5 Best Blue Chip Dividend Stocks to Buy

3. Hormel Foods Corporation (NYSE:HRL)

Dividend Yield as of November 21: 2.11%

A Minnesota-based food processing company, Hormel Foods Corporation (NYSE:HRL) is another best dividend stock on our list. In fiscal Q3 2022, the company operating cash flow came in at $186 million, which showed a 143% growth from the same period last year. The company had over $850.3 million in cash and cash equivalents at the end of the quarter, up from $613.5 million in the prior-year quarter.

In September, Argus reiterated its Buy rating on Hormel Foods Corporation (NYSE:HRL) with a $53 price target, highlighting the company’s record sales, clean balance sheet, and strong history of raising its dividends.

Hormel Foods Corporation (NYSE:HRL) maintains a 56-year streak of consistent dividend growth, falling into the category of Dividend Kings. The company offers a $0.26 per share in quarterly dividends and has a dividend yield of 2.11%, as recorded on November 21.

At the end of September 2022, 29 hedge funds owned investments in Hormel Foods Corporation (NYSE:HRL), up from 27 in the previous quarter, as per Insider Monkey’s database. The stakes owned by these hedge funds have a total value of over $455.8 million. Renaissance Technologies was the company’s largest stakeholder in Q3.