5 Best Dividend Stocks to Buy According to Billionaire Michael Price

1.Brookfield Property Partners L.P. (NASDAQ: BPY)

Price’s Stake Value: $6,141,000
Percent of Michael Price’s 13F Portfolio: 0.73%
Dividend Yield: 7.15%
Number of Hedge Fund Holders: 17

Brookfield Property Partners L.P. (NASDAQ: BPY) is a renowned real estate company with presence in over 30 countries worldwide. The company is involved in asset management, operational expertise, and capital management services to real estate investors. Brookfield Property Partners L.P. (NASDAQ: BPY) reported a net income of $731 million for Q1 of 2021 as compared to a loss of $373 million in Q1 of 2020. This increase in income can be attributed to the gains in LP investments which amounted to $188 million for the quarter.

The company’s board announced a cash dividend on preferred stock equal to $0.406 per unit which is to be paid on June 30, 2021. Billionaire Michael Price’s hedge fund owns 345,200 shares in Brookfield Property Partners L.P. (NASDAQ: BPY) valued at over $6.14 million. With a high dividend yield of 7.15%, the company has earned the top spot in the list of the 10 best dividend stocks to buy according to billionaire Michael Price.

Horos Asset Management mentioned Brookfield Property Partners L.P. (NASDAQ: BPY) in its Q1 2021 investor letter. This is what the firm stated:

“There have been significant portfolio changes this quarter in the real estate sector, with several new stakes, discussed below, and one corporate transaction. In particular, here we provide an update on the status of our investment in Brookfield Property Partners (“BPY”). In our latest quarterly letter, we noted that on January 4 the company received a takeover bid from Brookfield Asset Management (“BAM”) for the remaining shares it does not control, at a price of 16.5 dollars per share, which seemed too low to us. Hence, our intention was to decline the takeover bid and hold our shares, awaiting a potential increase in the offer price that BAM had in fact historically made in other similar acquisitions. Finally, on April 1, BAM announced it had increased its offer by 10% to 18.17 dollars per share. In this case, shareholders will have a choice of cash, BAM common stock or BPY preferred stock, limited to a maximum of 50% cash for the total offer, 42% for BAM common stock and 8% for BPY preferred stock. The offer price represents a discount to BPY’s NAV of 32%, very much in line with the historical average at which this vehicle has historically traded.”

You can also take a peek at 10 Best Dividend Stocks to Buy Now According to Billionaire Kerr Neilson and 10 Best Tech and Dividend Stocks to Buy According to Billionaire Chase Coleman.

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