5 Best Cheap DRIP Stocks to Buy Now

1. Aflac Incorporated (NYSE:AFL)

Share Price as of September 19: $59.77
Dividend Yield as of September 19: 2.65%

Aflac Incorporated (NYSE:AFL) is an American insurance company that provides supplemental insurance in the country. In Q2 2022, the company reported $121.4 billion in cash and total investments while its total assets amounted to $135.6 billion. Its cash position also remained strong during the quarter, as it generated $510 million in free cash flow. The company’s revenue stood at $5.4 billion in Q2.

On August 1, Aflac Incorporated (NYSE:AFL) declared a quarterly dividend of $0.40 per share, consistent with its previous dividend. The company has been raising its payouts consistently for the past 39 years. The stock’s dividend yield came in at 2.65% on September 19.

In July, JPMorgan raised its price target on Aflac Incorporated (NYSE:AFL) to $62 with a Neutral rating on the shares, presenting a positive stance on the life insurance sector as the ill effects of the pandemic began to subside.

At the end of Q2 2022, 32 hedge funds tracked by Insider Monkey had over $340.6 million invested in the company. In the previous quarter, 32 hedge funds owned $377.6 million worth of stakes in the company.

You can also take a look at 10 Dividend Stocks to Buy According to Billionaire Carl Icahn’s Icahn Capital LP and 10 Best Dividend Stocks with Over 8% Yield You Can Buy in September

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