was mainly driven by strong business performance and favorable timing in working capital, though it was partially offset by lower interest income.

In December 2024, Amgen Inc. (NASDAQ:AMGN) declared a 5.8% hike in its quarterly dividend to $2.38 per share. This was the company’s 13th consecutive year of dividend growth, which makes AMGN one of the best dividend stocks on our list. The stock’s dividend yield on January 16 came in at 3.53%.

Of the 900 hedge funds tracked by Insider Monkey at the end of Q3 2024, 68 funds held stakes in Amgen Inc. (NASDAQ:AMGN), compared with 69 in the preceding quarter. The total value of these stakes is more than $1.7 billion.