In this article, we will take a look at Goldman Sachs Dividend Stocks: Top 14 Stock Picks.
On February 24, CNBC reported that Goldman Sachs sees the stock market as the biggest near-term risk to the US economy. The firm is less concerned about inflation or interest rates at this stage. Instead, it believes a sharp drop in equities could have a more immediate effect on economic growth.
Goldman still expects the economy to grow 2.5% in 2026. That outlook is supported by fiscal stimulus, easier monetary policy, and reduced tariff pressures. But this forecast assumes markets remain relatively steady. A meaningful sell-off could weaken that momentum. The firm said even a modest correction could have measurable effects. A 10% decline in the stock market could reduce GDP growth by about 0.5 percentage points. A deeper 20% drop could lower growth by nearly a full percentage point. This is tied to the “wealth effect,” where rising stock prices encourage spending, while falling markets tend to slow it.
This dynamic is especially important among higher-income households. They account for nearly half of all consumer spending. When their portfolios lose value, spending often pulls back, and that can ripple through the broader economy.
Goldman noted that a market correction alone may not trigger a recession. The risk increases if it happens alongside other economic pressures. The firm also pointed out that market pullbacks have historically been more severe during midterm election years, making equity market stability an important factor to watch.
Given this, we will take a look at some of the best Goldman Sachs dividend stocks.
Our Methodology:
To create this list, we analyzed Goldman Sachs’ portfolio, focusing on the 13F filing for the quarter ended December 31, 2025. From there, we picked dividend companies with strong dividend histories and sound financials. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
14. Parker-Hannifin Corporation (NYSE:PH)
On February 24, Morgan Stanley raised its price recommendation on Parker-Hannifin Corporation (NYSE:PH) to $1,038 from $945. It reiterated an Equal Weight rating on the stock. The update came after analysts adjusted their model to reflect actual results and rolled forward their estimates.
Earlier, on February 9, Parker released its fiscal 2025 Sustainability Report. The report carried the theme “Purpose in Motion.” It showed how employees put the company’s purpose into practice, which it defines as Enabling Engineering Breakthroughs that Lead to a Better Tomorrow.
The report laid out several key efforts. It explained how employees focus on safety and work to protect one another. It also described how the company partners with customers to develop cleaner technologies. These efforts aim to improve efficiency and lower emissions, water use, and waste.
The report also highlighted Parker’s involvement in communities. Employees contribute through philanthropy and volunteer work. This reflects the company’s broader focus on social responsibility, not just operations.
Parker-Hannifin Corporation (NYSE:PH) operates in motion and control technologies. The company designs and manufactures engineered solutions and provides aftermarket support. Its business runs through two main segments: Diversified Industrial and Aerospace Systems.
13. Enbridge Inc. (NYSE:ENB)
On February 19, Citi raised its price recommendation on Enbridge Inc. (NYSE:ENB) to C$77 from C$75. It reiterated a Buy rating on the stock. Analysts increased their estimates after reviewing the company’s fourth-quarter results.
On February 13, Enbridge reported a fourth-quarter profit that came in above expectations. The company also said it had approved several new projects to meet rising power demand across North America. Pipeline operators are seeing stronger demand for natural gas. This growth is tied to higher liquefied natural gas exports. Power demand is also climbing as artificial intelligence and data centers require more energy. This shift has created steady opportunities for infrastructure providers like Enbridge.
The company reported a project backlog of C$39 billion, with C$8 billion expected to enter service this year. During the quarter, Enbridge approved two renewable energy projects. One is a $1.2 billion project in Wyoming for a large tech company. The other is a $400 million onshore wind project in Texas that will support Meta Platforms’ data center operations.
Enbridge posted adjusted profit of 88 Canadian cents per share for the fourth quarter. This came in above estimates of 77 Canadian cents, based on data compiled by LSEG.
Enbridge Inc. (NYSE:ENB) operates as an energy transportation and distribution company. Its business runs across five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services.
12. McKesson Corporation (NYSE:MCK)
On February 18, Barclays raised its price objective on McKesson Corporation (NYSE:MCK) to $1,050 from $960. The firm reiterated an Overweight rating on the shares. Analysts said the stock is expected to “remain in favor” as investors look for “pockets of safety within healthcare.” At the same time, the firm noted that McKesson now trades at a 15% premium to its three-year average.
