15 Best Dividend Stocks To Buy and Hold

10. Colgate-Palmolive Company (NYSE:CL)

Number of Hedge Fund Holders: 54

Colgate-Palmolive Company (NYSE:CL) is a global consumer products company that is recognized for its products in Oral Care, Personal Care, Home Care, and Pet Nutrition. In its recently announced FY24 earnings, the company reported revenue of $20 billion for the first time. The revenue showed a 4% growth from the same period last year. The company achieved its sixth consecutive year of organic sales growth within or exceeding its targeted range of 3% to 5%. Strong sales performance, combined with operating leverage, contributed to a solid bottom-line outcome, with both net income and earnings per share rising by double digits compared to 2023.

In the past 12 months, Colgate-Palmolive Company (NYSE:CL) has surged modestly by over 3%. However, the company is consistently working on its operational efficiency. It has recently placed a strong emphasis on sustainability while expanding its product portfolio. The company’s commitment to making all packaging recyclable by 2025 reflects growing environmental awareness among consumers and regulators. By collaborating on renewable energy initiatives, the company is adapting its operations to meet evolving market demands and regulatory requirements.

Colgate-Palmolive Company (NYSE:CL) also demonstrated a strong cash position in FY24. The company reported an operating cash flow of over $4 billion, up 10% from 2023. Its free cash flow came in at over $3.5 billion, up from $3 billion in the prior-year period. The company remained committed to its shareholder obligation, returning $3.4 billion to investors through dividends and share repurchases in the fiscal year. Currently, it offers a quarterly dividend of $0.50 per share and has a dividend yield of 2.30%, as of February 4. The company holds a 62-year streak of consistent dividend growth, which makes CL one of the best dividend stocks on our list.

As per Insider Monkey’s database of Q3 2024, 54 hedge funds owned stakes in Colgate-Palmolive Company (NYSE:CL), up from 52 in the previous quarter. The overall value of these stakes is over $3.4 billion. With over 9.3 million shares, GQG Partners was the company’s leading stakeholder in Q3.