5 Best Dividend Growth Stocks to Buy in August

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

Dividend Yield as of August 7: 3.00%
Years of Consistent Dividend Growth: 16

Bristol-Myers Squibb Company (NYSE:BMY) is a New York-based multinational pharmaceutical company. The stock delivered a 271.3% return to shareholders in the past five years and gained 7.03% in the last year.

Bristol-Myers Squibb Company (NYSE:BMY) generated $15.2 billion in free cash flow in FY21, up from $13.3 billion in the last year. The company’s operating cash flow grew to $16.2 billion, from $14 billion FY20. Bristol-Myers Squibb Company (NYSE:BMY) pays a quarterly dividend of $0.54 per share. The company has been raising its dividends consistently for the past 16 years. Its dividend payments are covered by its payout ratio of 70%. As of August 7, the stock’s dividend yield was recorded at 3.00%.

Following the company’s recent quarterly earnings, JPMorgan lifted its price target on Bristol-Myers Squibb Company (NYSE:BMY) in July to $85 with an Overweight rating on the shares.

The number of hedge funds tracked by Insider Monkey owning stakes in Bristol-Myers Squibb Company (NYSE:BMY) grew to 70 in Q1 2022, from 66 in the previous quarter. These stakes hold a consolidated value of over $2.43 billion. Two Sigma Advisors owned the largest stake in the company in Q1, worth $318.4 million.

Carillon Tower Advisers mentioned Bristol-Myers Squibb Company (NYSE:BMY) in its Q1 2022 investor letter. Here is what the firm has to say:

“Stock selection contributed the most while sector allocation was also positive. An underweight to communication services and an overweight to energy helped performance, while an underweight to consumer staples and an overweight to materials detracted. Stock selection was strong within healthcare and materials but was weak within information technology and industrials. Bristol-Myers Squibb (NYSE:BMY), the biopharmaceutical company, entered into accelerated share repurchase agreements.”