5 Dividend Stocks to Buy According to Bruce Kovner’s Caxton Associates LP

1. 3M Company (NYSE:MMM)

Caxton Associates’ Stake Value: $3,198,000

In Q2 2022, Caxton reported owning 24,714 shares in the company, valued at nearly $3.2 million. The hedge fund boosted its stake in the company by 93% during the quarter. The company represented 0.31% of Caxton’s portfolio.

On August 12, 3M Company (NYSE:MMM) declared a quarterly dividend of $1.49 per share, in line with its previous dividend. The company has been making consistent dividend payments for the past 100 years and raised its payouts every year for the past 65 years. As of September 2, the stock’s dividend yield came in at 4.85%.

In July, Wells Fargo raised its price target on 3M Company (NYSE:MMM) to $144 with an Equal Weight rating on the shares, as the company announced to spin off its healthcare business by the end of 2023.

The number of hedge funds tracked by Insider Monkey owning stakes in 3M Company (NYSE:MMM) grew to 54 in Q2 2022, from 51 in the previous quarter. The collective value of these stakes is over $1.38 billion. Ken Fisher, Ken Griffin, and Jim Simons were the company’s most prominent stakeholders in Q2.

Mayar Capital mentioned 3M Company (NYSE:MMM) in its Q2 2022 investor letter. Here is what the firm has to say:

“We also bought back into 3M (NYSE:MMM) as the stock reached attractive levels. We’d sold our shares in 3M last year when the price exceeded our estimated fair value, and as better opportunities to invest in presented themselves at the time. Nonetheless, we’ve always liked this business with its diversified revenues, its R&D leadership and its stable margins.

You can also take a look at 10 Best Paper Stocks To Buy Now and 10 Best Long-Term Stocks to Buy Now

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