5 Best Income Stocks to Buy Right Now

3. The Procter & Gamble Company (NYSE:PG)

Dividend Yield as of October 20: 2.82%

The Procter & Gamble Company (NYSE:PG) is another best dividend stock on our list for stable income. The company reported its fiscal Q1 2023 recently, beating Street expectations. Its operating cash flow was $4.1 billion and its free cash flow productivity stood at 86%. During the quarter, the company returned $6.3 billion to shareholders, including $2.3 billion in dividend payments.

On October 11, The Procter & Gamble Company (NYSE:PG) declared a quarterly dividend of $0.9133 per share, consistent with its previous dividend. The company holds one of the strongest dividend growth track records in the market, having raised its dividends for consecutive 66 years. As of October 20, the stock has a dividend yield of 2.82%.

In October, Barclays raised its price target on The Procter & Gamble Company (NYSE:PG) to $145 with an Overweight rating on the shares, appreciating the company’s recent quarterly earnings beat.

Of the 895 hedge funds tracked by Insider Monkey, 71 funds owned stakes in The Procter & Gamble Company (NYSE:PG) in Q2 2022, compared with 72 a quarter earlier. These stakes hold a consolidated value of over $5.5 billion. Ray Dalio’s Bridgewater Associates was the company’s leading stakeholder in Q2.