In this article, we discuss 5 best high-dividend stocks to buy now. If you want to read our detailed analysis of dividend stocks and their performance over the years, go directly to read 10 Best High-Dividend Stocks to Buy Now.
5. Portland General Electric Company (NYSE:POR)
Dividend Yield as of October 11: 4.23%
Portland General Electric Company (NYSE:POR) is an Oregon-based public utility company that mainly specializes in the distribution of electricity. In August, Mizuho raised its price target on the stock to $51 with a Neutral rating on the shares. The firm expects the company’s balance sheet to recover in 2023.
In the first six months of 2022, Portland General Electric Company (NYSE:POR) reported net cash by operating activities of $451 million, up from $276 million during the same period last year. Its revenue for the quarter came in at $591 million, showing a 10.1% growth from the prior-year quarter. For FY22, the company expects its cash from operations to fall between $600 to $650 million.
Portland General Electric Company (NYSE:POR) is one of the best dividend stocks on our list as the company has been raising its dividends for the past 15 years. It currently pays a quarterly dividend of $0.45 per share for a dividend yield of 4.23%, as of October 11.
At the end of Q2 2022, 20 hedge funds in Insider Monkey’s database owned stakes in Portland General Electric Company (NYSE:POR), compared with 21 in the previous quarter. These stakes hold a combined value of $66.4 million. Millennium Management was the company’s leading stakeholder in Q2.
4. Avista Corporation (NYSE:AVA)
Dividend Yield as of October 11: 4.64%
Avista Corporation (NYSE:AVA) generates and transmits electricity and also distributes natural gas to its residential and commercial customers. The company currently offers a quarterly dividend of $0.44 per share for a dividend yield of 4.64%, as of October 11. In 2022, it extended its dividend growth streak to 20 years, which makes it one of the best dividend stocks with a high yield.
In Q2 2022, Avista Corporation (NYSE:AVA) reported revenue of $368.5 million, which showed a 28.2% growth from the same period last year. For the first six months of the year, the company’s net income amounted to $83 million, compared with $82.1 million in the prior-year period. Its operating cash flow for the quarter jumped to $44 million, from $38.8 million in Q2 2021.
In September, Mizuho upgraded Avista Corporation (NYSE:AVA) to Buy with a $44 price target, highlighting the company’s revenue increases in both electric and gas cases.
At the end of the June quarter of 2022, 18 hedge funds tracked by Insider Monkey reported owning stakes in Avista Corporation (NYSE:AVA), the same as in the previous quarter. These stakes have a combined value of nearly $94 million, compared with $56 million worth of stakes owned by hedge funds in the preceding quarter.
3. Huntington Bancshares Incorporated (NASDAQ:HBAN)
Dividend Yield as of October 11: 4.71%
Huntington Bancshares Incorporated (NASDAQ:HBAN) is an Ohio-based commercial banking company that provides online banking solutions in a wide range of areas. In September, Wedbush initiated its coverage on the stock with a Neutral rating and a $14 price target, as the firm sees growth potential in the company’s increased scale and revenue synergies.
Huntington Bancshares Incorporated (NASDAQ:HBAN) pays a quarterly dividend of $0.155 per share. The company maintains an 11-year streak of consistent dividend growth with a five-year dividend CAGR of 14.1%. As of October 11, the stock’s dividend yield came in at 4.71%.
Of the 895 elite funds tracked by Insider Monkey, 23 hedge funds owned stakes in Huntington Bancshares Incorporated (NASDAQ:HBAN) in Q2 2022, compared with 26 in the previous quarter. These stakes have a collective value of over $71.8 million. With over 1.7 million shares, Interval Partners was the company’s leading stakeholder in Q2.
2. OGE Energy Corp. (NYSE:OGE)
Dividend Yield as of October 11: 4.76%
OGE Energy Corp. (NYSE:OGE) is an Oklahoma-based utility company that generates and distributes electrical energy to its consumers in the state. In Q2 2022, the company posted revenue of $803.7 million, up 39.2% from the same period last year. The company’s net income stood at $100.7 million, compared with $85.1 million in the prior-year quarter. Its higher revenues were due to the recovery of its capital investments.
On September 27, OGE Energy Corp. (NYSE:OGE) declared a 1% hike in its quarterly dividend to $0.4141 per share. This was the company’s 15th consecutive year of dividend growth, which places it as one of the best dividend stocks on our list. The stock’s dividend yield stood at 4.76%, as of October 11.
In September, Mizuho raised its price target on OGE Energy Corp. (NYSE:OGE) to $42 with a Neutral rating on the shares, as the company’s electric rate case settlement got approved by the state’s Corporation Commission.
At the end of Q2 2022, 13 hedge funds in Insider Monkey’s database owned stakes in OGE Energy Corp. (NYSE:OGE), worth $213 million. In comparison, 20 hedge funds held positions in the company in the previous quarter, with a total stake value of over $228.8 million.
1. Medifast, Inc. (NYSE:MED)
Dividend Yield as of October 11: 5.52%
Medifast, Inc. (NYSE:MED) is a Maryland-based nutrition company that mainly provides weight loss services to its consumers. The company was added to DA Davidson’s ‘high-conviction small cap ideas’ as the firm sees the company growing in the coming years due to its strong financial and solid dividend yield.
Medifast, Inc. (NYSE:MED) started paying dividends in 2015 and has raised its dividends every year since. The company’s quarterly dividend jumped from $0.25 per share in 2015 to $1.64 per share in 2022. As of October 11, the stock has a dividend yield of 5.52%.
At the end of Q2 2022, 14 hedge funds tracked by Insider Monkey owned investments in Medifast, Inc. (NYSE:MED), compared with 19 a quarter earlier. The stakes owned by hedge funds have a collective value of over $193.6 million. Renaissance Technologies owned the largest stake in the company, worth over $137.2 million.
You can also take a look at 10 Best Passive Income Stocks to Buy Now and 10 Dividend Stocks That Are Too Cheap To Ignore
