5 Magnificent Dividend Growth Stocks to Buy and Hold Forever

2. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Investors: 81

With over six decades of dividend increases and a diversified revenue stream, Johnson & Johnson (NYSE:JNJ) ranks second in our list of the magnificent dividend growth stocks to buy and hold forever according to hedge funds.

A total of 81 hedge funds tracked by Insider Monkey had stakes in Johnson & Johnson (NYSE:JNJ).

ClearBridge Large Cap Value Strategy made the following comment about Johnson & Johnson (NYSE:JNJ) in its Q3 2023 investor letter:

“The health care space provided some opportunities in the quarter, as we increased our exposure to medical device company Becton, Dickinson as well as large cap pharmaceutical company Johnson & Johnson (NYSE:JNJ). Johnson & Johnson recently spun out its consumer health care business, becoming a more focused yet broadly diversified pharmaceutical and medtech company.”