In this article, we discuss 5 best DRIP stocks to own. If you want to read our detailed analysis of the dividend reinvestment plan and the overall performance of dividend stocks, go directly to read 13 Best DRIP Stocks To Own.
5. AbbVie Inc. (NYSE:ABBV)
Number of Hedge Fund Holders: 74
AbbVie Inc. (NYSE:ABBV) is an American pharmaceutical company that focuses on the development and commercialization of a diverse range of healthcare products. On October 27, the company declared a 4.7% hike in its quarterly dividend to $1.55 per share. This was the company’s 51st consecutive year of dividend growth, which makes ABBV one of the best DRIP stocks to own. As of November 9, the stock has a dividend yield of 4.37%.
As of the end of Q2 2023, 74 hedge funds tracked by Insider Monkey owned stakes in AbbVie Inc. (NYSE:ABBV), down slightly from 75 in the preceding quarter. These stakes have a total worth of over $2.3 billion.
Follow Abbvie Inc. (NYSE:ABBV)
Follow Abbvie Inc. (NYSE:ABBV)
The Procter & Gamble Company (NYSE:PG)
Number of Hedge Fund Holders: 74
An American multinational consumer goods company, The Procter & Gamble Company (NYSE:PG) is next on our list of the best DRIP stocks to own. The company holds one of the longest dividend growth streaks in the market of 67 years. It currently pays a quarterly dividend of $0.9407 per share and has a dividend yield of 2.51%, as of November 9.
Of the 910 hedge funds tracked by Insider Monkey in Q2 2023, 74 funds held stakes in The Procter & Gamble Company (NYSE:PG), compared with 75 in the previous quarter. The consolidated value of these stakes is more than $5.3 billion.
Follow Procter & Gamble Co (NYSE:PG)
Follow Procter & Gamble Co (NYSE:PG)
3. Citigroup Inc. (NYSE:C)
Number of Hedge Fund Holders: 75
Citigroup Inc. (NYSE:C) is a New York-based financial services company with a broad range of offerings. The company provides a wide array of traditional banking services, including retail banking, commercial banking, and institutional banking.
Citigroup Inc. (NYSE:C) currently pays a quarterly dividend of $0.53 per share and has a dividend yield of 5.07%, as of November 9.
Citigroup Inc. (NYSE:C) was a part of 75 hedge fund portfolios at the end of Q2 2023, down from 79 in the previous quarter, as per Insider Monkey’s database. The total value of these stakes is over $6.7 billion.
Silver Beech Capital mentioned Citigroup Inc. (NYSE:C) in its Q3 2023 investor letter. Here is what the firm has to say:
“Citigroup (“Citi”) is a large-capitalization global diversified financial services holding company that primarily serves multinational institutional and high net worth consumer clients. Citi is one of three large American banks to be designated in “bucket 3 or 4” of the “global systemically important bank” (“G-SIB”) framework by The Basel Committee on Banking Supervision. The other banks in this group are J.P. Morgan and Bank of America. (Click here to see the full text)
Follow Citigroup Inc (NYSE:C)
Follow Citigroup Inc (NYSE:C)
2. Johnson & Johnson (NYSE:JNJ)
Number of Hedge Fund Holders: 88
Johnson & Johnson (NYSE:JNJ) is an American multinational pharmaceutical and healthcare company. The company holds a 61-year track record of dividend growth and pays a quarterly dividend of $1.19 per share. With a dividend yield of 3.17%, JNJ is one of the best DRIP stocks to own.
At the end of June 2023, 88 hedge funds tracked by Insider Monkey owned stakes in Johnson & Johnson (NYSE:JNJ), compared with 86 in the previous quarter. These stakes have a total value of more than $4.1 billion.
Follow Johnson & Johnson (NYSE:JNJ)
Follow Johnson & Johnson (NYSE:JNJ)
1. Bank of America Corporation (NYSE:BAC)
Number of Hedge Fund Holders: 90
Bank of America Corporation (NYSE:BAC) is an American multinational financial services company that tops our list of the best DRIP stocks. The company has a 24-year run of making regular dividend payments to shareholders and it currently pays a quarterly dividend of $0.24 per share. The stock has a dividend yield of 3.44%, as of November 9.
As of the close of Q2 2023, 90 hedge funds in Insider Monkey’s database owned investments in Bank of America Corporation (NYSE:BAC), compared with 91 in the previous quarter. The total value of these stakes is more than $31.7 billion.
Follow Bank Of America Corp (NYSE:BAC)
Follow Bank Of America Corp (NYSE:BAC)
You can also take a look at 12 Best Undervalued Dividend Stocks To Buy Now and 11 Best Dividend Stocks on Robinhood