On January 30, McKesson confirmed it had completed the sale of its retail and distribution businesses in Norway. The buyer was NorgesGruppen, a privately owned retail group. This deal marked an important step in the company’s ongoing restructuring. McKesson had first announced plans on August 4, 2025, to divest its Norway business, which was part of the Other segment. This move represented the final step in its effort to fully exit European operations.
The company said the decision allows it to sharpen its focus. Management plans to direct strategy and capital toward growth areas, especially Oncology, Multispecialty, and Biopharma Services. These segments now form the core of McKesson’s long-term priorities.
McKesson Corporation (NYSE:MCK) operates as a diversified healthcare services company. Its work centers on improving health outcomes and supporting patient care across its network.
11. Honeywell International Inc. (NASDAQ:HON)
On February 23, Goldman Sachs raised its price recommendation on Honeywell International Inc. (NASDAQ:HON) to $262 from $236. The firm maintained a Buy rating on the shares. Analysts said they updated their estimates to reflect the company’s re-segmentation, according to a research note.
That same day, Bloomberg reported that Honeywell agreed to proceed with its acquisition of Johnson Matthey Plc’s Catalyst Technologies unit. The price was reduced to £1.325 billion, down from the original £1.8 billion announced in May. The companies also pushed the deal deadline to July 21, with an option to extend it to August if needed.
After the sale closes, Johnson Matthey plans to return about £1 billion to shareholders. This will happen through a special dividend and share buybacks. The company said it is making steady progress on its cash-focused strategy and expects results to remain in line with its 2025–2026 outlook.
Johnson Matthey’s shares have risen nearly 60% over the past year. The gain followed the original announcement of the deal, showing strong investor response to the planned changes.
Honeywell International Inc. (NASDAQ:HON) operates as an integrated company serving industries across global markets. Its portfolio is supported by the Honeywell Accelerator operating system and the Honeywell Forge platform.
10. Lowe’s Companies, Inc. (NYSE:LOW)
On February 23, RBC Capital analyst Steven Shemesh raised the price recommendation on Lowe’s Companies, Inc. (NYSE:LOW) to $257 from $252. The analyst reiterated a Sector Perform rating on the shares ahead of the company’s Q4 results. In his research note, the analyst said transaction data showed trends similar to Q3, with January standing out as the strongest month of the quarter.
Earlier, on February 18, Bernstein also raised its price target on Lowe’s to $313 from $284. The firm maintained an Outperform rating. Analysts said expectations for Q4 home improvement earnings remain modest. Bernstein lowered its comparable sales forecast by 40bps to 50bps for the quarter. The firm pointed to winter storms, which likely slowed Pro projects and homebuilding activity.
On February 13, Reuters reported that Lowe’s plans to cut about 600 corporate and support roles. This represents less than 1% of its total workforce. A company spokesperson said the decision is meant to direct more focus and resources toward store operations and frontline employees who work directly with customers. The spokesperson also said Lowe’s will support affected employees. This includes financial assistance, continued benefits for a limited period, and help with finding new job opportunities.
Lowe’s Companies, Inc. (NYSE:LOW) operates as a home improvement retailer. The company sells products used in construction, maintenance, repairs, remodeling, and home decoration.
9. Texas Instruments Incorporated (NASDAQ:TXN)
On February 23, Cantor Fitzgerald analyst Matthew Prisco raised the price recommendation on Texas Instruments Incorporated (NASDAQ:TXN) to $250 from $225. The analyst reiterated a Neutral rating on the shares. In a research note, he said the company’s earnings report is expected to be fairly balanced. He added that investors will likely pay close attention to capex guidance and any updates to revenue and free cash flow expectations.
Earlier, on February 4, Texas Instruments announced it had agreed to acquire Silicon Laboratories in a $7.5 billion deal. This is the company’s largest acquisition since its purchase of National Semiconductor in 2011. The move reflects its push to expand deeper into wireless connectivity chips, which are used across industrial systems and everyday consumer devices. The acquisition brings together two complementary businesses. Silicon Labs offers strength in mixed-signal and wireless connectivity solutions. Texas Instruments brings its established analog and embedded processing portfolio, along with its internal manufacturing capabilities.
Management expects the combined company to be in a stronger position to serve customers. The broader portfolio and technical capabilities should help support innovation and open access to more markets over time.
Texas Instruments Incorporated (NASDAQ:TXN) designs, manufactures, tests, and sells analog and embedded processing chips. Its products are widely used in industrial equipment, vehicles, consumer electronics, communications infrastructure, and enterprise systems.
