In this article, we discuss 5 blue chip dividend stocks with over 3% yield. If you want to see some more dividend paying blue chip stocks, click 10 Blue Chip Dividend Stocks with Over 3% Yield.
5. Cardinal Health, Inc. (NYSE:CAH)
Number of Hedge Fund Holders: 39
Dividend Yield as of April 22: 3.19%
Cardinal Health, Inc. (NYSE:CAH) was founded in 1979 and is headquartered in Dublin, Ohio. The company offers healthcare solutions and medical devices to hospitals, healthcare systems, pharmacies, and clinical laboratories. The company has a robust streak of 35 years of dividend growth under its belt.
Cardinal Health, Inc. (NYSE:CAH) on February 8 declared a $0.4908 per share quarterly dividend, in line with previous. The dividend was paid on April 15, to shares of the company as of April 1. Cardinal Health, Inc. (NYSE:CAH)’s dividend yield on April 22 stood at 3.19%.
On April 12, Morgan Stanley analyst Ricky Goldwasser upgraded Cardinal Health, Inc. (NYSE:CAH) to Overweight from Equal Weight with a $74 price target.
Cardinal Health, Inc. (NYSE:CAH) was found in the public stock portfolios of 39 hedge funds according to Insider Monkey’s fourth quarter, up from 36 funds in the prior quarter database. Richard S. Pzena’s Pzena Investment Management is the biggest shareholder of the company, with approximately 3 million shares worth $153.6 million.
4. Comerica Incorporated (NYSE:CMA)
Number of Hedge Fund Holders: 38
Dividend Yield as of April 22: 3.36%
Comerica Incorporated (NYSE:CMA) is a Texas-based provider of financial products and services, offering commercial banking, retail banking, and wealth management. Comerica Incorporated (NYSE:CMA)’s dividend yield on April 22 came in at 3.36%.
Citi analyst Keith Horowitz on April 21 maintained a Buy recommendation on Comerica Incorporated (NYSE:CMA) but lowered the firm’s price target on the stock to $105 from $110. The company management expects net interest income to increase by more than 13% but refrained from further guidance due to the March 31 forward curve. Citi’s model projects that NII would be up by 20% and remain notably above consensus in 2022 and 2023, the analyst told investors in a research note. He views the post-earnings selloff in the shares as an overreaction and opened a “90-Day Positive Catalyst Watch” on Comerica Incorporated (NYSE:CMA).
On February 23, Comerica Incorporated (NYSE:CMA) declared a quarterly dividend of $0.68 per share. The dividend was distributed on April 1, to shareholders of the company at the close of business on March 15.
According to Insider Monkey’s Q4 data, 38 hedge funds were bullish on Comerica Incorporated (NYSE:CMA), compared to 31 funds in the earlier quarter. The total stakes owned by elite funds in the fourth quarter of 2021 amounted to $839 million. Billionaire Ken Griffin’s Citadel Investment Group is the biggest stakeholder of Comerica Incorporated (NYSE:CMA), with 2.2 million shares worth $197.6 million.
3. Duke Energy Corporation (NYSE:DUK)
Number of Hedge Fund Holders: 36
Dividend Yield as of April 22: 3.45%
Duke Energy Corporation (NYSE:DUK) was founded in 1904 and is headquartered in Charlotte, North Carolina, operating via Electric Utilities and Infrastructure, Gas Utilities and Infrastructure, and Commercial Renewables segments. Duke Energy Corporation (NYSE:DUK) has paid a cash dividend on its common stock for 96 consecutive years.
On April 7, KeyBanc analyst Sophie Karp maintained an Overweight rating on Duke Energy Corporation (NYSE:DUK) and raised the firm’s price target on the stock to $119 from $110. The analyst believes that Duke Energy Corporation (NYSE:DUK) is positioned advantageously as a primary utility investment that is experiencing notable tailwinds in customer growth in its core Southeast territories, which warrants a premium relative to its large cap peers.
Duke Energy Corporation (NYSE:DUK) declared on January 4 a $0.985 per share quarterly dividend, in line with previous. The dividend was distributed to shareholders on March 16. The company delivers a dividend yield of 3.45% as of April 22.
