5 Best Blue Chip Dividend Stocks Hedge Funds are Buying

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

Number of Hedge Fund Holders: 81
Dividend Yield: 2.9%

Bristol-Myers Squibb Company (NYSE: BMY), a pharmaceutical developing, licensing, and marketing healthcare and biopharmaceutical company, ranks 2nd on our list of the best blue chip dividend stocks hedge funds are buying. The company is based in New York and was founded in 1887.

Bristol-Myers Squibb Company (NYSE: BMY) has a Buy rating alongside a $74 price target set on it at Truist, upheld by analyst Robyn Karnauskas as of this July.

In the second quarter of 2021, Bristol-Myers Squibb Company (NYSE: BMY) had an EPS of $1.93, beating estimates by $0.03. The company’s revenue was $11.70 billion, up 15.54% year over year and also beating estimates by $474.30 million. Bristol-Myers Squibb Company (NYSE: BMY) has also gained 12.3% in the past 6 months and 9.78% year to date.

By the end of the first quarter of 2021, 81 hedge funds out of the 866 tracked by Insider Monkey held stakes in Bristol-Myers Squibb Company (NYSE: BMY) worth roughly $5.04 billion. This is compared to 131 hedge funds in the previous quarter with a total stake value of approximately $6.09 billion.