Billionaire Ray Dalio’s Top 5 Dividend Stocks

3. PepsiCo, Inc. (NASDAQ:PEP)

Bridgewater Associates’ Stake Value: $656,549,000
Dividend Yield as of November 16: 2.57%

Another top dividend stock to buy in billionaire Ray Dalio’s portfolio is PepsiCo, Inc. (NASDAQ:PEP). The food and beverage company has raised its dividends for 50 years in a row. It currently offers a quarterly dividend of $1.15 per share and has a dividend yield of 2.57%, as of November 16.

Ray Dalio has been investing in PepsiCo, Inc. (NASDAQ:PEP) since the fourth quarter of 2010 when his hedge fund purchased shares worth $16.4 million in the company. At the end of Q3 2022, the fund owned over 4 million PEP shares worth over $656.5 million, after increasing its position in the company by 6%. The company represented 3.32% of the firm’s 13F portfolio.

In October, Barclays raised its price target on PepsiCo, Inc. (NASDAQ:PEP) to $185 with an Overweight rating on the shares, appreciating the flexibility in its operations and its overall fundamentals.

The number of hedge funds tracked by Insider Monkey owning stakes in PepsiCo, Inc. (NASDAQ:PEP) stood at 65 in Q2 2022, growing from 62 in the previous quarter. The collective value of these stakes is over $5.28 billion.