5 Stocks That are Benefiting From Rising Inflation

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

Number of Hedge Fund Holders: 66

Bristol-Myers Squibb Company (NYSE:BMY) is a New York-based biopharmaceutical firm. The company posted earnings for the fourth quarter on February 4, reporting earnings per share of $1.83, beating market estimates by $0.03. The revenue over the period was $12 billion, up over 8% year-on-year. 

Bristol-Myers Squibb Company (NYSE:BMY) stock stands to benefit from inflation since the company offers investors safe haven during times of crisis. This is reflected in the dividend history of Bristol-Myers Squibb Company (NYSE:BMY) that stretched back more than three decades. Over the past fifteen years, the dividend payouts have steadily increased regardless of market situation. 

Top hedge funds hold large stakes in Bristol-Myers Squibb Company (NYSE:BMY). At the end of the fourth quarter of 2021, 66 hedge funds in the database of Insider Monkey held stakes worth $3.3 billion in Bristol-Myers Squibb Company (NYSE:BMY), compared to 74 in the previous quarter worth $4.7 billion.

In its Q4 2020 investor letter, Wedgewood Partners, an asset management firm, highlighted a few stocks and Bristol-Myers Squibb Company (NYSE:BMY) was one of them. Here is what the fund said:

“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.”