In this article, we discuss 5 dividend stocks to buy according to Hari Hariharan’s NWI Management. If you want to read our detailed analysis of Hariharan’s investment strategy and his hedge fund’s past performance, go directly to read 9 Dividend Stocks to Buy According to Hari Hariharan’s NWI Management.
5. Chevron Corporation (NYSE:CVX)
Number of Hedge Fund Holders: 53
Dividend Yield as of May 25: 3.29%
NWI Management’s Stake Value: $16,283,000
Chevron Corporation (NYSE:CVX) is an American energy company that has operations in over 180 countries worldwide.
At the end of March 2022, 53 hedge funds in Insider Monkey’s database held stakes in Chevron Corporation (NYSE:CVX), the same as in the previous quarter. The total value of these stakes is roughly $28 billion. With shares worth $26 billion, Warren Buffett’s Berkshire Hathaway held the largest position in the company in Q1 2022.
In January, Chevron Corporation (NYSE:CVX) announced a 6% increase in its quarterly dividend to $1.42 per share. This marked the company’s 35th consecutive year of dividend growth. The stock’s dividend yield was recorded at 3.29%, as of the close of May 25. Appreciating the company’s strong revenue, in May, Credit Suisse lifted its price target on Chevron Corporation (NYSE:CVX) to $190, with an Outperform rating on the shares.
Chevron Corporation (NYSE:CVX) was the latest addition to NWI Management’s portfolio. The hedge fund purchased 100,000 shares in the company, valued at over $16.2 million. The company constituted 1.86% of Hari Hariharan’s portfolio.
ClearBridge Investments mentioned Chevron Corporation (NYSE:CVX) in its Q1 2022 investor letter. Here is what the firm has to say:
“The energy sector, which led a strong market in 2021, generated even more dramatic relative performance in the quarter, advancing 39% and leading the benchmark Russell 1000 Value Index. Years of restrained investment in the energy sector, combined with a strong post-pandemic recovery, contributed to the higher commodity prices. The upward pressure escalated with the Russian invasion of Ukraine. Our energy holding Chevron (NYSE:CVX) benefited from higher commodity prices and was among the top contributors to first-quarter performance.”
4. AstraZeneca PLC (NASDAQ:AZN)
Number of Hedge Fund Holders: 45
Dividend Yield as of May 25: 3.58%
NWI Management’s Stake Value: $6,634,000
AstraZeneca PLC (NASDAQ:AZN) is a British-Swedish multinational pharmaceutical and biotech company that specializes in the discovery and development of prescription medicines. In Q1 2022, the company’s biopharmaceutical segment generated revenue of $5.6 billion, presenting a 49% growth from the prior-year quarter and is driven by strong sales of Covid-19 medicines.
AstraZeneca PLC (NASDAQ:AZN) pays dividends to shareholders twice a year. In February, the company announced to increase its annual dividend by $0.10 to $2.90 per share, with an interim dividend of $1.97 per share. The stock’s dividend yield, as of May 25, stood at 3.58%. In its May research note, Danske Bank highlighted the potential of AstraZeneca PLC (NASDAQ:AZN) in its oncology and rare disease medicines, which can be growth drivers for the company through 2023. In view of this, the firm lifted its price target on the stock to 13,100 GBP, with a Buy rating on the shares.
At the end of Q1 2022, 45 hedge funds tracked by Insider Monkey reported owning stakes in AstraZeneca PLC (NASDAQ:AZN), up from 42 in the previous quarter. These stakes hold a consolidated value of over $4.57 billion.
NWI Management held shares worth over $6.6 million in AstraZeneca PLC (NASDAQ:AZN) at the end of the first quarter of 2022, which accounted for 0.75% of Hari Hariharan’s portfolio.
3. Telephone and Data Systems, Inc. (NYSE:TDS)
Number of Hedge Fund Holders: 12
Dividend Yield as of May 25: 4.00%
NWI Management’s Stake Value: $5,494,000
Telephone and Data Systems, Inc. (NYSE:TDS) is an American telecommunications services company that provides wireless products, cables, and broadband to consumers. In February, the company announced a 3% growth in its quarterly dividend to $0.18 per share. This marked the company’s 47th consecutive year of dividend growth. The stock’s dividend yield came to be recorded at 4.00% on May 25.
