12 Highest Dividend Stocks to Buy on Cash App

8. Sirius XM Holdings Inc. (NASDAQ:SIRI)

Dividend Yield as of January 21: 4.84%

Sirius XM Holdings Inc. (NASDAQ:SIRI) is a New York-based broadcasting corporation that is a leading provider of satellite radio and online audio entertainment services. The company’s subscriber base reached its peak of 34.9 million in 2019 but has since declined to 33.2 million, representing a 5% drop. Several factors contribute to this slowdown. Auto sales, a key source of new subscriptions for the satellite radio service, have been weak. In addition, many people still work from home, and they spend less time in their cars, where Sirius XM subscriptions are typically most utilized. Furthermore, there is increasing competition from more affordable streaming apps that drivers can easily access through their Bluetooth car systems. The stock is down by 59% in the past 12 months.

That said, all hope is not lost for Sirius XM Holdings Inc. (NASDAQ:SIRI). During the third quarter of 2024, the company made notable strides in its transformation, including the completion of its transaction with Liberty Media. The company is leveraging its large audience and robust business model to position itself for sustainable growth and generate value for investors. Its long-term strategy focuses on strengthening the subscription business, enhancing advertising offerings, and optimizing costs while reinvesting in the business. There was encouraging growth in self-pay subscribers, with 14,000 net additions, and a 6% rise in podcast advertising revenue, signaling potential for further expansion.

Sirius XM Holdings Inc. (NASDAQ:SIRI) also reported a solid cash position with its operating cash flow coming in at over $1 billion in the first nine months of 2024. The company’s free cash flow for the quarter stood at $93 million. It is one of the best Cash App stocks with dividends as the company maintains a seven-year streak of consistent dividend growth. Currently, it offers a quarterly dividend of $0.27 per share and has a dividend yield of 4.84%, as of January 20.

Sirius XM Holdings Inc. (NASDAQ:SIRI) was a hedge fund favorite in the third quarter of 2024. 49 hedge funds tracked by Insider Monkey held stakes in the company in Q3, growing from 33 in the preceding quarter. These stakes are worth over $3.1 billion in total. Among these hedge funds, Gotham Asset Management was the company’s leading stakeholder in Q3.