11 High Dividend Stocks Picked By Billionaire Gabelli

Published on November 21, 2022 at 1:21 pm by Vardah Gill in Dividend Stocks, Hedge Funds, News

In this article, we discuss 11 high-dividend stocks picked by billionaire Gabelli. You can skip our detailed analysis of Gabelli’s investment strategy and his hedge fund’s performance over the years, and go directly to read 5 High Dividend Stocks Picked By Billionaire Gabelli.

Mario Gabelli initially rose to prominence through his successful bets on media and telecom stocks during the 1980s. He founded his value-oriented hedge fund GAMCO Investors in 1977, which follows the modified value strategy of Benjamin Graham and Warren Buffett. His investment strategy of picking undervalued stocks worked wonders for him during the economic downturn of the 1970s. According to Gabelli, value investing revolves around long-term bets and requires consistency from investors during bear markets. Gabelli is currently serving as the Chairman and Chief Executive Officer of the firm and has a real-time net worth of $1.7 billion, as of November.

Along with value investing, GAMCO also invests in ESG-centric and growth securities. The Gabelli Global Growth Fund was established in 1994 and has delivered an 8.64% return since then, with its 10-year return coming in at 9.66%. Similarly, the Gabelli Value 25 Fund delivered a 9.04% return since its inception in 1994 and its 10-year return stood at 6.33%.

Mario Gabelli’s dividend investments are also worth mentioning. His hedge fund widely invests in companies with long histories of dividend growth. The Gabelli Dividend Growth Fund seeks long-term investments in the common stocks of dividend-paying companies. The fund was founded in 1999 and returned 5.83% since then. In the past five years, the fund’s returns came in at 6.19%.

As of the close of Q3 2022, GAMCO Investors’ 13F portfolio had a value of roughly $8.5 billion, compared with $9.1 billion in the previous quarter. The hedge fund had major investments in the services, industrial goods, and consumer goods sectors. During the quarter, the firm increased its position in Berkshire Hathaway Inc. (NYSE:BRK-B), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOG). In this article, we will discuss high-dividend stocks by Gabelli.

Our Methodology:

For this list, we selected high-dividend stocks from GAMCO Investors’ 13F portfolio, as of Q3 2022. The dividend stocks mentioned below have yields above 3%, as of November 21.

High Dividend Stocks Picked By Billionaire Gabelli

11. JPMorgan Chase & Co. (NYSE:JPM)

Dividend Yield as of November 21: 3.00%

GAMCO Investors’ Stake Value: $40,479,000

JPMorgan Chase & Co. (NYSE:JPM) is a New York-based multinational investment bank and financial services holding company. GAMCO Investors started building its position in the company during the third quarter of 2012, with shares worth roughly $60 million. At the end of Q3 2022, the hedge fund owned 387,355 JPM shares, worth over $40.4 million. The company represented 0.47% of billionaire Gabelli’s portfolio.

In addition to Berkshire Hathaway Inc. (NYSE:BRK-B), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOG), JPMorgan Chase & Co. (NYSE:JPM) is another prominent holding of GAMCO Investors in Q3.

JPMorgan Chase & Co. (NYSE:JPM) has been paying regular dividends to shareholders for a long time and also maintains a seven-year streak of dividend growth. The company pays a quarterly dividend of $1.00 per share and has a dividend yield of 3.00%, as of November 21.

JPMorgan Chase & Co. (NYSE:JPM) impressed Street analysts with its latest quarterly earnings and its growing net income. Both Citigroup and BMO Capital raised their price targets on the stock in October to $135 and $158, respectively.

At the end of Q3 2022, 110 hedge funds in Insider Monkey’s database owned stakes in JPMorgan Chase & Co. (NYSE:JPM), up from 104 in the previous quarter. These stakes have a total value of over $6.4 billion.

10. Comcast Corporation (NASDAQ:CMCSA)

Dividend Yield as of November 21: 3.13%

GAMCO Investors’ Stake Value: $30,125,000

Comcast Corporation (NASDAQ:CMCSA) is an American multinational telecommunications company. On October 27, the company declared a quarterly dividend of $0.27 per share, in line with its previous dividend. It has been raising its dividends consistently for the past 14 years, which places it as one of the best dividend stocks in billionaire Gabelli’s portfolio. As of November 21, the stock has a dividend yield of 3.13%.

During Q3 2022, GAMCO Investors reduced its position in Comcast Corporation (NASDAQ:CMCSA) by 5%. The hedge fund owned over 1 million shares in the company at the end of the quarter, worth over $30 million. The company represented 0.35% of the firm’s portfolio.

In October, Cowen maintained an Outperform rating on Comcast Corporation (NASDAQ:CMCSA) with a $49 price target, as the company is focusing on more strategies to enhance its Mobile Business Services and margins.

Comcast Corporation (NASDAQ:CMCSA) was a part of 73 hedge fund portfolios in Q3 2022, down from 75 in the previous quarter, as per Insider Monkey’s data. The stakes owned by these hedge funds have a total value of roughly $4 billion.

ClearBridge Investments mentioned Comcast Corporation (NASDAQ:CMCSA) in its Q3 2022 investor letter. Here is what the firm has to say:

“The Strategy was not completely insulated to macro headwinds and some companies saw tough comparisons after strong pull forwards in demand during the COVID-19 pandemic. Media companies including Comcast Corporation (NASDAQ:CMCSA) were hurt by both factors in the quarter.

