10 Best Dividend Stocks Yielding at Least 7% According to Hedge Funds

8. BCE Inc. (NYSE:BCE)

Number of Hedge Fund Holders: 22

Dividend Yield as of May 28: 8.70%

BCE Inc. (NYSE:BCE) is a Canadian telecommunications company that offers a wide range of wireless, internet, and television services. In the first quarter of 2024, the company’s cash position remained strong with its operating cash flow coming in at $1.13 billion. During the quarter, the company generated $85 million in free cash flow. Its revenue for the quarter fell by 0.7% on a year-over-year basis at C$6.01 billion.

On May 2, BCE Inc. (NYSE:BCE) declared a quarterly dividend of C$0.9975 per share, which was in line with its previous dividend. Overall, the company has raised its payouts for 14 years in a row, which makes BCE one of the best dividend stocks on our list. The stock’s dividend yield on May 28 came in at 8.70%.

The number of hedge funds tracked by Insider Monkey owning stakes in BCE Inc. (NYSE:BCE) grew to 22 in Q1 2024, from 19 in the previous quarter. These stakes are valued at over $114 million.

With the growing momentum of 5G technology, BCE Inc. (NYSE:BCE) is reaping ongoing benefits by consistently investing in this area. However, due to high interest rates and increased competition in the industry, the stock is currently experiencing negative returns. Since the start of 2024, BCE is down 14.83%. On the other hand, with the trailing twelve-month P/E ratio of 23.8, the stock is beginning to appear relatively undervalued. That said, its dividend yield remains a highlight for investors considering the stocks. D. E. Shaw remained bullish on the stock during q1 2024, boosting his position on the company by 72%.