According to the fourth quarter database of Insider Monkey, 36 hedge funds were long Duke Energy Corporation (NYSE:DUK), up from 32 funds in the preceding quarter. Renaissance Technologies is the biggest position holder in the company, with 1.74 million shares worth $183.2 million.
2. Consolidated Edison, Inc. (NYSE:ED)
Number of Hedge Fund Holders: 22
Dividend Yield as of April 22: 3.27%
Consolidated Edison, Inc. (NYSE:ED) is a New York-based provider of regulated electric, gas, and steam delivery businesses in the United States. Consolidated Edison, Inc. (NYSE:ED) has consistently offered dividend growth to shareholders for 46 years.
On February 17, Consolidated Edison, Inc. (NYSE:ED) reported earnings for Q4 2021, posting an EPS of $1.00, beating market consensus by $0.14. Revenue over the period jumped 15.37% year-over-year to $3.42 billion, outperforming analysts’ predictions by $508.80 million.
Mizuho analyst Anthony Crowdell raised the firm’s price target on Consolidated Edison, Inc. (NYSE:ED) to $94 from $90 and kept a Buy rating on the shares on March 10. While a potential Clean Energy Business sale could help minimize equity needs in 2023 and 2024, it would unlikely alleviate the previously announced $850 million in 2022, the analyst told investors in a research note. He updated the price target to account for current market multiples.
Consolidated Edison, Inc. (NYSE:ED) on April 21 declared a $0.79 per share quarterly dividend. The dividend is payable on June 15, to shareholders of the company as of May 18. Consolidated Edison, Inc. (NYSE:ED) is well on its way to becoming a dividend king, and the company’s dividend yield on April 22 was 3.27%.
Among the hedge funds tracked by Insider Monkey, 22 funds were bullish on Consolidated Edison, Inc. (NYSE:ED) at the end of the fourth quarter of 2021, with combined stakes worth $323.2 million. Jos Shaver’s Electron Capital Partners is the largest shareholder of the company, with 1.2 million shares valued at $108.7 million.
1. Brookfield Infrastructure Partners L.P. (NYSE:BIP)
Number of Hedge Fund Holders: 15
Dividend Yield as of April 22: 3.36%
Brookfield Infrastructure Partners L.P. (NYSE:BIP) is a Toronto-based company that offers expertise in utilities, transport, energy, communications, and infrastructure. Brookfield Infrastructure Partners L.P. (NYSE:BIP) has a 13-year history of consistent dividend growth.
On February 2, Brookfield Infrastructure Partners L.P. (NYSE:BIP) announced a $0.54 per share quarterly dividend, a 5.9% increase from its prior dividend of $0.51. The dividend was paid on March 31, to shareholders of record on February 28. Brookfield Infrastructure Partners L.P. (NYSE:BIP)’s dividend yield as of April 22 stood at 3.36%.
Brookfield Infrastructure Partners L.P. (NYSE:BIP)’s revenue in 2021 came in at $11.5 billion, up from $8.8 billion in 2020. The company’s net income for 2021 stood at $654 million, growing over 319% from the prior-year income of $156 million.
BMO Capital analyst Devin Dodge on March 31 reiterated an Outperform rating on Brookfield Infrastructure Partners L.P. (NYSE:BIP) and raised the firm’s price target on the shares to $71 from $66. The analyst sees an “attractive” setup for Brookfield Infrastructure Partners L.P. (NYSE:BIP), including strong FFO per unit growth, positive distribution growth, and an active mergers and acquisitions pipeline. He continues to see a favorable risk/reward for Brookfield Infrastructure Partners L.P. (NYSE:BIP) despite the recent strength in shares.
According to the fourth quarter database of Insider Monkey, 15 hedge funds placed long calls on Brookfield Infrastructure Partners L.P. (NYSE:BIP), collectively holding stakes worth $89.2 million. Select Equity Group is the biggest position holder in the company, with 655,599 shares valued at almost $40 million.
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