5 Income Stocks with Over 10 Years of Dividend Increases

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

Dividend Yield as of January 19: 3.33%

Number of Hedge Fund Holders: 74

Number of Years of Dividend Increases: 13

Bristol-Myers Squibb Company (NYSE:BMY), one of the largest American multinational pharmaceutical companies, is a solid dividend stock that offers a 3.33% yield and has had 13 consistent years of dividend increases. The company performed well in Q3 2021, beating market consensus estimates for earnings and revenue. 

On December 13, Bristol-Myers Squibb Company (NYSE:BMY) announced a quarterly dividend per share of $0.54, representing a 10.2% increase from the prior dividend of $0.49. The dividend is payable on February 1, to shareholders of record on January 7. Bristol-Myers Squibb Company (NYSE:BMY) also reported a share repurchase authorization of $15 billion in common stock, which brings the total outstanding amount available for repurchase to $15.2 billion. 

JPMorgan analyst Chris Schott on December 20 kept an Overweight rating on Bristol-Myers Squibb Company (NYSE:BMY) with an $80 price target. The analyst says that while investor concerns around new product “controversies” and the company’s ongoing loss of exclusivity cycle are understandable, these appear “well reflected” with the shares trading at eight times estimated 2022 earnings. The analyst sees Bristol-Myers Squibb Company (NYSE:BMY) rebounding in 2022, owing to multiple new launches and pipeline catalysts.

Among the hedge funds monitored by Insider Monkey in Q3 2021, 74 funds reported owning stakes in Bristol-Myers Squibb Company (NYSE:BMY), worth $4.75 billion. Warren Buffett’s Berkshire Hathaway is the leading Bristol-Myers Squibb Company (NYSE:BMY) stakeholder, with over 22 million shares, valued at $1.30 billion. 

Wedgewood Partners mentioned Bristol-Myers Squibb Company (NYSE:BMY) in its Q4 2020 investor letter. Here is what they had to say: 

“Bristol-Myers Squibb recently reported accelerating sales as much of the medical services industry returned to work. The Company continues to expect double-digit earnings growth over the next few years, driven by existing drugs, in addition to a broad pipeline of new drugs and indications. While the market remains fixated on a couple of patent expirations that could occur over the next several years, we think this is well-known at this point, yet the market still undervalues a couple of key acquisitions the Company has made in the past few years, particularly Celgene, which was acquired for a song.”