Goldman Sachs’ 5 Cheap Dividend Stocks

4. Best Buy Co., Inc. (NYSE:BBY)

Dividend Yield as of November 4: 5.15%

Best Buy Co., Inc. (NYSE:BBY) is an American multinational consumer electronics retail company based in Minnesota. Evercore ISI maintained an In-Line rating on the stock in October with a $70 price target, calling the company one of the most well-managed names in the sector. However, the firm expressed concerns regarding the company’s margins in FY22.

On August 31, Best Buy Co., Inc. (NYSE:BBY) declared a quarterly dividend of $0.88 per share, in line with its previous dividend. The company has been raising its dividends consistently for the past nine years, coming through as one of the best dividend stocks. As of November 4, the stock has a dividend yield of 5.15%. According to Goldman Sachs, the company’s dividend will grow by 17% by 2024.

According to Insider Monkey’s data, 26 hedge funds owned stakes in Best Buy Co., Inc. (NYSE:BBY) in Q2 2022, up from 25 in the previous quarter. The consolidated value of these stakes is over $406.8 million, compared with $251.4 million worth of stakes owned by hedge funds in the preceding quarter.

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