5 Best Cheap Dividend Stocks To Buy Now

In this article, we discuss 5 best cheap dividend stocks to buy now. If you want to read our detailed analysis of dividend stocks and their performance, go directly to read 12 Best Cheap Dividend Stocks To Buy Now. 

5. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 73
P/E Ratio as of August 20: 11.74

QUALCOMM Incorporated (NASDAQ:QCOM) is an American multinational tech company that is mainly known for its contributions to the development of wireless communication technologies and mobile computing. On July 14, the company declared a quarterly dividend of $0.80 per share, which was in line with its previous dividend. The stock offers a dividend yield of 2.91%, as of August 20.

The number of hedge funds tracked by Insider Monkey owning stakes in QUALCOMM Incorporated (NASDAQ:QCOM) jumped to 73 in Q2 2023, from 69 in the previous quarter. The total value of these stakes is over $2.3 billion.

4. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 73
P/E Ratio as of August 20: 7.23

Pfizer Inc. (NYSE:PFE) is an American multinational pharmaceutical and biotech company. It currently pays a quarterly dividend of $0.41 per share and has a dividend yield of 4.47%, as of August 20. The company has been growing its dividends consistently for the past 13 years, which makes it one of the best dividend stocks on our list. As of August 20, the stock has a dividend yield of 4.47%.

As of the close of Q2 2023, 73 hedge funds in Insider Monkey’s database reported having stakes in Pfizer Inc. (NYSE:PFE), the same as in the previous quarter. The consolidated value of these stakes is over $1.5 billion. Citadel Investment Group was the company’s leading stakeholder in Q2.

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 73
P/E Ratio as of August 20: 8.69

An American energy company, Chevron Corporation (NYSE:CVX) is next on our list of the best dividend stocks to consider now. The company has been raising its dividends consistently for the past 36 years and offers a quarterly dividend of $1.51 per share. The stock has a dividend yield of 3.77%, as of August 20.

Chevron Corporation (NYSE:CVX) was a popular stock among hedge funds in Q2 2023, as hedge fund positions in the company grew to 73 during the quarter, from 64 a quarter earlier, as per Insider Monkey’s database. The collective value of stakes owned by these money managers is over $21.4 billion.

2. Elevance Health, Inc. (NYSE:ELV)

Number of Hedge Fund Holders: 82
P/E Ratio as of August 20: 17.24

Elevance Health, Inc. (NYSE:ELV) is an American health insurance company, previously known as Anthem. It currently pays a quarterly dividend of $1.48 per share and the stock has a dividend yield of 1.33%, as recorded on August 20. During its second quarter of 2022, the company distributed $350 million to shareholders through dividends, which makes it one of the best dividend stocks on our list.

At the end of the June quarter of 2023, 82 hedge funds in Insider Monkey’s database reported having stakes in Elevance Health, Inc. (NYSE:ELV), up from 81 in the preceding quarter. Their collective stake value is over $5.33 billion.

Madison Investments mentioned Elevance Health, Inc. (NYSE:ELV) in its Q2 2023 investor letter. Here is what the firm has to say:

“We purchased Elevance Health, Inc. (NYSE:ELV) and trimmed Marsh & McLennan and Arch Capital. Elevance is the largest for-profit Blue Cross Blue Shield plan in the country, supporting the largest domestic membership base across the managed care industry. While national scale is important, local scale is critical as well, given the localized nature of healthcare delivery. Elevance scores well on both fronts, giving it strong bargaining power with providers, lower customer acquisition costs, deep population health data and analytics, and the ability to offer attractive health benefit packages. All this combines to create a formidable moat for its business.

We also believe the management team is top-notch. Since joining Elevance from a senior leadership position at peer UnitedHealth Group, CEO Gail Boudreaux has further leveraged the company’s scale advantage by expanding its internal healthcare services capabilities through a newly formed business unit called Carelon. As the industry transitions to a reimbursement system that emphasizes patient outcomes over procedure or testing volume, data analytics will be a crucial tool in managing patient care. Carelon has become the repository for many of these data analytics and healthcare service capabilities, and it should be an attractive growth platform for many years to come. Concerns around a possible slowdown in government-sponsored programs in Medicare Advantage and managed Medicaid gave us an opportunity to invest at a good price.”

1. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 106
P/E Ratio as of August 20: 9.57

JPMorgan Chase & Co. (NYSE:JPM) tops our list of the best dividend stocks to consider now. The company pays a quarterly dividend of $1 per share and has a dividend yield of 2.73%, as of August 20.

At the end of Q2 2023, 106 hedge funds tracked by Insider Monkey owned positions in JPMorgan Chase & Co. (NYSE:JPM), worth collectively over $4.38 billion.

Madison Investments mentioned JPMorgan Chase & Co. (NYSE:JPM) in its Q2 2023 investor letter. Here is what the firm has to say:

“JPMorgan Chase & Co. (NYSE:JPM) has rebounded nicely following the mini-bank crisis in March. They held an analyst meeting in May at which they gave updated guidance on net interest income. They expect net interest income to increase to $84 billion from its forecast of $81 billion as First Republic assets will get a nice boost from rising interest rates.”

You can also take a look at Ken Fisher’s Top 15 Energy Stock Picks and 10 Best Dividend Stocks Yielding at Least 7% According to Hedge Funds

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