5 Best Dividend Stocks to Buy According to Crispin Odey’s Hedge Fund

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

Odey’s Stake Value: $2,317,000
Percentage of Crispin Odey’s 13F Portfolio: 0.64%
Dividend Yield: 2.96%
Number of Hedge Fund Holders: 81

Bristol-Myers Squibb Company (NYSE: BMY) is a biopharmaceutical company, which discovers, develops, licenses, and sells its products globally. The company was founded in 1887 and is placed second on the list of 10 best dividend stocks to buy according to Crispin Odey’s hedge fund. Bristol-Myers shares have gained about 15.99% over the last twelve months.

On June 25, Bristol-Myers Squibb Company (NYSE: BMY) announced that Committee for Medicinal Products for Human Use recommended approval of Opdivo for the treatment of adult patients with gastroesophageal cancer. On June 17, the company declared its quarterly dividend of $0.49 per share in line with the previous. The forward yield is 2.96%.

The hedge fund managed by Crispin Odey owns 36,700 shares in the biopharmaceutical company worth $2.32 million, representing 0.64% of their portfolio. Legendary investor and billionaire Warren Buffett’s Berkshire Hathaway is the biggest stakeholder in Bristol-Myers Squibb Company (NYSE: BMY) out of the 887 hedge funds tracked by Insider Monkey, as in the first quarter of 2021. The Oracle of Omaha owns 31.03 million shares of the company, worth $1.96 billion.

Generation PMCA, in their third quarter 2020 investor letter, mentioned Bristol-Myers Squibb. Here is what the fund said:

“Bristol Myers Squibb is a leading biopharmaceutical company focused on oncology, autoimmune diseases, cardiovascular diseases, and fibrosis. The market has been overly concerned with the loss of exclusivity of Revlimid in 2 years and Eliquis in 5 years. We believe the company has the ability to offset these patent expirations via M&A (it recently announced the acquisition of MyoKardia) and its compelling pipeline, including TYK-2, Opvido, Ozanimod, and Zeposia. To account for the risks associated with drug development and M&A, our valuation models assume zero growth after the next 5 years. The company has a 2.9% dividend yield and our FMV is $75.”