Elevated inflation has prompted numerous interest-rate hikes in the past 14 months. Rate hikes have led to eventual recessions the past seven or eight times that the Federal Reserve tried to tame inflation. As a result, 60% of economists surveyed in March said they believe the U.S. will experience a recession in the next 12 months.

So how should investors prepare? Aside from making sure they have an adequate emergency fund, buying blue chip dividend stocks would be a smart move because they tend to be less volatile in market downturns than their non-dividend-paying counterparts.

Bristol Myers Squibb (NYSE: BMY) is a solid dividend payer, but should investors buy the stock now? Let's examine the company's fundamentals and valuation to resolve this question.

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Source Fool.com