5 Best Blue Chip Stocks To Buy Now

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

Number of Hedge Fund Holders: 74

Consecutive Years of Dividend Payouts: 32    

Dividend Yield: 3.48%  

Goldman Sachs analyst Chris Shibutani recently initiated coverage of Bristol-Myers Squibb Company (NYSE:BMY) stock with a Buy rating and a price target of $72, noting that the current share price reflected “overly pessimistic views” on the firm. The analyst highlighted the potential of Bristol-Myers Squibb Company (NYSE:BMY) with respect to new product launches and key pipeline assets. 

Hedge funds appreciate the stability that Bristol-Myers Squibb Company (NYSE:BMY) offers in large portfolios. This is why 74 hedge funds in the database of Insider Monkey hold stakes worth $4.5 billion in Bristol-Myers Squibb Company (NYSE:BMY). 

In its Q4 2020 investor letter, Wedgewood Partners, an asset management firm, highlighted a few stocks and Bristol-Myers Squibb Company (NYSE:BMY) was one of them. Here is what the fund said:

“Bristol-Myers Squibb recently reported accelerating sales as much of the medical services industry returned to work. The Company continues to expect double-digit earnings growth over the next few years, driven by existing drugs, in addition to a broad pipeline of new drugs and indications. While the market remains fixated on a couple of patent expirations that could occur over the next several years, we think this is well-known at this point, yet the market still undervalues a couple of key acquisitions the Company has made in the past few years, particularly Celgene, which was acquired for a song.”