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

2. Whirlpool Corporation (NYSE:WHR)

Number of Hedge Fund Holders: 33

Dividend Yield as of May 28: 8.07%

Whirlpool Corporation (NYSE:WHR) is a Michigan-based home appliance company that offers a wide range of related products and services to its consumers. The company has a long history of paying dividends to shareholders, which makes it one of the best dividend stocks on our list. It currently offers a quarterly dividend of $1.75 per share and has a dividend yield of 8.07%, as of May 28.

In the first quarter of 2024, Whirlpool Corporation (NYSE:WHR) experienced strong performance in its Global Small Domestic Appliances (SDA) segment and international operations. In addition, the company announced an increase in prices of Major Domestic Appliances (MDA) in North America through promotional programs. These adjustments are aligned with the value of its products and brands to counter persistent inflation. That said, the company’s revenue has shown a decline compared to its peers, falling by 3.42% on a year-over-year basis. The stock has a forward P/E of 8.04, compared with an industry median of 12.2, which means that it has a lower valuation compared to its industry peers. In Q1 2024, David Tepper exited his position in the company. The stock is down by over 24% this year so far. Despite its negative returns and falling revenue, we think that now would be a great time to buy WHR considering its current valuation and the company’s commitment to consistent dividends in the first and second quarters of 2024.

As of the end of Q1 2024, 33 hedge funds, growing from 30 in the previous quarter, owned stakes in Whirlpool Corporation (NYSE:WHR), as per Insider Monkey’s database. The consolidated value of these stakes is over $675.4 million.