5 Best Stocks to Buy for Income

In this article, we discuss 5 best stocks to buy for income. You can skip our detailed analysis of income-generating stocks and the performance of dividend stocks over the years, go directly to read 11 Best Stocks to Buy for Income.

5. Bristol-Myers Squibb Company (NYSE:BMY)

Number of Hedge Fund Holders: 66
Dividend Yield as of October 28: 4.57%

Bristol-Myers Squibb Company (NYSE:BMY) is an American biopharmaceutical company that specializes in the research, development, and marketing of pharmaceutical and biologic products, primarily for the healthcare and pharmaceutical industries. The company currently pays a quarterly dividend of $0.57 per share and has a dividend yield of 4.57%, as of October 28. It has been rewarding shareholders with growing dividends for the past 17 years, which makes it one of the best stocks for income.

Of the 910 hedge funds in Insider Monkey’s database at the end of Q2 2023, 66 funds owned stakes in Bristol-Myers Squibb Company (NYSE:BMY). The collective value of stakes owned by these hedge funds is nearly $1.7 billion.

4. Fidelity National Information Services, Inc. (NYSE:FIS)

Number of Hedge Fund Holders: 67
Dividend Yield as of October 28: 4.51%

Fidelity National Information Services, Inc. (NYSE:FIS) is a Florida-based financial services technology company that offers a wide range of solutions to the financial industry. On October 19, the company announced a quarterly dividend of $0.52 per share, which was in line with its previous dividend. It has been paying uninterrupted dividends to shareholders for the past 20 years. The stock’s dividend yield on October 28 came in at 4.51%.

As of the end of June 2023, 67 hedge funds in Insider Monkey’s database owned stakes in Fidelity National Information Services, Inc. (NYSE:FIS), down from 68 a quarter earlier. The consolidated value of these stakes is more than $2.45 billion.

3. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 73
Dividend Yield as of October 28: 5.45%

Pfizer Inc. (NYSE:PFE) ranks third on our list of the best stocks for income. The multinational pharmaceutical company pays a quarterly dividend of $0.41 per share and has a dividend yield of 5.45%, as recorded on October 28. The company’s dividend growth streak stands at 13 years.

The number of hedge funds tracked by Insider Monkey owning stakes in Pfizer Inc. (NYSE:PFE) stood at 73 in Q2 2023, which was the same as in the previous quarter. These stakes have a total worth of over $1.5 billion. Among these hedge funds, Diamond Hill Capital was the company’s largest shareholder, owning nearly 7 million shares in the company.

2. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 74
Dividend Yield as of October 28: 4.53%

AbbVie Inc. (NYSE:ABBV) is an American multinational pharmaceutical company that develops and manufactures a wide range of prescription medications for various medical conditions. The company announced a 4.7% hike in its quarterly dividend to $1.55 per share on October 27. This marked the company’s 51st consecutive year of dividend growth, which makes ABBV one of the best stocks for income. As of October 28, the stock offers a dividend yield of 4.53%.

At the end of June 2023, 74 hedge funds tracked by Insider Monkey reported having stakes in AbbVie Inc. (NYSE:ABBV), compared with 75 in the previous quarter. The consolidated value of these stakes is over $2.3 billion.

1. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Holders: 75
Dividend Yield as of October 28: 5.54%

Citigroup Inc. (NYSE:C) tops our list of the best stocks for income. The global financial services company pays a quarterly dividend of $0.53 per share. The stock’s dividend yield on October 28 came in at 5.54%.

As of the close of Q2 2023, 75 hedge funds tracked by Insider Monkey reported having stakes in Citigroup Inc. (NYSE:C), compared with 79 in the previous quarter. The consolidated value of these stakes is over $6.75 billion. Berkshire Hathaway was the company’s leading stakeholder in Q2 among these hedge funds.

You can also take a look at Dividend Capture Strategy: 10 High Yield Stocks To Buy in November and 12 Defensive Healthcare Dividend Stocks To Invest In

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