5 Best Passive Income Stocks to Buy Now

1. Healthcare Services Group, Inc. (NASDAQ:HCSG)

Healthcare Services Group, Inc. (NASDAQ:HCSG) is a leader in managing housekeeping, laundry, dining, and nutritional services. The company operates within the healthcare industry. In July, Baird maintained a Neutral rating on the stock and a $15 price target, showing confidence in the company’s cash generation potential and achievements in the recent quarters.

On July 20, Healthcare Services Group, Inc. (NASDAQ:HCSG) declared a 0.6% increase in its quarterly dividend to $0.2138 per share. The company has raised its dividends every year since 2003, which places it as one of the best dividend stocks for passive income. As of October 10, the stock has a dividend yield of 7.02%.

As of the close of Q2 2022, 15 hedge funds tracked by Insider Monkey owned stakes in Healthcare Services Group, Inc. (NASDAQ:HCSG), compared with 17 a quarter earlier. These stakes have a combined value of over $112.2 million.

Harding Loevner mentioned Healthcare Services Group, Inc. (NASDAQ:HCSG) in its Q4 2021 investor letter. Here is what the firm has to say:

“For the year, the portfolio’s US stocks failed to keep up with the robust returns of the region in the face of a pronounced style headwind, as US small cap growth stocks trailed their value peers by over 1,400 basis points. Disappointing business results from several US companies also worked against us. Healthcare Services, a provider of outsourced housekeeping and dietary services for post-acute-care and long-term assisted living facilities, saw its rising labor and food costs weigh on both revenues and profits as some of its customers balked at higher fees.”

You can also take a look at 10 Dividend Stocks That Are Too Cheap To Ignore and Top 13 High Dividend Stocks to Buy According to Hedge Funds

Follow Insider Monkey on Twitter