5 Best Blue Chip Dividend Stocks to Buy in August

In this article, we discuss 5 best blue chip dividend stocks to buy in August. If you want to read our detailed analysis of dividend stocks and their importance in the current market environment,  go directly to read 10 Best Blue Chip Dividend Stocks to Buy in August. 

5. Genuine Parts Company (NYSE:GPC)

Dividend Yield as of August 11: 2.28%

Genuine Parts Company (NYSE:GPC) is a Georgia-based American services company that specializes in the distribution of automotive replacement parts. In Q2 2022, the company reported an operating cash flow of $392 million and its free cash flow came in at $317.2 million. It paid $243 million in dividends during the quarter, which shows that the company’s free cash flow generation is stable to support future dividends.

Genuine Parts Company (NYSE:GPC) has extended its run of dividend increases to 66 years and pays a quarterly dividend of $0.895 per share. As of August 11, the stock’s dividend yield came in at 2.28%.

At the end of Q1 2022, 29 hedge funds tracked by Insider Monkey owned stakes in Genuine Parts Company (NYSE:GPC), the same as in the previous quarter. The collective value of these stakes is over $457 million. Arrowstreet Capital was the company’s leading stakeholder in Q1.