Got $1,000? Invest in This Rock-Solid Dividend Stock
In these uncertain times, you're not alone if you find yourself thinking extra long and hard before picking stocks. But even those with only $1,000 to invest shouldn't shy away from 2020's fray. Investing small amounts in dividend stocks poised for stable, long-term growth could still bring you noteworthy returns in 5 to 10 years. The key is to look for companies with a diversified portfolio of core products and a healthy balance sheet that can help you build wealth amid market fluctuations. Adding a dividend a source of passive income doesn't hurt either.
But not all dividend stocks are created equal. Some companies have slashed or even suspended their dividends altogether as a result of the pandemic.
Founded more than 160 years ago, pharmaceutical giant Bristol Myers Squibb (NYSE: BMY) is an investor-beloved large-cap stock that pays a solid dividend yield of about 2.9%. The company has a consistent track record of increasing its dividend, having done so four times in the last five years. While the pharmaceutical industry has been more resilient to the pandemic's ups and downs than others, the impact of COVID-19 on the global supply chain has rocked a few heavy-hitters in the drug business. Bristol Myers has relied on its varied portfolio of blockbuster drugs and a robust pipeline to tolerate this volatility -- and investors haven't been disappointed. Here's why you should consider investing $1,000 in this rock-solid dividend stock.
Source Fool.com