8. Comcast Corporation (NASDAQ:CMCSA)
On February 24, BNP Paribas analyst Sam McHugh downgraded Comcast Corporation (NASDAQ:CMCSA) to Underperform from Neutral. He also lowered the price target to $27 from $28. The analyst said Comcast looks “most exposed” to incremental fiber headwinds. He added that the firm’s fiber research has made it “more bearish” on the company’s outlook over the medium term.
A Reuters report on January 29 highlighted the pressure on Comcast’s broadband business. The company lost more broadband customers than expected in the fourth quarter. Competitors attracted users with aggressive promotions, putting strain on Comcast’s core segment. Fiber providers have stepped up their promotional efforts. At the same time, cheaper fixed-wireless internet services have entered the market. These changes have increased competition in the U.S. broadband space, which Comcast and Charter Communications had long dominated.
Comcast reported a loss of 181,000 broadband customers during the quarter. This was worse than estimates, which had projected a decline of 173,780 users, based on FactSet data. To respond, the company decided not to raise prices this year. It is also revising service packages, bundling offerings, and providing free mobile lines to attract and retain customers. Comcast expects that a meaningful portion of these free-line users will convert into paying customers in the second half of the year.
Even so, analysts do not expect meaningful customer growth until 2027. For the fourth quarter, Comcast reported total revenue of $32.31 billion. This came in close to estimates of $32.35 billion, according to LSEG data.
Comcast Corporation (NASDAQ:CMCSA) operates as a global media and technology company. It provides broadband, mobile, and video services to residential and business customers through Xfinity and Comcast Business. The company also owns NBCUniversal, which includes media, news, entertainment, and theme parks, and Sky, which serves customers in Europe. Comcast remains the largest home internet provider in the US and holds a strong position in advertising.
7. Accenture plc (NYSE:ACN)
On February 24, Accenture plc (NYSE:ACN) announced it had agreed to acquire Verum Partners, a firm focused on infrastructure and capital projects management. Verum brings experience across mining, metals, transportation, logistics, chemicals, and energy. Accenture plans to combine its digital and advanced AI capabilities with Verum’s on-site execution expertise. The goal is to help clients in Latin America run infrastructure projects more efficiently.
Verum Partners was founded in 2017 and is based in Belo Horizonte. The company has more than 180 employees with strong field experience. These employees will join Accenture’s Infrastructure & Capital Projects practice, expanding its operational depth in the region. Verum focuses on improving efficiency throughout the full lifecycle of infrastructure and capital projects. Its work spans early feasibility, engineering, construction, commissioning, and final operational handover. The firm helps clients identify inefficiencies, reduce rework, and improve productivity. This support allows organizations to bring complex industrial projects online faster.
Infrastructure and capital projects have become an important part of Accenture’s broader strategy. The company recently strengthened this area by acquiring a majority stake in US-based data center developer DLB Associates. Since 2023, Accenture has expanded its global presence and capabilities in infrastructure and capital project services.
Accenture plc (NYSE:ACN) operates as a global professional services company. It provides services across strategy and consulting, technology, operations, Industry X, and Song.
6. QUALCOMM Incorporated (NASDAQ:QCOM)
A February 24 report by CNBC said Loop Capital sees QUALCOMM Incorporated (NASDAQ:QCOM) nearing a turning point. The firm believes some of the pressures that weighed on the stock are starting to ease, while new growth opportunities are beginning to take shape. Analyst Gary Mobley upgraded Qualcomm to a Buy from Hold. He also raised his price target to $185 from $140, which implies about 32% upside from current levels.
Qualcomm’s shares have faced a difficult stretch. The stock has fallen 13% over the past year and is down another 18% so far this year. The analyst made the following comment:
“There are many reasons why QCOM’s shares have underperformed the chip sector on a YTD, 1-yr-, 3-yr & 5-yr basis. Most obvious, the company is not a data center AI beneficiary, at least not yet. YTD, the share price underperformance has been fueled by a perfect storm of circumstances.”
Mobley expects improving chip supply conditions to support a broader recovery. This shift could help Qualcomm regain momentum. He also pointed to the company’s upcoming analyst day, expected in early June, as an important moment. Qualcomm is likely to share updates on its efforts to expand beyond smartphones and provide more clarity on its data center plans.
