5 Dividend Stocks to Buy According to Billionaire Stanley Druckenmiller’s Duquesne Capital

3. Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Holders: 56
Dividend Yield as of September 8: 2.11%

Freeport-McMoRan Inc. (NYSE:FCX) is an Arizona-based mining company that is also one of the world’s largest producers of molybdenum and also operates one of the largest gold mines in the world. The company was the fifth-largest holding of Duquesne Capital in Q2 2022. The hedge fund owned over 3.2 million shares in the company, worth over $94.5 million. The company made up 6.84% of billionaire Druckenmiller’s portfolio.

Freeport-McMoRan Inc. (NYSE:FCX) currently pays a quarterly dividend of $0.15 per share. As of September 8, the stock’s dividend yield came in at 2.11%.

In July, RBC Capital maintained its Sector Perform rating on Freeport-McMoRan Inc. (NYSE:FCX) with a $35 price target. The firm acknowledged the company’s performance in the recent quarter, highlighting its improving revenues.

As of the end of June 2022, 56 hedge funds tracked by Insider Monkey owned stakes in Freeport-McMoRan Inc. (NYSE:FCX), down from 68 in the previous quarter. These stakes hold a combined value of over $2.47 billion.

Carillon Tower Advisers mentioned Freeport-McMoRan Inc. (NYSE:FCX) in its Q1 2022 investor letter. Here is what the firm has to say:

“Supply chains eased for some goods, but remained challenged for many commodities including energy, agriculture, and fertilizer due to war and general scarcity, and also in many consumer products as semiconductors remained in short supply. Copper and gold producer Freeport- McMoRan (NYSE:FCX) rose as copper prices remained strong due to supply shortages and growing use in renewable energy systems and electric vehicles.”