5 Beverage Stocks to Buy Now Despite Economic Headwinds

3. Mondelez International, Inc. (NASDAQ:MDLZ)

Number of Hedge Fund Holders: 48

Mondelez International, Inc. (NASDAQ:MDLZ) is headquartered in Chicago, Illinois, and the company manufactures and sells snack food and beverages in Latin America, North America, Asia, the Middle East, Africa, and Europe. On July 28, Mondelez International, Inc. (NASDAQ:MDLZ) declared a $0.385 per share quarterly dividend, a 10% increase from its prior dividend of $0.350. The dividend is payable on October 14, to shareholders of record on September 30. The stock delivers a dividend yield of 2.40% as of July 28. 

On July 26, Mondelez International, Inc. (NASDAQ:MDLZ) reported earnings for Q2 2022. The company posted an EPS of $0.67 and a revenue of $7.27 billion, above consensus by $0.03 and $466.10 million, respectively. Deutsche Bank analyst Steve Powers on July 27 raised the price target on Mondelez International, Inc. (NASDAQ:MDLZ) to $72 from $70 and kept a Buy rating on the shares following the Q2 results.

According to Insider Monkey’s data, Mondelez International, Inc. (NASDAQ:MDLZ) was part of 48 public hedge fund portfolios at the end of Q1 2022, up from 40 funds in the prior quarter. Ric Dillon’s Diamond Hill Capital held the largest stake in the company, comprising roughly 7 million shares worth $437.7 million.