The analyst said Qualcomm’s push to diversify revenue will play a key role in rebuilding investor confidence. He believes the company could announce a new data center customer soon, which would strengthen its long-term outlook. Mobley also expects several headwinds to fade over time. He believes Qualcomm’s business with Samsung will stabilize. At the same time, its reliance on Apple is expected to decline, with iPhone-related chip sales projected to make up less than 10% of total revenue. He added that Qualcomm’s automotive and Internet of Things segments are positioned for strong growth and could eventually match or exceed its smartphone business by fiscal 2029.
QUALCOMM Incorporated (NASDAQ:QCOM) develops and commercializes core technologies that power much of the wireless communications industry.
5. McDonald’s Corporation (NYSE:MCD)
On February 24, JPMorgan analyst John Ivankoe raised the price target on McDonald’s Corporation (NYSE:MCD) to $325 from $305. He kept an Overweight rating on the shares. The firm said the higher target reflects a revaluation of the restaurant group for “growth quality.” JPMorgan also said investors should consider buying the stock on pullbacks.
After the company released its latest quarterly results, Morgan Stanley maintained an Equal Weight rating and set a $335 price target. The firm said McDonald’s delivered solid revenue growth across its segments. Marketing campaigns played an important role and helped support earnings. Morgan Stanley added that the company’s value-focused strategy remains in place. At the same time, ongoing investments are expected to limit near-term gains in EPS and free cash flow. The firm still expects McDonald’s to remain active this year, with clearer strategies emerging to support long-term revenue growth.
Deutsche Bank took a more positive view. The firm reiterated its Buy rating and raised its price target to $364 from $360. This implies about 13% upside from the recent closing price. Deutsche Bank pointed to the company’s strong fourth-quarter results, which came in above expectations across key areas. Global same-store sales increased 5.7%, showing strength across multiple regions. The firm expects this momentum to continue into 2026. It also highlighted McDonald’s focus on value offerings, marketing, and menu innovation, especially in beverages and chicken.
Deutsche Bank said these efforts, along with the company’s durable business model, should support stronger same-store sales over time. The firm also expects McDonald’s to return to high-single-digit or better EPS growth. This outlook makes the stock attractive from a risk-reward standpoint.
McDonald’s Corporation (NYSE:MCD) operates one of the largest foodservice networks in the world. Its business includes the US, International Operated Markets, and International Developmental Licensed Markets & Corporate segments. The US remains its largest market, and about 95% of its restaurants there are run by franchisees.
4. Exxon Mobil Corporation (NYSE:XOM)
On February 24, Wells Fargo analyst Sam Margolin raised the price recommendation on Exxon Mobil Corporation (NYSE:XOM) to $183 from $156. He maintained an Overweight rating on the shares. The firm said Exxon’s stock has helped lead the broader index higher and is undergoing a re-rating. Wells Fargo views this multiple expansion not as a catch-up to other sectors, but as recognition of Exxon’s ability to consistently return capital.
Exxon reported $28.8 billion in earnings for 2025. It also generated $52 billion in operating cash flow. These results once again placed the company among the top performers in the energy industry. Since 2019, Exxon’s earnings per share have grown at a 21% compound annual rate. Operating cash flow increased at a 10% annual pace over the same period. For a company of its scale, this level of growth stands out and reflects steady execution.
Production growth has been a major contributor. Exxon reached an output of 4.7 million barrels of oil equivalent per day. This marked its highest production level in more than 40 years. The company set records in the Permian Basin and offshore Guyana, two areas where it has focused heavily on high-return projects. Cost control also supported the results. Exxon delivered $3 billion in structural cost savings last year. This brought the total savings since 2019 to $15.1 billion. Management said this figure exceeds the combined savings achieved by other international oil companies over the same period.
Exxon Mobil Corporation (NYSE:XOM) remains one of the largest integrated energy companies in the world. Its operations span oil and gas exploration, production, and refining. The company also produces fuels, petrochemicals, lubricants, and specialty plastics, while continuing to invest in lower-emission areas such as carbon capture and lithium development.
3. JPMorgan Chase & Co. (NYSE:JPM)
On February 23, JPMorgan Chase & Co. (NYSE:JPM) said it expects strong growth in both investment banking fees and markets revenue during the first quarter. This outlook helped ease concerns that the recent sell-off in equity markets could weaken deal activity. In recent weeks, investors had grown cautious. The decline in software and technology stocks, driven by fears around AI disruption, raised questions about the strength of mergers and acquisitions and IPO pipelines. Many expected companies to delay deals in an uncertain market environment.