After extremely strong broadband growth during the early days of the pandemic, Comcast is now experiencing slowing to negative growth in its broadband business due to new competition and less consumer moving activity along with headwinds on the programming side, where advertising budgets have been more stressed.”

9. Northern Trust Corporation (NYSE:NTRS)

Dividend Yield as of November 21: 3.25%

GAMCO Investors’ Stake Value: $21,741,000

Northern Trust Corporation (NYSE:NTRS) is a Chicago-based financial services company that is also one of the largest banking institutions in the world. In November, Deutsche Bank lifted its price target on the stock to $93 with a Hold rating on the shares, presenting a positive stance on asset managers and exchanges.

GAMCO Investors opened its position in Northern Trust Corporation (NYSE:NTRS) during the third quarter of 2012, purchasing shares worth over $85.3 million. At the end of Q3 2022, the hedge fund owned NTRS stakes worth over $21.7 million. The company made up 0.25% of billionaire Gabelli’s portfolio.

Northern Trust Corporation (NYSE:NTRS) currently pays a quarterly dividend of $0.75 per share, raising it by 7% in July. This was the company’s first dividend hike since 2019. As of November 21, the stock has a dividend yield of 3.25%.

The number of hedge funds tracked by Insider Monkey owning stakes in Northern Trust Corporation (NYSE:NTRS) grew to 32 in Q3 2022, from 29 in the previous quarter. These stakes have a total value of $388.6 million.

8. International Flavors & Fragrances Inc. (NYSE:IFF)

Dividend Yield as of November 21: 3.30%

GAMCO Investors’ Stake Value: $27,675,000

International Flavors & Fragrances Inc. (NYSE:IFF) is an American company that produces cosmetic actives and fragrances. At the end of Q3 2022, GAMCO Investors owned 304,692 shares in the company, worth over $27.6 million. The hedge fund reduced its position in the company by 2% during the quarter. The company represented 0.32% of billionaire Gabelli’s portfolio.

International Flavors & Fragrances Inc. (NYSE:IFF) declared a 2.5% hike in its quarterly dividend in August this year. This was the company’s 19th consecutive year of dividend growth. The company’s shares boast a yield of 3.30%, as of November 21.

Following the company’s Q3 earnings and its performance in the first nine months of the year, Deutsche Bank maintained a Buy rating on International Flavors & Fragrances Inc. (NYSE:IFF) in November with a $110 price target.

International Flavors & Fragrances Inc. (NYSE:IFF) experienced a spike in hedge fund positions in Q3 2022, as 41 hedge funds in Insider Monkey’s database owned stakes in the company, compared with 34 in the previous quarter. These stakes are collectively worth roughly $2.3 billion.

7. The Bank of New York Mellon Corporation (NYSE:BK)

Dividend Yield as of November 21: 3.32%

GAMCO Investors’ Stake Value: $78,201,000

The Bank of New York Mellon Corporation (NYSE:BK) is a provider of investment management and investment services, headquartered in New York, US. At the end of Q3 2022, the company remained popular among elite funds, as 50 hedge funds in Insider Monkey’s database held investments in the company, up from 38 in the preceding quarter. These stakes have a total value of over $3.28 billion.

Deutsche Bank gave a positive stance on asset managers and exchanges in its November investors’ note and mentioned that alternative managers are best positioned for upside in this current market. Given this, the firm lifted its price target on The Bank of New York Mellon Corporation (NYSE:BK) to $44 with a Hold rating on the shares.

The Bank of New York Mellon Corporation (NYSE:BK) has been making consecutive dividend payments for the past 21 years. It currently pays a quarterly dividend of $0.37 per share and has a dividend yield of 3.32%, as recorded on November 21.

At the end of Q3 2022, GAMCO Investors owned over 2 million shares in The Bank of New York Mellon Corporation (NYSE:BK), valued at over $78.2 million. The company represented 0.92% of billionaire Gabelli’s portfolio.

6. State Street Corporation (NYSE:STT)

Dividend Yield as of November 21: 3.33%

GAMCO Investors’ Stake Value: $53,319,000

State Street Corporation (NYSE:STT) is a Boston-based financial service and bank holding company that provides investment management and trading services to investors. The company has been a part of GAMCO Investors since the third quarter of 2012 when the hedge fund invested over $50.7 million in the company. At the end of Q3 2022, the firm’s STT stake amounted to over $53.3 million, which made up 0.62% of its 13F portfolio. The company is another prominent stock in billionaire Gabelli’s portfolio alongside Berkshire Hathaway Inc. (NYSE:BRK-B), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOG).

In October, Deutsche Bank raised its price target on State Street Corporation (NYSE:STT) to $77 with a Hold rating on the shares, highlighting the company’s performance in the asset management sector.

State Street Corporation (NYSE:STT) pays a quarterly dividend of $0.63 per share with a dividend yield of 3.33%, as of November 21. The company has been paying regular dividends to shareholders for the past 24 years and also holds a 12-year track record of dividend growth.

At the end of September 2022, 38 hedge funds tracked by Insider Monkey owned stakes in State Street Corporation (NYSE:STT), with a total value of over $801 million.

Click to continue reading and see 5 High Dividend Stocks Picked By Billionaire Gabelli.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on May 1, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on May 2, 2024 at by Insider Monkey Staff

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Click to continue reading…

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