5 Dividend Stocks to Buy According to Billionaire Louis Bacon

1. The Allstate Corporation (NYSE:ALL)

Dividend Yield as of August 8: 2.91%
Moore Global Investments’ Stake Value: $32,411,000

An American insurance company, The Allstate Corporation (NYSE:ALL) holds a 14-year streak of consistent dividend growth. The company has raised its dividend at a CAGR of 18.8% in the past five years. It pays a quarterly dividend of $0.85 per share, with a yield of 2.91%, recorded on August 8.

Moore Global Investments has been investing in The Allstate Corporation (NYSE:ALL) since 2011. In Q1 2022, the fund trimmed its position in the company by 10%, taking its total ALL stake to over $32.4 million. The company accounted for 0.82% of Louis Bacon’s portfolio.

In May, Citigroup initiated its coverage of The Allstate Corporation (NYSE:ALL) with a $159 price target and a Buy rating on the shares. The firm believes that the life sector offers an attractive entry point due to higher interest rates.

At the end of Q1 2022, 44 hedge funds held positions in The Allstate Corporation (NYSE:ALL), up from 40 in the previous quarter, according to Insider Monkey’s database. These hedge funds held collective investments in the company worth over $1 billion. AQR Capital Management was the company’s leading shareholder in Q1, owning a stake worth over $380.8 million.

You can also take a look at John Allison’s Unio Capital Portfolio: 10 Dividend Stocks and 10 Dividend Stocks to Buy According to Lee Munder Capital Group

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