In this article, we discuss 5 best dividend stocks yielding at least 7% according to hedge funds. If you want to read our detailed analysis of dividend stocks and their performance over the years, go directly to read 10 Best Dividend Stocks Yielding at Least 7% According to Hedge Funds.
5. Walgreens Boots Alliance, Inc. (NASDAQ:WBA)
Number of Hedge Fund Holders: 34
Dividend Yield as of August 19: 7.23%
Walgreens Boots Alliance, Inc. (NASDAQ:WBA) is a multinational pharmaceutical and retail company. It operates a chain of pharmacies and retail stores, providing prescription medications, over-the-counter drugs, health and beauty products, and other general merchandise.
Walgreens Boots Alliance, Inc. (NASDAQ:WBA) has a strong dividend history as it has paid uninterrupted dividends to shareholders for 89 years. It also maintains a 47-year streak of consistently raising its dividends. The company currently pays a quarterly dividend of $0.48 per share and has a dividend yield of 7.23%, as of August 20.
At the end of Q2 2023, 34 hedge funds in Insider Monkey’s database owned investments in Walgreens Boots Alliance, Inc. (NASDAQ:WBA), compared with 39 in the previous quarter. The collective value of these stakes is over $440.8 million.
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4. Truist Financial Corporation (NYSE:TFC)
Number of Hedge Fund Holders: 42
Dividend Yield as of August 19: 7.23%
Truist Financial Corporation (NYSE:TFC) is an American bank holding company that provides a wide range of related services to its consumers. On July 25, the company declared a quarterly dividend of $0.52 per share, which was consistent with its previous dividend. It has raised its dividends consistently for the past eight years, making it one of the best dividend stocks on our list. The stock has a dividend yield of 7.23%, as recorded on August 20.
As of the close of Q2 2023, 42 elite funds owned stakes in Truist Financial Corporation (NYSE:TFC), according to Insider Monkey’s database. The consolidated value of these stakes is over $910 million. With over 15 million shares, Diamond Hill Capital was the company’s largest stakeholder in Q2.
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3. KeyCorp (NYSE:KEY)
Number of Hedge Fund Holders: 49
Dividend Yield as of August 19: 7.57%
KeyCorp (NYSE:KEY) is an Ohio-based regional bank that offers a wide range of services and products to retail, small businesses, corporate, and commercial clients. It is one of the best dividend stocks on our list as it maintains a 12-year streak of dividend growth. The company pays a quarterly dividend of $0.205 per share and has a dividend yield of 7.57%, as of August 20.
KeyCorp (NYSE:KEY) was a popular buy among elite funds in Q2 2023, as hedge fund positions in the company jumped to 49 during the quarter, from 34 in the previous quarter. The collective value of stakes owned by these funds is over $334.1 million.
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2. Verizon Communications Inc. (NYSE:VZ)
Number of Hedge Fund Holders: 53
Dividend Yield as of August 19: 7.87%
Verizon Communications Inc. (NYSE:VZ) is next on our list of the best dividend stocks to consider. The company currently pays a quarterly dividend of $0.6525 per share for a dividend yield of 7.87%, as of August 20. It has been raising its dividends for consecutive 16 years.
In the first half of 2023, Verizon Communications Inc. (NYSE:VZ)’s operating cash flow grew to $18 billion. Its free cash flow for the period came in at $8 billion.
Of the 910 hedge funds tracked by Insider Monkey, 53 elite funds owned stakes in Verizon Communications Inc. (NYSE:VZ) at the end of Q2 2023. The collective value of stakes owned by these hedge funds is nearly $829 million.
The London Company mentioned Verizon Communications Inc. (NYSE:VZ) in its Q2 2023 investor letter. Here is what the firm has to say:
“Exited: Verizon Communications Inc. (NYSE:VZ) Sale reflects heightened competitive activity from both AT&T and T-Mobile. While VZ has the highest quality network, we are concerned that competitors’ focus on market share gains could continue to negatively affect VZ’s business.”
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1. AT&T Inc. (NYSE:T)
Number of Hedge Fund Holders: 56
Dividend Yield as of August 19: 7.90%
AT&T Inc. (NYSE:T) is a prominent telecommunications and media conglomerate that operates across various sectors within the communications industry. On June 29, the company announced a quarterly dividend of $0.2775 per share, which was in line with its previous dividend. The stock’s dividend yield on August 20 came in at 7.90%. It tops our list of the best dividend stocks to consider.
At the end of Q2 2023, 56 hedge funds tracked by Insider Monkey owned investments in AT&T Inc. (NYSE:T), compared with 58 in the previous quarter. The overall value of these stakes is over $1.4 billion.
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You can also take a look at Bill Gates Stock Portfolio: August 2023 Update and 10 Healthcare Stocks with Insider Buying
