5 Best Consistent Dividend Stocks to Buy

In this article, we will discuss 5 best consistent dividend stocks to buy. If you want to read our detailed discussion on dividend stocks and their past performance, go directly to read 15 Best Consistent Dividend Stocks to Buy. 

5. Medtronic plc (NYSE:MDT)

Dividend Yield as of November 9: 3.36%

Medtronic plc (NYSE:MDT) is an American medical device company that provides related services and solutions to its consumers around the globe. In October, Barclays initiated its coverage on the stock with an Equal Weight rating and a $90 price target, appreciating the company’s strong fundamentals.

Medtronic plc (NYSE:MDT) currently pays a quarterly dividend of $0.68 per share. The company is one of the best dividend stocks on our list as it has been raising its payouts consistently for the past 45 years. As of November 9, the stock has a dividend yield of 3.36%.

At the end of Q2 2022, 54 hedge funds tracked by Insider Monkey owned stakes in Medtronic plc (NYSE:MDT), the same as in the previous quarter. These stakes have a total value of over $2.48 billion.

Artisan Partners mentioned Medtronic plc (NYSE:MDT) in its Q2 2022 investor letter. Here is what the firm has to say:

“While Medtronic plc (NYSE:MDT)’s procedure volumes recovered to pre-COVID levels, foreign exchange headwinds overshadowed underlying business value growth, and supply chain issues, including those related to China’s lockdowns, impacted the surgical innovations business. The downdraft in the market during the quarter led to a pile-on. We are being patient with our investment in Medtronic because the company continues to be a strong free cash flow generator and is attractively priced, with a FCF yield of 5% on trailing one-year numbers and a dividend yield of 3%. Medtronic is under new management that is focused on growing the company’s top line, reinvesting in R&D, returning cash to shareholders and growing operating profits. We like new management’s strategy and believe new product launches, increased surgery visits, sound M&A transactions and a shareholder returns focus, should reinvigorate the business. We added to our positions in these health care names during the quarter.”