1. Air Products & Chemicals, Inc. (NYSE:APD)
Dividend Yield as of December 28: 2.09%
Quarterly Performance as of December 28: 31.78%
Total Expected Return: 30%
Number of Hedge Fund Holders: 43
Air Products & Chemicals, Inc. (NYSE:APD) is a global industrial gas and chemicals company, headquartered in Allentown, Pennsylvania. Founded in 1940, Air Products produces, sells, and distributes industrial gases, such as oxygen, nitrogen, argon, and carbon dioxide, as well as specialty gases, chemicals, and equipment. Air Products is a major supplier of liquefied natural gas (LNG) technology and cryogenic equipment for air separation and storage. As of December 28, Air Products & Chemicals, Inc. (NYSE:APD) has gained 31.78% since September 30, 2022, and has beat Morgan Stanley’s total expected return of 30%. The stock is one of the best dividend stocks to buy according to Morgan Stanley’s quant screen.
On November 22, Air Products & Chemicals, Inc. (NYSE:APD) declared a quarterly dividend of $1.62 per share of common stock. The dividend is payable on February 13, to shareholders of record at the close of business on January 3. As of December 28, the stock is offering a forward dividend yield of 2.09%.
This December, Deutsche Bank analyst David Begleiter raised his price target on Air Products & Chemicals, Inc. (NYSE:APD) to $340 from $292 and maintained a Buy rating on the shares.
At the end of Q3 2022, 43 hedge funds were bullish on Air Products & Chemicals, Inc. (NYSE:APD) and held stakes worth $394.2 million in the company. Of those, Adage Capital Management was the top shareholder in the company and disclosed a position worth $52.5 million.
Here is what Matrix Asset Advisors had to say about Air Products and Chemicals, Inc. (NYSE:APD) in its third-quarter 2022 investor letter:
“During the quarter, we started a new position in Air Products and Chemicals, Inc. (NYSE:APD) for accounts with cash to invest. Air Products & Chemicals is a leading global industrial gas company with very stable returns. The company provides industrial gas in bulk liquid and compressed gas forms as well as via onsite dedicated facilities. Because many of its contracts are long-term, the business is less cyclical than many industrial companies while benefiting during economic upswings. Air Products is a leader in hydrogen fueling systems and infrastructure, and the company sees great potential to extend its leadership in the years ahead. APD consistently returns capital to its shareholders through share repurchases and by steadily increasing its dividend. Its current annual dividend of $6.48 per share provides a 2.8% yield on September 30.”
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