5 Best Stocks to Buy Amid Inflation in 2022 and Beyond

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

Number of Hedge Fund Holders: 70

A market leader in the oncology space, Bristol-Myers Squibb Company (NYSE:BMY) is one of the companies that has immensely low volatility with a 5-year monthly beta of 0.48. Between 2010 and 2020, the company grew its revenue from $19.48 billion to $42.52 billion. In addition, Bristol-Myers Squibb Company (NYSE:BMY) believes that its new product launches will generate close to $25 billion by 2029. The company has also been buying back shares in the previous years and increased its share repurchase program by $15 billion in December 2021.

BofA analyst Geoff Meacham raised Bristol-Myers Squibb Company (NYSE:BMY)’s price target to $80 to $78, maintaining a Buy rating on the company shares. According to the analyst, the recent acquisition announcement of the clinical-stage precision oncology company, Turning Point (NASDAQ:TPTX), might not be significantly moving for BMY. However, the deal is seen as a strategic plus point as Bristol-Myers Squibb Company (NYSE:BMY) continues to expand its early cycle portfolio.

From 2019 to 2021, Bristol-Myers Squibb Company (NYSE:BMY)’s cash flow increased to $15.2 billion from $7.4 billion. Moreover its net debt decreased by $3 billion to $28.4 billion. More importantly, the company has an annual dividend payout rate of $2.16.

According to the Insider Monkey database, hedge funds showed a positive sentiment towards Bristol-Myers Squibb Company (NYSE:BMY) in the first quarter of 2022. 70 hedge funds were bullish on the company compared to 66 in the fourth quarter of 2021.