5 Dividend Stocks That Raised Their Dividends in 2022

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In this article, we discuss 5 dividend stocks that raised their dividends in 2022. If you want to read our detailed discussion on dividend stocks as well as the risk/reward and methodology of this list, go directly to read 10 Dividend Stocks That Raised Their Dividends in 2022.

5. Cardinal Health, Inc. (NYSE:CAH)

Number of Hedge Fund Holders: 44
Dividend Yield as of September 20: 2.93%

Cardinal Health, Inc. (NYSE:CAH) is an Ohio-based multinational healthcare services company that provides medical devices and related products to its consumers. On May 10, the company hiked its quarterly dividend from $0.4908 to $0.4957 per share. This was the company’s 36th consecutive year of dividend growth. The stock’s dividend yield came in at 2.93%, as of September 20.

In fiscal Q4 2022, Cardinal Health, Inc. (NYSE:CAH) generated $3.1 billion in operating cash flow, up from $2.4 billion in the previous year. The company’s free cash flow came in at $2.73 billion, compared with $2 billion in 2021. In addition to this, it also returned $1.6 billion to shareholders through share repurchases and dividends during the year.

In August, UBS raised its price target on Cardinal Health, Inc. (NYSE:CAH) to $78 with a Buy rating on the shares, appreciating the company’s efficient capital deployment and growth in its Pharma segment. In addition to this, the firm also appreciated the company’s balance sheet and free cash flow yield.

Cardinal Health, Inc. (NYSE:CAH) was a popular buy among elite funds in Q2 2022, as 44 hedge funds owned stakes in the company, up from 38 in the previous quarter. These stakes hold a collective value of $814.8 million. With nearly 3 million shares, Pzena Investment Management owned the largest position in the company in Q2.

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