5 Best Dogs of the Dow Stocks Ranked By Hedge Fund Sentiment

In this article, we discuss 5 best Dogs of the Dow ranked by hedge fund sentiment. If you want to read our detailed analysis of the investment strategy and the performance of dividend stocks, go directly to read 11 Best Dogs of the Dow Stocks Ranked By Hedge Fund Sentiment. 

5. Amgen Inc. (NASDAQ:AMGN)

Number of Hedge Fund Holders: 57

Amgen Inc. (NASDAQ:AMGN) is an American biotech company that focuses on the discovery, development, and commercialization of innovative therapies to treat serious and life-threatening diseases. On October 24, the company declared a quarterly dividend of $2.13 per share, which was consistent with its previous dividend. The company has been growing its dividends consistently since 2011, which makes it one of the best dogs of the dow on our list. The stock has a dividend yield of 3.09%, as of October 25.

In the second quarter of 2023, Amgen Inc. (NASDAQ:AMGN) posted revenue of $6.98 billion, up 6% from the same period last year. Its operating cash flow for the quarter jumped to $3.8 billion, from $1.7 billion in the prior year period. The company returned $1.1 billion to shareholders in dividends.

Amgen Inc. (NASDAQ:AMGN) was a part of 57 hedge fund portfolios, as per Insider Monkey’s database of Q2 2023. The collective worth of the stakes owned by these hedge funds is more than $1.56 billion. The leading stakeholder of the company in Q2 was Two Sigma Advisors.

4. The Goldman Sachs Group, Inc. (NYSE:GS)

Number of Hedge Fund Holders: 70

The Goldman Sachs Group, Inc. (NYSE:GS) is a multinational investment banking and financial services company. It currently pays a quarterly dividend of $2.75 per share, growing it by 10% in July this year, after passing the Federal Reserve’s stress test. The stock has a dividend yield of 3.68%, as of October 25.

With a collective stake value of over $3.1 billion, 70 hedge funds in Insider Monkey’s database owned positions in The Goldman Sachs Group, Inc. (NYSE:GS) in Q2 2023. In the previous quarter, 69 hedge funds held stakes in the company. With over 2.8 million shares, Eagle Capital Management was the company’s leading stakeholder in Q2.

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 73

An American energy company, Chevron Corporation (NYSE:CVX) is next on our list of the best dogs of the Dow stocks. The company’s quarterly dividend currently stands at $1.51 per share and has a dividend yield of 3.86%, as of October 25. It has been rewarding shareholders with growing dividends for the past 36 consecutive years.

Of the 910 hedge funds in Q2 2023, 73 funds owned stakes in Chevron Corporation (NYSE:CVX), up significantly from 64 in the previous quarter, according to Insider Monkey’s database. Their collective stake value is over $21.4 billion.

2. Merck & Co., Inc. (NYSE:MRK)

Number of Hedge Fund Holders: 78

Merck & Co., Inc. (NYSE:MRK) is a New Jersey-based multinational pharmaceutical and healthcare company that operates in various aspects of the healthcare industry. The company currently pays a quarterly dividend of $0.73 per share and has been growing its dividends consistently for the past 11 years. As of October 25, the stock has a dividend yield of 2.83%.

At the end of Q2 2023, 78 hedge funds in Insider Monkey’s database reported having stakes in Merck & Co., Inc. (NYSE:MRK), up from 75 in the previous quarter. These stakes have a total value of over $2.65 billion.

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

Number of Hedge Fund Holders: 106

JPMorgan Chase & Co. (NYSE:JPM) tops our list of the best dogs of the Dow stocks. On September 19, the company declared a 5% growth in its quarterly dividend to $1.05 per share, following the successful completion of the Federal Reserve’s 2023 Comprehensive Capital Analysis and Review stress test. The stock’s dividend yield on October 25 came in at 2.98%.

As per Insider Monkey’s database of Q2 2023, 106 hedge funds owned stakes in JPMorgan Chase & Co. (NYSE:JPM), compared with 112 in the preceding quarter. The collective worth of these stakes is over $4.38 billion.

You can also take a look at 10 Best Dialysis and Kidney Disease Stocks to Buy and Dividend Capture Strategy: 10 High Yield Stocks To Buy in November

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