5 Best Pharma Dividend Stocks To Buy in 2023

3. Eli Lilly and Company (NYSE:LLY)

Number of Hedge Fund Holders: 76

Eli Lilly and Company (NYSE:LLY) is an Indiana-based pharmaceutical company that sells its products in around 125 countries. In April, BofA raised its price target on the stock to $390 with a Buy rating on the shares, presenting a positive stance on the company’s performance.

One of the best dividend stocks on our list, Eli Lilly and Company (NYSE:LLY) has been making regular dividend payments to shareholders for the past 138 years. Moreover, it maintains a 9-year streak of consistent dividend growth. The company pays a quarterly dividend of $1.13 per share for a dividend yield of 1.21%, as recorded on April 17.

As of the fourth quarter of 2022, 76 hedge funds tracked by Insider Monkey reported owning stakes in Eli Lilly and Company (NYSE:LLY), up from 75 in the previous quarter. The collective value of these stakes is over $5 billion.

Baron Funds mentioned Eli Lilly and Company (NYSE:LLY) in its Q4 2022 investor letter. Here is what the firm has to say:

“Eli Lilly and Company (NYSE:LLY) is a large-cap pharmaceutical company. Shares increased on investor optimism about Lilly’s new product pipeline, which includes Mounjaro for diabetes and obesity and Donanemab for Alzheimer’s disease. We continue to think Lilly has a healthy base business with limited near-term patent expirations, a strong pipeline, and potential for significant margin expansion, which should translate to strong revenue and earnings growth over at least the next five years.”