5 Best Blue Chip Dividend Stocks to Invest In

3. Sonoco Products Company (NYSE:SON)

Dividend Yield as of August 26: 2.98%

Sonoco Products Company (NYSE:SON) is a South Carolina-based international provider of consumer packaging and industrial products. The company was a popular stock among hedge funds in Q2 2022, as 22 funds were bullish on the company, compared with 17 in the previous quarter, according to Insider Monkey’s data. The total value of these stakes is nearly $187 million.

In Q2 2022, Sonoco Products Company (NYSE:SON) reported revenue of $1.91 billion, showcasing a 38.4% year-over-year growth. For the first half of 2022, the company’s cash flow from operations came in at $184.5 million, up from $102 million during the same period last year. Its free cash flow also jumped to $40.3 million, from $9.4 million generated in the prior-year period. The company’s dividend payments at the end of June amounted to $91.5 million.

Sonoco Products Company (NYSE:SON) holds one of the longest records of dividend payments in the packaging industry and has been raising its dividends for 38 years straight. It pays a quarterly dividend of $0.49 per share and has a yield of 2.98%, as of August 26.

In July, Citigroup initiated its coverage of Sonoco Products Company (NYSE:SON) with a Buy rating and a $66 price target, as the company increased its exposure to more defensive consumer markets.