Could Bristol Myers Squibb Be a Millionaire-Maker Stock?
Bristol Myers Squibb (NYSE: BMY) has long been an investor favorite for a few reasons. In December, the company increased its dividend for 2020 by 9.8%, which now yields 3.2%. Bristol Myers has a long and reliable history of increasing its dividend, having done so four times in the past five years. However, it's not just the company's solid dividend yield that keeps investors coming back for more.
Bristol Myers' impressive portfolio of pharmaceutical assets and ever-burgeoning pipeline are the primary reason this large-cap stock now has a market valuation of nearly $128 billion. The company has also shown remarkable resiliency amid a global recession. Shares have rebounded exceptionally well since the March market plunge, and are 11% below the stock's closing price on Jan. 2.
When it comes to income investing, it's important to pick stocks that you can hold for years to come with the promise of healthy gains. Finding a millionaire-maker stock may feel like searching for a unicorn, but the truth is, the stock market has helped more than a few investors achieve millionaire status. Even if you don't make it to the seven-figure club, long-term investing in the stock market is still the most effective method of accumulating wealth.
Source Fool.com
