5 Best Dividend Stocks for Steady Growth

2. Best Buy Co., Inc. (NYSE:BBY)

Dividend Yield as of October 4: 5.23%
5-Year Compound Average Dividend Growth Rate: 20.77%

Best Buy Co., Inc. (NYSE:BBY) is a Minnesota-based consumer electronics company that also sells other related products to consumers.

According to Insider Monkey’s data, 26 hedge funds owned stakes in Best Buy Co., Inc. (NYSE:BBY) in Q2 2022, up from 25 in the previous quarter. The consolidated value of these stakes is over $406.8 million, compared with $251.4 million worth of stakes owned by hedge funds in the preceding quarter.

Best Buy Co., Inc. (NYSE:BBY) currently pays a quarterly dividend of $0.88 per share, with a dividend yield of 5.23%, as of October 4. The company has been raising its dividends consistently for the past nine years, coming through as one of the best dividend stocks for steady growth.

In August, Wedbush raised its price target on Best Buy Co., Inc. (NYSE:BBY) to $80 with a Neutral rating on the shares, highlighting the company’s Q2 results and its guidance for upcoming quarters.