5 Best Cheap Dividend Stocks To Buy Right Now

In this article, we discuss 5 best cheap dividend stocks to buy right now. If you want to read our detailed analysis of value dividend stocks and the overall performance of dividend stocks, go directly to read 13 Best Cheap Dividend Stocks To Buy Right Now. 

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

Number of Hedge Fund Holders: 83
P/E Ratio as of April 5: 20.07

Previously known as Anthem, Elevance Health, Inc. (NYSE:ELV) is a multinational healthcare insurance company. On January 30, the company declared a 10.1% hike in its quarterly dividend to $1.63 per share. This was the company’s 12th consecutive year of dividend growth. During the fourth quarter of 2023, it returned over $346 million to shareholders in dividends, which makes ELV one of the best dividend stocks on our list. The stock has a dividend yield of 1.31%, as of April 5.

Elevance Health, Inc. (NYSE:ELV) was a part of 83 hedge fund portfolios at the end of Q4 2023, the same as in the previous quarter, as per Insider Monkey’s database. The stakes held by these hedge funds have a total value of over $5.8 billion.

4. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 85
P/E Ratio as of April 5: 13.65

Exxon Mobil Corporation (NYSE:XOM) is an American leading energy company that produces and delivers critical energy and products to its consumers. Currently, the company offers a quarterly dividend of $0.95 per share and has a dividend yield of 3.13%, as of April 5. The company’s dividend growth spans over 41 years, which makes XOM one of the best dividend stocks that are traded cheaply right now.

The number of hedge funds tracked by Insider Monkey having stakes in Exxon Mobil Corporation (NYSE:XOM) jumped to 85 in Q4 2023, from 79 in the previous quarter. These stakes are worth nearly $4.5 billion in total. With over 13 million shares, First Eagle Investment Management was the company’s leading stakeholder in Q4.

3. Union Pacific Corporation (NYSE:UNP)

Number of Hedge Fund Holders: 90
P/E Ratio as of April 5: 23.16

Union Pacific Corporation (NYSE:UNP) is next on our list of the best dividend stocks to buy right now. The company pays a quarterly dividend of $1.30 per share and has a dividend yield of 2.15%, as of April 5. The stock is popular among investors as the company has paid dividends for 125 consecutive years.

As of the end of December 2023, 90 hedge funds held stakes in Union Pacific Corporation (NYSE:UNP), which remained unchanged from the previous quarter, as per Insider Monkey’s database. The consolidated value of these stakes is more than $6.66 billion.

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 96
P/E Ratio as of April 5: 12.07

Bank of America Corporation (NYSE:BAC) is an American financial services company that offers a wide range of financial and banking products and services to its consumers. The company has been paying regular dividends to shareholders for the past 25 years and currently pays a per-share dividend of $0.24 every quarter. With a dividend yield of 2.59% as of April 5, BAC is one of the best dividend stocks on our list.

Bank of America Corporation (NYSE:BAC) was a popular buy among hedge funds at the end of Q4 2023, with 96 funds having stakes in the company, up from 88 in the previous quarter, according to our database. These stakes are valued at nearly $40 billion in total.

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

Number of Hedge Fund Holders: 103
P/E Ratio as of April 5: 12.16

JPMorgan Chase & Co. (NYSE:JPM) tops our list of the best dividend stocks to buy right now. The multinational investment banking company declared a 10% hike in its quarterly dividend to $1.15 per share on March 19. The stock’s dividend yield on April 5 came in at 2.33%.

At the end of Q4 2023, 103 hedge funds tracked by Insider Monkey reported having stakes in JPMorgan Chase & Co. (NYSE:JPM), compared with 109 in the previous quarter. The overall value of these stakes is over $9 billion.

You can also take a look at 13 Best Warren Buffett Dividend Stocks To Invest In Right Now and11 Best Technology Penny Stocks To Invest In Now