5 Best Blue Chip Dividend Stocks to Invest In

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In this article, we discuss 5 best blue chip dividend stocks to invest in. If you want to read our detailed analysis of dividend stocks and their performance, go directly to read 10 Best Blue Chip Dividend Stocks to Invest In.

5. Hormel Foods Corporation (NYSE:HRL)

Dividend Yield as of August 26: 2.02%

Hormel Foods Corporation (NYSE:HRL) is an American food processing company that specializes in packaging and selling various food products. The company’s Q2 results came in strong as its revenue of $3.1 billion showed an 18.8% year-over-year growth. Its cash flow from operations also grew by 24% to $193 million. The company ended the quarter with $861.7 million available in cash and cash equivalents.

Hormel Foods Corporation (NYSE:HRL) currently pays a quarterly dividend of $0.26 per share, raising it by 6% in November 2021. Through this increase, the company extended its dividend growth streak to 56 years. As of August 26, the stock’s dividend yield stood at 2.02%.

In August, Stephens presented a positive outlook of Hormel Foods Corporation (NYSE:HRL), highlighting the underlying growth of its business. The firm raised its price target on the stock to $55 while maintaining an Equal Weight rating on the shares.

At the end of Q2 2022, 27 hedge funds in Insider Monkey’s database owned stakes in Hormel Foods Corporation (NYSE:HRL), compared with 30 a quarter earlier. These stakes are valued at over $434.5 million. With nearly 3 million shares, Renaissance Technologies was the company’s leading stakeholder in Q2.

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