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

4. Xerox Holdings Corporation (NASDAQ:XRX)

Number of Hedge Fund Holders: 31

Dividend Yield as of May 28: 7.18%

Xerox Holdings Corporation (NASDAQ:XRX) is an American tech company that specializes in the development and manufacturing of print and digital document services and products. The company currently pays a quarterly dividend of $0.25 per share. With a dividend yield of 7.18% as of May 28, XRX is one of the best dividend stocks on our list.

Xerox Holdings Corporation (NASDAQ:XRX) reported first-quarter 2024 earnings that fell short of expectations, primarily due to ongoing structural changes within the company. The company’s core print business fell by 12.6% on a year-over-year basis at $1.43 billion. However, the management is confident that it has the right team and strategy in place to successfully reinvent the company and achieve its adjusted operating income targets. The management has also reiterated its guidance for FY24 and expects its annual revenue to decline by 3% to 5% in constant currency. The stock is currently trading at a forward P/E ratio of 3.63, which shows that it is too cheap at this price. The valuation may decline further as the market reacts negatively to the company’s earnings miss. XRX is down by 23.7% since the start of 2024. Shares jumped by around 1% on April 2, when the company announced its partnership with PBS Group in Peru and Ecuador.

The number of hedge funds tracked by Insider Monkey owning stakes in Xerox Holdings Corporation (NASDAQ:XRX) grew to 31 in Q1 2024, from 25 in the previous quarter. These stakes are valued at over $88.3 million in total.