11 Best Affordable Dividend Stocks to Buy Now

2. Bristol-Myers Squibb Company (NYSE:BMY)

Forward P/E as of October 2: 7.32

Bristol-Myers Squibb Company (NYSE:BMY) is an American pharmaceutical giant that operates in multiple countries and is based in New Jersey. In the second quarter, the company’s growth portfolio recorded double-digit sales, and at least seven products recorded more than 20% sales increase. Among them, cancer cell therapy Breyanzi has more than doubled its sales in the period.

In the quarters ahead, investors can look forward to surging sales of Cobenfy. This new schizophrenia treatment earned approval from the Food and Drug Administration last September, and sales are expected to reach $2.6 billion by 2030.

This year, the big pharma company expects earnings to land in a range between $6.35 and $6.65 per share. That’s heaps more than it needs to meet a dividend commitment currently set at an annualized $2.48 per share. With a strong lineup of new products to offset losses due to upcoming patent expirations, its high-yield dividend could keep growing for at least another decade.

Bristol-Myers Squibb Company (NYSE:BMY) has raised its dividends for 16 consecutive years. The company pays a per-share dividend of $0.62 every quarter and has a dividend yield of 5.39%, as of October 2.