5 Best Dividend Stocks to Buy According to Billionaire Louis Bacon

2. Valero Energy Corporation (NYSE: VLO)

Bacon’s Stake Value: $3,305,000
Percentage of Louis Bacon’s 13F Portfolio: 0.04%
Dividend Yield: 4.78%
Number of Hedge Fund Holders: 41

Valero Energy Corporation (NYSE: VLO) produces, advertises, and trades transportation fuels and petroleum distillate products internationally. The company was founded in 1980 and stands second on the list of 10 best dividend stocks to buy according to billionaire Louis Bacon. Valero Energy Corporation stock has offered investors returns exceeding 27.43% in the past year.

Valero Energy Corporation posted earnings for the first quarter of 2021 on April 22, reporting earnings per share of -$1.73, beating market predictions by $0.12. In April, the company also declared a quarterly dividend of $0.98 per share in line with the previous. On April 16, Raymond James upgraded the stock to “Strong Buy” from “Outperform,” with a price target of $96.00.

Moore Capital Investments added this stock to its portfolio in the latest quarter by buying 46,155 shares. Louis Bacon’s Investment owns a $3.31 million stake in Valero Energy Corporation. Overall, hedge funds are loading up on Valero Energy Corporation (NYSE: VLO), as 41 funds tracked by Insider Monkey held stakes in the company, compared to 38 funds a quarter earlier.