5 Dividend Growth Stocks to Buy

3. PepsiCo, Inc. (NASDAQ: PEP)

Number of Hedge Fund Holders: 66
Dividend Yield: 2.8%

PepsiCo, Inc. (NASDAQ: PEP), a global food and beverage company operating through a range of brands like Cheetos, Doritos, Lay’s, Aquafina, among others, is next on our list of dividend growth stocks to buy. The company ranks 3rd on our list.

Wells Fargo, as of this July, holds an Equal Weight rating on PepsiCo, Inc. (NASDAQ: PEP) shares. The firm has also raised its price target on the stock from $147 to $160.

In the second quarter of 2021, PepsiCo, Inc. (NASDAQ: PEP) had an EPS of $1.71, beating estimates by $0.17. The company’s revenue was $19.22 billion, up 20.52% year over year and also beating estimates by about $1.27 billion. PepsiCo, Inc. (NASDAQ: PEP) has gained 16.69% in the past 6 months and 7.76% year to date.

By the end of the second quarter of 2021, 66 hedge funds out of the 873 tracked by Insider Monkey held stakes in PepsiCo, Inc. (NASDAQ: PEP) worth roughly $5.2 billion. This is compared to 61 hedge funds in the previous quarter with a total stake value of approximately $4.9 billion.