5 Safe Dividend Stocks to Buy Before 2023

4. Johnson & Johnson (NYSE:JNJ)

Dividend Yield as of August 3: 2.59%

An American multinational pharmaceutical company, Johnson & Johnson (NYSE:JNJ) reported solid results in Q2 2022, posting an EPS of $2.59, which surpassed analysts’ estimates by $0.04. The company’s revenue for the quarter came in at $24 billion, up 3% from the same period last year.

Johnson & Johnson (NYSE:JNJ) pays a quarterly dividend of $1.13 per share, up 6.6% from the previous dividend. The company has been raising its dividends consistently for the past 60 years and has a 5-year CAGR of 5.87%. As of August 3, the stock’s dividend yield was recorded at 2.59%.

This July, Wells Fargo lifted its price target on Johnson & Johnson (NYSE:JNJ) to $195 with an Overweight rating on the shares, acknowledging the company’s revenue growth in Q2 2022.

As per Insider Monkey’s Q1 2022 database, 83 hedge funds had stakes in Johnson & Johnson (NYSE:JNJ), with a total value of over $7.4 billion. Arrowstreet Capital owned over 6.6 million shares in the New Jersey-based company, becoming its largest stakeholder in Q1.