Billionaire Ken Griffin’s Top 5 High Dividend Stock Picks

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

Citadel Investment Group’s Stake Value: $221,573,766
Dividend Yield as of February 17: 3.21%

Bristol-Myers Squibb Company (NYSE:BMY) is an American multinational pharmaceutical company that provides innovative medical solutions to its patients. On December 8, the company declared a 5.6% hike in its quarterly dividend to $0.57 per share. This was the company’s 17th consecutive year of dividend growth, which makes it one of the top high-dividend stock picks of billionaire Ken Griffin. The stock’s dividend yield on February 17 came in at 3.21%.

In January, Cantor Fitzgerald initiated its coverage of Bristol-Myers Squibb Company (NYSE:BMY) with an Overweight rating and a $95 price target. The firm mentioned that the company has one of the best growth profiles in the US pharma group for 2023.

In Q4 2022, Citadel Investment Group raised its position in Bristol-Myers Squibb Company (NYSE:BMY) by 1,285%, which takes its total BMY stake to over $221.5 million. The company represented 0.05% of the firm’s 13F portfolio.

At the end of Q3 2022, 68 hedge funds in Insider Monkey’s database owned stakes in Bristol-Myers Squibb Company (NYSE:BMY), with a total value of over $1.7 billion.

Baron Funds mentioned Bristol-Myers Squibb Company (NYSE:BMY) in its Q2 2022 investor letter. Here is what the firm has to say:

“We established a position in Bristol-Myers Squibb Company, a global biopharmaceutical company focused on discovering, developing, and selling medicines for patients in the therapeutic areas of oncology, immunology, cardiovascular, and neurology. The stock trades at a low valuation relative to its current earnings because the company faces loss of exclusivity on several key drugs over the next eight years, including Revlimid, Eliquis, and Opdivo.

At the same time, Bristol-Myers has multiple new products in the early stages of launch (e.g., Opdualag, Camzyos, Breyanzi, and Reblozyl), a robust new product pipeline (e.g., Deucravacitinib, Milvexian, and CELMoD agents), and a strong balance sheet combined with strong free cash flow generation that the company can use for acquisitions. Management believes these growth drivers can more than offset the loss of exclusivity and drive revenue growth through the end of the decade. Given the company’s low valuation, if the company can execute, we think there is substantial upside in the stock.”

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