The dividend stocks that hedge funds love
In this article, we look five of the best dividend stocks that hedge funds love. Its managers have long positions in all of them, and many of them have bought these shares.
3M Company (NYSE: MMM)
Number of hedge fund holders: 62
Dividend yield: 5.86%.
3M Company (NYSE: MMM) is an American conglomerate operating in various sectors such as industrial, healthcare, security and graphics, electronics and energy, and consumer products. The company currently offers a quarterly dividend of USD 1.51 per share, after raising it by 0.7% in February this year. This marked the company’s 66th consecutive annual dividend increase, making MMM one of the best dividend stocks on our list. The stock has a dividend yield of 5.86%.
At the end of the fourth quarter of 2023, 62 hedge funds held shares of 3M Company (NYSE:MMM), up from 54 in the previous quarter. Together, these efforts are worth over 1.75 billion dollars.
Verizon Communications Inc (NYSE: VZ)
Number of hedge fund holders: 63
Dividend yield: 6.69%.
Verizon Communications Inc (NYSE: VZ) is a New York-based multinational technology company operating primarily in the areas of wireless communications, wireline communications and digital services. The company pays a quarterly dividend of $0.665 per share and has increased its dividends for the last 17 consecutive years. With a dividend yield of 6.69%, VZ is one of the best dividend stocks on our high dividend yield list.
Verizon Communications Inc (NYSE: VZ) was part of 63 hedge fund portfolios at the end of the fourth quarter of 2023, up from 61 in the previous quarter. Among these hedge funds, Cliff Asness AQR Capital Management was the company’s largest stakeholder in the fourth quarter.
AT&T Inc (NYSE:T)
Number of hedge fund owners: 66
Dividend yield: 6.53%.
AT&T Inc. (NYSE: T) is the next stock on our list of the best dividend stocks with dividend yields above 5%. The multinational telecommunications company has made regular dividends to shareholders since 1995. It currently offers a quarterly dividend of $0.2775 per share and has a dividend yield of 6.53%.
At the end of the fourth quarter of 2023, 66 hedge funds held shares of AT&T Inc (NYSE:T), up from 52 in the previous quarter. The consolidated value of these shares is almost 3 billion dollars.
Philip Morris International Inc (NYSE:PM)
Number of hedge fund holders: 68
Dividend yield: 5.53%.
Philip Morris International Inc (NYSE: PM) is an American multinational tobacco company primarily engaged in the manufacture, marketing and sale of cigarettes, tobacco and other nicotine-containing products. On March 7, the company declared a quarterly dividend of USD 1.30 per share, which is in line with its previous dividend. In 2023, the company stretched dividend growth to 14 years, making PM one of the best high-yielding dividend stocks. Currently, the stock has a dividend yield of 5.53%.
The number of hedge funds holding shares of Philip Morris International Inc (NYSE:PM) grew to 68 in the fourth quarter of 2023, from 62 in the previous quarter. These efforts are worth over 5.5 billion dollars in total. With over 15 million shares, Fundsmith LLP was the company’s largest stakeholder in the fourth quarter.
Pfizer Inc (NYSE:PFE)
Number of hedge fund holders: 79
Dividend yield: 5.97%.
Pfizer Inc (NYSE: PFE) tops our list of the best high-yield dividend stocks. The multinational biotechnology and pharmaceutical company has increased its dividend for the past 14 consecutive years and offers a quarterly dividend of $0.42 per share. The dividend yield of the share is 5.97%.
At the end of Q4 2023, 79 hedge funds held shares of Pfizer Inc (NYSE:PFE), up from 73 in the previous quarter. These shares are collectively valued at more than 2.2 billion dollars.
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