5 Best Dividend Stocks with Upside Potential

In this article, we discuss 5 best dividend stocks with upside potential. If you want to read our detailed analysis of dividend stocks and their performance over the years, go directly to read 13 Best Dividend Stocks with Upside Potential. 

5. Medtronic plc (NYSE:MDT)

Upside Potential as of November 17: 19.9%

Medtronic plc (NYSE:MDT) is a global medical technology company that specializes in developing and manufacturing medical devices and therapies to improve the lives of people with various health conditions. On August 17, the company announced a quarterly dividend of $0.69 per share, which was in line with its previous dividend. It is one of the best dividend stocks on our list as the company has raised its dividends for 46 consecutive years. The stock has a dividend yield of 3.70%, as of November 17.

The number of hedge funds tracked by Insider Monkey owning stakes in Medtronic plc (NYSE:MDT) grew to 63 in Q2 2023, from 52 in the preceding quarter. The collective value of these stakes is more than $1.86 billion. With roughly 5.5 million shares, First Eagle Investment Management was the company’s leading stakeholder in Q2.

4. AbbVie Inc. (NYSE:ABBV)

Upside Potential as of November 17: 21.6%

AbbVie Inc. (NYSE:ABBV) is a multinational biopharmaceutical company that focuses on discovering, developing, and commercializing innovative therapies and pharmaceutical products. The company’s dividend growth streak currently stands at 51 years, which makes ABBV one of the best dividend stocks on our list. It currently pays a quarterly dividend of $1.55 per share and has a dividend yield of 4.49%, as of November 17.

As of the end of Q2 2023, 74 hedge funds in Insider Monkey’s database reported having stakes in AbbVie Inc. (NYSE:ABBV), compared with 75 in the previous quarter. The overall value of these stakes is over $2.37 billion. Among these hedge funds, Citadel Investment Group was the company’s leading stakeholder in Q2.

3. NextEra Energy, Inc. (NYSE:NEE)

Upside Potential as of November 17: 25.44%

NextEra Energy, Inc. (NYSE:NEE) is a leading clean energy company in North America primarily focused on electricity generation and distribution. The company has been raising its dividends for 27 consecutive years and currently pays a quarterly dividend of $0.4675 per share. NEE offers a dividend yield of 3.29%, as of November 17.

At the end of June 2023, 59 hedge funds tracked by Insider Monkey owned investments in NextEra Energy, Inc. (NYSE:NEE), worth over $918.3 million in total.

2. Chevron Corporation (NYSE:CVX)

Upside Potential as of November 17: 28.4%

Chevron Corporation (NYSE:CVX) is one of the world’s largest integrated energy companies engaged in various aspects of the oil and gas industry, including exploration, production, refining, and marketing of petroleum products. The company offers a quarterly dividend of $1.51 per share and has a dividend yield of 4.17%, as of November 17. It holds an impressive 36-year streak of consistent dividend growth.

As of the end of Q2 2023, 73 hedge funds owned stakes in Chevron Corporation (NYSE:CVX), growing from 64 in the previous quarter, as per Insider Monkey’s database. The overall value of these stakes is more than $21.4 billion.

1. Albemarle Corporation (NYSE:ALB)

Upside Potential as of November 17: 60.9%

Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company that primarily focuses on developing and manufacturing chemicals used in various industries. On October 24, the company announced a quarterly dividend of $0.40 per share, which was in line with its previous dividend. The company has grown its dividends for 29 years in a row, topping our list of the best dividend stocks.

At the end of Q2 2023, 41 hedge funds in our database owned stakes in Albemarle Corporation (NYSE:ALB), which remained unchanged from the previous quarter. The collective value of these stakes is over $436.4 million.

You can also take a look at 11 Best High-Dividend Stocks to Buy Now and 12 Monthly Dividend Stocks with Over 5% Yield