Top 20 Dividend Stocks of 2024

9. Gilead Sciences, Inc. (NASDAQ:GILD)

Number of Hedge Fund Holders: 59

Gilead Sciences, Inc. (NASDAQ:GILD) is a California-based biopharmaceutical company that is known for developing innovative therapies for the treatment of various diseases. In the third quarter of 2024, the company reported revenue of $7.55 billion, which showed a 7% growth from the same period last year. As of September 30, 2024, the company’s cash, cash equivalents, and marketable debt securities totaled $5.0 billion, down from $8.4 billion at the end of 2023. This decline was largely attributed to the $3.9 billion acquisition of CymaBay Therapeutics, Inc. In the past year, the stock is up by over 10.5%, which makes GILD one of the best dividend stocks of 2024.

Polaris Capital Management highlighted Gilead Sciences, Inc. (NASDAQ:GILD) in its Q3 2024 investor letter. Here is what the firm has to say:

“U.S. biopharma/biotech companies topped the health care sector, with the majority of holdings posting returns in excess of 10%. Gilead Sciences, Inc. (NASDAQ:GILD) had two big announcements during the quarter: 1) the FDA approved its new liver disease treatment for biliary cholangitis and 2) its phase III HIV drug trial reduced new infections by 96% when compared to background HIV incidence, which could be a game changer for the disease.”

Gilead Sciences, Inc. (NASDAQ:GILD) demonstrated a strong cash position in the third quarter of 2024. The company generated an operating cash flow of $4.3 billion. In addition, it paid dividends worth $983 million to shareholders. Currently, it pays a quarterly dividend of $0.77 per share and has a dividend yield of 3.35%, as of December 30.

Gilead Sciences, Inc. (NASDAQ:GILD) was a part of 59 hedge fund portfolios at the end of Q3 2024, compared with 62 a quarter earlier, according to Insider Monkey’s database. The stakes held by these funds have a total value of nearly $2.6 billion.