JPMorgan said those concerns may be overstated. The bank expects investment banking fees to increase by a mid-teens percentage, with the possibility of reaching the high teens in the first quarter. Doug Petno, Co-CEO of JPMorgan’s commercial and investment bank, made the following statement:
“We started the year strong. Pipelines were very good, and it was broad based. The one thing I will say in M&A (is that) there are powerful strategic drivers.”
The bank also expects market revenue to grow by a mid-teens percentage this quarter. Periods of market volatility often lead to higher trading activity. Investors adjust portfolios, hedge risks, and act on short-term opportunities. This activity typically supports fee growth for banks.JPMorgan kept its annual adjusted expense forecast unchanged at $105 billion. The bank continues to invest in branch modernization and AI technology as part of its long-term strategy. Technology spending is expected to reach $19.8 billion in 2026. This represents a 10% increase compared to the prior year.
Doug Petno, Co-CEO of JPMorgan’s commercial and investment bank. operates as a financial holding company. Its business includes investment banking, consumer and small business financial services, commercial banking, transaction processing, and asset management.
2. Eli Lilly and Company (NYSE:LLY)
On February 24, BofA said Novo Nordisk’s decision to cut GLP-1 list prices may draw attention, but the firm does not expect a meaningful impact on the US market. BofA views the move mainly as an effort to lower copay and coinsurance costs for patients, especially in cases where those costs are tied to the list or WAC price. The firm also said investors are right to watch how reimbursement trends evolve. Based on its channel checks, broader commercial insurance coverage for GLP-1 drugs may depend on whether PBM pricing aligns more closely with consumer cash prices.
Even so, BofA believes the overall effect on Eli Lilly and Company (NYSE:LLY)’s GLP-1 business should remain limited. The firm noted there is no clear sign that Novo Nordisk is aggressively lowering net prices in the commercial insurance channel. It also expects Eli Lilly to benefit from growing demand in cash-pay and U.S. government channels, which are not affected by Novo’s latest pricing move. BofA maintained a Buy rating on Eli Lilly.
On February 23, Eli Lilly announced that the U.S. Food and Drug Administration approved a four-dose KwikPen for its weight-loss drug Zepbound. The new device allows patients to receive a full month of treatment in a single pen. This marks a different approach compared to Novo Nordisk’s Wegovy, which has been offered as a single-dose weekly autoinjector in the U.S. since 2021.
Zepbound KwikPen will be available starting at $299 per month for the 2.5 mg dose for cash-paying customers. The device will be offered in all six dose levels: 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg. The KwikPen is already familiar to many patients. Lilly uses the same device to deliver its diabetes drug Mounjaro. It is also available in several major international markets, including the United Kingdom, Australia, the Middle East, and Canada.
Zepbound itself received FDA approval in 2023. In the US, it is currently available as a single-dose autoinjector or in vial form.
Eli Lilly and Company (NYSE:LLY) operates as a global pharmaceutical company. It focuses on discovering, developing, manufacturing, and selling medicines across a wide range of health conditions.
1. Broadcom Inc. (NASDAQ:AVGO)
On February 24, TD Cowen lowered its price recommendation on Broadcom Inc. (NASDAQ:AVGO) to $405 from $450. The firm maintained a Buy rating on the shares as part of its earnings preview. In a research note, the analyst said investment in AI infrastructure continues to rise, and expectations are still moving higher. TD Cowen expects this trend to support semiconductor estimates in 2026 and 2027. At the same time, share valuations have pulled back. The firm believes this creates an opportunity for investors. It also said it remains positive on the computing and networking segment.
Much of Broadcom’s recent growth has come from its customized application-specific integrated circuits, or ASICs, which help accelerate AI workloads. At the same time, the company expanded into infrastructure software by acquiring major businesses, including VMware. This shift helped diversify its revenue beyond the traditional semiconductor cycle. The expansion also strengthened Broadcom’s position with large data center customers. By offering both chips and software, the company created more integrated solutions. This approach helped deepen customer relationships and made its offerings harder to replace.
In fiscal 2025, which ended last November, Broadcom’s AI chip sales rose 65% to $20 billion. These sales accounted for 31% of its total revenue. Strong demand for AI chips helped offset slower performance in non-AI semiconductors and infrastructure software, which tend to move with broader economic cycles. Looking ahead, Broadcom expects AI chip revenue to reach $60 billion to $90 billion annually by fiscal 2027.
Broadcom Inc. (NASDAQ:AVGO) operates as a global technology company. It designs, develops, and supplies semiconductors, enterprise software, and security solutions. Its business runs through two main segments: semiconductor solutions and infrastructure software.
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