5 Best S&P 500 Dividend Stocks To Buy Now

In this article, we discuss 5 best S&P 500 dividend stocks to buy now. If you want to read our detailed analysis of dividend stocks in the S&P 500 and their past performance, go directly to read 15 Best S&P 500 Dividend Stocks To Buy Now. 

5. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Holders: 87
Dividend Yield as of May 7: 3.38%

Citigroup Inc. (NYSE:C) is a New York-based investment banking company that offers related financial services company. The company has a 34-year run of paying regular dividends to shareholders and it currently pays a quarterly dividend of $0.53 per share. With a dividend yield of 3.38%, C is one of the best dividend stocks in the S&P 500.

The number of hedge funds tracked by Insider Monkey owning stakes in Citigroup Inc. (NYSE:C) jumped to 87 in Q4 2023, from 79 in the preceding quarter. The consolidated value of these stakes is over $10.2 billion. Among these hedge funds, Warren Buffett’s Berkshire Hathaway was the company’s leading stakeholder in Q4.

4. Union Pacific Corporation (NYSE:UNP)

Number of Hedge Fund Holders: 90
Dividend Yield as of May 7: 2.17%

Union Pacific Corporation (NYSE:UNP) is an American transport company that plays an important role in the logistics industry. The company has been making uninterrupted dividend payments to shareholders for the past 125 years, which places UNP on our list of the best dividend stocks. It currently offers a quarterly dividend of $1.30 per share and has a dividend yield of 2.17%, as recorded on May 17.

As per Insider Monkey’s database of Q4 2023, 90 hedge funds owned stakes in Union Pacific Corporation (NYSE:UNP), the same as in the previous quarter. The collective value of these stakes is over $6.6 billion.

3. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 96
Dividend Yield as of May 7: 2.55%

Bank of America Corporation (NYSE:BAC) is a multinational financial services company. It currently offers a quarterly dividend of $0.24 per share and has a dividend yield of 2.55%, as of May 7. The company has never missed a dividend in the past 25 years, which makes BAC one of the best dividend stocks on our list.

Bank of America Corporation (NYSE:BAC) was included in 96 hedge fund portfolios at the end of Q4 2023, growing significantly from 88 in the preceding quarter, according to Insider Monkey’s database. The stakes owned by these hedge funds have a total value of roughly $40 billion. Warren Buffett, Ken Fisher, and Ken Griffin were some of the company’s most prominent stakeholders in Q4.

2. Merck & Co., Inc. (NYSE:MRK)

Number of Hedge Fund Holders: 98
Dividend Yield as of May 7: 2.41%

An American multinational pharmaceutical company, Merck & Co., Inc. (NYSE:MRK) has been growing its payouts for 13 consecutive years. Its quarterly dividend currently comes in at $0.77 per share for a dividend yield of 2.41%, as recorded on May 7.

Of the 933 hedge funds tracked by Insider Monkey at the end of Q4 2023, 98 hedge funds held stakes in Merck & Co., Inc. (NYSE:MRK), growing from 85 in the previous quarter. The total worth of these stakes is more than $7.1 billion.

1. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 103
Dividend Yield as of May 7: 2.40%

JPMorgan Chase & Co. (NYSE:JPM) tops our list of the best dividend stocks in the S&P 500. The investment banking company offers a quarterly dividend of $1.15 per share, having raised it by 10% in March this year. As of May 7, the stock has a dividend yield of 2.40%. In the first quarter of 2024, the company returned $3.3 billion to shareholders through dividends.

At the end of Q4 2023, 103 hedge funds tracked by Insider Monkey reported having stakes in JPMorgan Chase & Co. (NYSE:JPM), compared with 109 in the previous quarter. The overall value of these stakes is over $9 billion.

You can also take a look at Anchor Capital Management’s Top 9 Stock Picks and Former Holdings in 2024 and Morgan Stanley’s Top 15 Stock Picks for 2024