Top 6 Stocks to Buy for August

This month's picks based on proven performance, above-average dividend yields

Jul 30, 2012, 11:27 pm EDT | By Sam Collins, InvestorPlace Chief Technical Analyst

Top Stock to Buy #2 – Bristol-Myers Squibb (BMY)

Global pharmaceutical company Bristol-Myers Squibb (NYSE:BMY) has had many of its core patents run out. However, new drugs are in the works, and the company is expected to announce a dividend increase and an acceleration of its stock buyback policy soon.

On the chart, note the break from a triple-top, the new MACD buy signal, and the recent increase in volume. BMY has a trading target of $42.

BMY Chart