5 Recession-Proof Dividend Stocks to Buy

In this article, we discuss 5 recession-proof dividend stocks to buy. If you want to read our detailed analysis of the stock market and its performance during recession, go directly to read 10 Recession-Proof Dividend Stocks to Buy. 

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

Dividend Yield as of May 23: 2.84%
Number of Hedge Fund Holders: 66

Bristol-Myers Squibb Company (NYSE:BMY) is an American multinational pharmaceutical company and one of the world’s largest pharmaceutical corporations. As the healthcare sector remains somehow immune to the financial crisis, investors always tend to invest in healthcare companies.

Bristol-Myers Squibb Company (NYSE:BMY) presented solid Q1 2022 results, posting an EPS of $1.96, beating analysts’ consensus by $0.07. The company’s revenue for the quarter stood at $11.6 billion, showing a 4.8% growth from the previous year. Bristol-Myers Squibb Company (NYSE:BMY) delivered a 13.2% return to shareholders, while its 5-year returns came in at 41.1%, as of the market close on May 23.

In Q1 2022, Two Sigma Advisors held the largest stake in Bristol-Myers Squibb Company (NYSE:BMY), worth $318.4 million. On the whole, 66 hedge funds tracked by Insider Monkey reported owning stakes in the company in Q4 2021, down from 74 in the previous quarter. These stakes hold a consolidated value of over $3.3 billion.

In 2021, Bristol-Myers Squibb Company (NYSE:BMY) announced a 10% hike in its annual dividend, paying a quarterly dividend of $0.54 per share. This marked the company’s 16th annual dividend increase. The stock’s dividend yield came to be recorded at 2.84% on May 23.

In May, Wells Fargo lifted its price target on Bristol-Myers Squibb Company (NYSE:BMY) to $70, with an Equal Weight rating on the shares.

Saturna Capital mentioned Bristol-Myers Squibb Company (NYSE:BMY) in its Q4 2021 investor letter. Here is what the firm has to say:

“Given the likelihood of rising inflation and interest rates ahead, we anticipate adjustments to the portfolio to reduce exposure to highly valued stocks dependent on low interest rates to support terminal year valuations, while seeking investments in companies more correlated with a return to economic normalcy. We sold our positions in Bristol Myers. We believe there are better opportunities than Bristol in pharmaceuticals.”