5 High Dividend Stocks Picked By Billionaire Gabelli

2. Newmont Corporation (NYSE:NEM)

Dividend Yield as of November 21: 4.87%
GAMCO Investors’ Stake Value: $24,478,000

Newmont Corporation (NYSE:NEM) is a Colorado-based gold mining company. In November, Barclays maintained an Equal Weight rating on the stock with a $55 price target, following the company’s strong quarterly earnings.

On October 27, Newmont Corporation (NYSE:NEM) declared a quarterly dividend of $0.55 per share, which fell in line with its previous quarterly dividend. The company has raised its payouts consistently for the past two years. The stock’s dividend yield came in at 4.87%, as of November 21.

At the end of Q3 2022, GAMCO Investors owned 582,404 shares in Newmont Corporation (NYSE:NEM), worth over $24.4 million. The company reduced its stake in the company by 1% during the quarter. The company represented 0.28% of billionaire Gabelli’s portfolio.

At the end of Q3 2022, 53 hedge funds in Insider Monkey’s database owned stakes in Newmont Corporation (NYSE:NEM), compared with 56 in the previous quarter. These stakes have a collective value of over $1.03 billion.

First Eagle Investments mentioned Newmont Corporation (NYSE:NEM) in its Q2 2022 investor letter. Here is what the firm said:

“Shares of Colorado-based Newmont, the largest gold miner in the world, experienced weakness in the quarter as falling gold bullion prices and cost inflation hurt miners in general. More idiosyncratically, the company reported slightly disappointing earnings and production results for its most recent quarter due to pandemic-related disruptions, ongoing supply-chain constraints, and labor shortages.

It also warned that operating costs for 2022 were likely to come in at the upper end of previous guidance. We remain constructive on the stock, which offers steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet, and proven management.”