5 Best NASDAQ Dividend Stocks To Buy

In this article, we discuss 5 best NASDAQ dividend stocks to buy. If you want to read our detailed analysis of dividend stocks and their returns over the years, go directly to read 14 Best NASDAQ Dividend Stocks To Buy. 

5. Applied Materials, Inc. (NASDAQ:AMAT)

Number of Hedge Fund Holders: 84

Applied Materials, Inc. (NASDAQ:AMAT) is an American manufacturing company that specializes in semiconductor chips. On June 8, the company declared a quarterly dividend of $0.32 per share, which was in line with its previous dividend. The company maintains a six-year streak of consistent dividend growth, which makes it one of the best dividend stocks. The stock’s dividend yield on July 6 came in at 0.91%.

Applied Materials, Inc. (NASDAQ:AMAT) reported revenue of $6.6 billion in the first quarter of 2023, which showed a 6.1% growth from the same period last year. The company’s operating cash flow for the quarter stood at $2.3 billion and returned $1.02 billion in dividends and share repurchases.

Applied Materials, Inc. (NASDAQ:AMAT) was a popular stock among hedge funds in Q1 2023, as 84 funds in Insider Monkey’s database owned stakes in the company, compared with 70 a quarter earlier. Their collective stake value is $4.4 billion.

4. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Holders: 86

An American software company, Intuit Inc. (NASDAQ:INTU) is next on our list of the best dividend stocks listed on NASDAQ. The company was a part of 86 hedge fund portfolios in Q1 2023, according to Insider Monkey’s database. The stakes owned by these hedge funds have a total value of over $5.25 billion.

Intuit Inc. (NASDAQ:INTU) currently offers a quarterly dividend of $0.78 per share and has a 10-year run of raising its dividends consistently. The stock’s dividend yield on July 6 came in at 0.69%.

3. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 131

Apple Inc. (NASDAQ:AAPL) started paying dividends in 2012 after a long hiatus and since then, the company has been regularly growing its dividends. It currently pays a quarterly dividend of $0.24 per share for a dividend yield of 0.50%, as of July 6. It is one of the best dividend stocks on our list.

Apple Inc. (NASDAQ:AAPL) was in 131 hedge fund portfolios at the end of Q1 2023, as per Insider Monkey’s database. These stakes are collectively worth over $165.2 billion. Warren Buffett’s Berkshire Hathaway was the company’s leading stakeholder in Q1.

Here’s what Fred Alger Management said about Apple Inc. (NASDAQ:AAPL) in its Q1 2023 investor letter:

“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications, computing, and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives particularly tight engagement with consumers and enterprises, which is fostering the growing purchase of high margin services like music, apps, and Apple Pay. While iPhone sales were down year-over-year (YoY). services revenues grew 7% YoY which was slightly above analyst estimates. Company earnings were also better-than-anticipated due to lower input costs, such as memory chips and cost control initiatives. Aside from production disruptions, negative sentiment had also weighed on shares as investors questioned how an economic slowdown would affect consumer demand for Apple products in 2023. However, management projected an acceleration in earnings for the fiscal first quarter, where they noted that iPhone and services growth should remain strong, along with encouraging impacts around product mix, lower input costs, and continued cost controls.”

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 132

NVIDIA Corporation (NASDAQ:NVDA) is a multinational technology company that specializes in designing and manufacturing graphics processing units (GPUs) and related software. It ranks second on our list of the best dividend stocks and pays a quarterly dividend of $0.04 per share. The stock has a dividend yield of 0.04%, as of July 6.

NVIDIA Corporation (NASDAQ:NVDA) experienced a positive hedge fund sentiment in Q1 2023, as 132 hedge funds tracked by Insider Monkey owned stakes in the company, up from 106 in the previous quarter.

The Ithaka Group mentioned NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2023 investor letter. Here is what the firm has to say:

“NVIDIA Corporation (NASDAQ:NVDA) is the market leader in visual computing through the production of high-performance graphics processing units (GPUs). The company targets four large and growing markets: Gaming, Professional Visualization, Data Center, and Automotive. NVIDIA’s products have the potential to lead and disrupt some of the most exciting areas of computing, including: data center acceleration, artifi cial intelligence, machine learning, and autonomous driving. The stock’s appreciation in the quarter was twofold. First, the stock benefi ted from tremendous excitement surrounding the release of more advanced chatbots, specifi cally ChatGPT, and the likelihood this would necessitate the purchase of a large number of Nvidia’s products far into the future. Second, Nvidia posted a clean beat and raise quarter in mid-February, with investors becoming increasingly convinced the company and its suppliers are adequately working through the build up in channel inventories, which is reducing overall fears of ongoing inventory write-offs.”

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 289

Microsoft Corporation (NASDAQ:MSFT) tops our list of the best dividend stocks listed on NASDAQ. In the first quarter of 2023, the company returned $9.7 billion to shareholders in dividends and share repurchases. It currently pays a quarterly dividend of $0.68 per share and has raised its payouts every year for the last 16 years. The stock’s dividend yield on July 6 came in at 0.80%.

At the end of Q1 2023, 289 hedge funds in Insider Monkey’s database owned stakes in Microsoft Corporation (NASDAQ:MSFT), worth collectively nearly $58 billion.

Ariel Investments mentioned Microsoft Corporation (NASDAQ:MSFT) in its first-quarter 2023 investor letter:

“Enterprise software provider, Microsoft Corporation (NASDAQ:MSFT) also traded higher in the period alongside the investor enthusiasm for Artificial Intelligence. Microsoft is well positioned as this new technology advances given its large investment in Open AI, the parent company of ChatGPT. Looking ahead, we continue to like Microsoft’s solid fundamentals, competitive positioning and long-term business outlook. We anchor on the company driving value creation by capitalizing on a broad and deep set of opportunities, most notably within Azure, its hybrid cloud infrastructure. The platform continues to demonstrate share gains and strong multi-year purchase intent as enterprises transition to cloud based platforms. At current trading levels, we believe Microsoft’s risk/reward is skewed to the upside.”

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