NWI Management first invested in Telephone and Data Systems, Inc. (NYSE:TDS) during the fourth quarter of 2014, buying shares worth over $20.4 million. At the end of Q1 2022, the fund held shares worth over $5.4 million in the company, slashing its position by 2%. The company made up 0.62% of Hari Hariharan’s portfolio. In April, Morgan Stanley set a $22 price target on Telephone and Data Systems, Inc. (NYSE:TDS), with an Equal Weight rating on the shares.
As per Insider Monkey’s Q1 2022 database, the number of hedge funds holding stakes in Telephone and Data Systems, Inc. (NYSE:TDS) declined to 12, from 20 in the previous quarter. These stakes hold a consolidated value of over $53.3 million. Among these hedge funds, GAMCO Investors held the largest position in the company, with stakes valued at over $32.7 million.
2. AT&T Inc. (NYSE:T)
Number of Hedge Fund Holders: 74
Dividend Yield as of May 25: 5.25%
NWI Management’s Stake Value: $25,993,000
AT&T Inc. (NYSE:T), an American multinational telecommunications company, reported a 4.8% year-over-year growth in its services revenue in Q1 2022. Moreover, the company also announced a 6.8% growth in its broadband revenue during the quarter.
In March 2022, AT&T Inc. (NYSE:T) announced a quarterly dividend of $0.28 per share, with an annual dividend of $1.11 per share, in line with the company’s previously declared dividend. The stock’s dividend yield, as of May 25, stood at 5.25%. Appreciating the company’s strong subscriber base and solid wireless revenues in Q1, in April, Barclays set a $22 price target on AT&T Inc. (NYSE:T), with an Overweight rating on the shares.
Insider Monkey’s Q1 2022 database shows that AT&T Inc. (NYSE:T) experienced a positive hedge fund sentiment as 74 hedge funds held positions in the company, up from 70 in the previous quarter. These stakes hold a collective value of over $4 billion.
During Q1 2022, NWI Management increased its position in AT&T Inc. (NYSE:T) by 120%. The hedge fund held 1.1 million shares in the company, valued at roughly $26 million. The company represented 2.97% of Hari Hariharan’s portfolio.
Weitz Investment Management mentioned AT&T Inc. (NYSE:T) in its Q4 2021 investor letter. Here is what the firm has to say:
“After several quarters of pandemic-induced outsized growth, new broadband connection growth has slowed for U.S. cable operators. This slower growth has coincided with a renewed push by competitors like Verizon and AT&T to offer high-speed data (either via wireless connects or by building new fiber-optic networks).”
1. Intercorp Financial Services Inc. (NYSE:IFS)
Number of Hedge Fund Holders: 3
Dividend Yield as of May 25: 6.77%
NWI Management’s Stake Value: $34,704,000
Intercorp Financial Services Inc. (NYSE:IFS) is a Peru-based insurance company that provides banking, insurance, and wealth management services to its consumers. At the end of Q1 2022, NWI Management held shares worth over $34.7 million in the company, which accounted for 3.97% of Hari Hariharan’s portfolio.
In April, Intercorp Financial Services Inc. (NYSE:IFS) announced a quarterly dividend of $1.75 per share, in line with the previous dividend. The stock’s dividend yield was recorded at 6.77%, as of the close of May 25.
By the end of Q1 2022, 3 hedge funds in Insider Monkey’s database held stakes in Intercorp Financial Services Inc. (NYSE:IFS), down from 5 in the previous quarter. The consolidated value of these stakes is over $40.6 million, up from $32.7 million worth of stakes held by hedge funds in Q4 2021. AQR Capital Management was one of the leading shareholders of the company in Q1 2022, holding stakes worth over $1.1 million.
You can also take a look at Top 10 Stock Picks of Rajiv Jain’s GQG Partners and 15 Best Stocks to Buy for 2022 According to Analysts
