In this article, we will take a look at the 12 High Dividend Stocks Picked By Billionaire Ray Dalio.
Ray Dalio spent more than 50 years as a global macro investor. He founded Bridgewater Associates from a two-bedroom apartment in New York City and led it for most of its history, building it into the world’s largest hedge fund. He is now focused on sharing the principles that guided his approach, especially in markets and the broader economy.
Earlier in February, Dalio warned that the world is “on the brink” of a capital war. He pointed to rising geopolitical tensions and unstable capital markets. Speaking to CNBC’s Dan Murphy at the World Governments Summit in Dubai, United Arab Emirates, he said the world is close to entering a phase where money becomes a tool of conflict. He described a capital war as a situation where countries use measures such as trade embargoes, restricting access to capital markets, or leveraging debt ownership.
Dalio added that, historically, such periods have included foreign exchange controls and capital restrictions. He said institutions like sovereign wealth funds and central banks are already making “provisions” in preparation. Looking back, he noted that capital wars tend to form around “great conflicts.” Before the U.S. entered World War II, he said, the country imposed sanctions on Japan as tensions escalated between the two.
In August 2025, Dalio sold his remaining stake in Bridgewater and stepped down from its board. The firm completed the final sale of his equity shares, marking the end of a transition that began in 2022, according to a person familiar with the matter. Dalio will remain involved as an investor in Bridgewater’s strategies and continue to serve as a mentor.
Given this, we will take a look at some of the best dividend stocks picked by Billionaire Ray Dalio.
Ray Dalio of Bridgewater Associates
Our Methodology
To compile our list of the best dividend stocks to buy according to billionaire Ray Dalio, we reviewed Bridgewater Associates’ latest 13F filings and identified dividend stocks with yields above 2% as of April 17. The stocks are ranked according to the firm’s stake in the company, as of Q4 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
12. The J. M. Smucker Company (NYSE:SJM)
Bridgewater Associates’ Stake Value as of Q4 2025: $22,786,404
Dividend Yield as of April 17: 4.60%
On April 14, Barclays lowered its price recommendation on The J. M. Smucker Company (NYSE:SJM) to $103 from $125. It reiterated an Equal Weight rating on the shares. The firm adjusted targets across the consumer staples group as part of its Q1 preview. It pointed to “growing caution” heading into earnings, mainly tied to rising input costs. In food, the analyst said there are now “building concerns” about how sustainable dividends are for some companies, according to a research note.
That same day, BTIG analyst Rob Dickerson initiated coverage of Smucker with a Buy rating and a $120 price target. He said the company’s coffee segment has room for profit expansion that the market is not fully recognizing at current levels. In his view, Smucker’s broader portfolio is also better positioned as U.S. consumption trends continue to shift.
The J. M. Smucker Company manufactures and markets branded food and beverage products worldwide. Its portfolio includes well-known brands sold mainly through retail channels across North America.
11. The Procter & Gamble Company (NYSE:PG)
Bridgewater Associates’ Stake Value as of Q4 2025: $26,562,652
Dividend Yield as of April 17: 2.96%
On April 17, JPMorgan analyst Andrea Teixeira lowered the firm’s price recommendation on The Procter & Gamble Company to $162 from $165. It reiterated an Overweight rating on the shares. The firm updated its targets across the household and personal care group ahead of earnings season. The analyst said that companies like SharkNinja, Church & Dwight, and e.l.f. Beauty are likely to deliver the strongest reports on a relative basis. JPMorgan expects investors to focus on customer behavior, cost pressures, and deal activity, according to the research note.
On April 14, Barclays lowered its price goal on Procter & Gamble to $146 from $155. It maintained an Equal Weight rating on the shares. The firm made the change as part of a broader Q1 preview for the consumer staples group. It pointed to “growing caution” going into earnings, driven by higher input costs. In food, the analyst noted “building concerns” about how sustainable dividends are for certain companies.
The Procter & Gamble Company provides branded consumer packaged goods to customers around the world. Its operations span Beauty, Grooming, Health Care, Fabric & Home Care, and Baby, Feminine & Family Care. The company sells its products in about 180 countries and territories, mainly through mass retailers and e-commerce channels.
10. M&T Bank Corporation (NYSE:MTB)
Bridgewater Associates’ Stake Value as of Q4 2025: $31,198,372
Dividend Yield as of April 17: 2.74%
On April 17, Cantor Fitzgerald analyst Dave Rochester lowered the firm’s price recommendation on M&T Bank Corporation to $253 from $255. It reiterated an Overweight rating on the shares. M&T Bank enjoys a higher-quality deposit franchise, strong capital generation, and above-peer expected EPS growth and ROTCE. Management continues to execute on credit, the re-acceleration of loan growth in FY26, and expense control while investing in growth and regulatory enhancements. These efforts are driving greater capabilities and efficiencies at the bank. They are also building momentum in the recent success of the bank’s fee-based businesses and supporting a robust buyback, the analyst tells investors in a research note.
On April 16, DA Davidson raised the firm’s price goal on MTB to $235 from $233. It maintained a Neutral rating on the shares after its better-than-expected Q1 results. Given the improvement in credit trends, M&T lowered its CET1 target to a range of 10.0%-10.5%from 10.25%-10.5% vs. 10.33% in Q1. As a result, the firm expects the bank will remain aggressive with share repurchases as a partial offset to net interest income, the analyst tells investors in a research note. Credit continues to be a bright spot for M&T, reflecting a substantial decline in net charge-offs and a continued decline in criticized loans, the firm added.
M&T Bank Corporation is a financial holding company. Its principal banking subsidiary, M&T Bank, provides banking products and services through a branch and ATM network across the eastern United States, from Maine to Virginia and Washington, D.C. Trust-related services are offered in select markets in the United States and abroad through its Wilmington Trust-affiliated companies and M&T Bank.
9. Merck & Co., Inc. (NYSE:MRK)
Bridgewater Associates’ Stake Value as of Q4 2025: $32,653,862
Dividend Yield as of April 17: 2.91%
On April 17, Merck & Co., Inc. announced that the European Commission (EC) has approved ENFLONSIA (clesrovimab) to help prevent respiratory syncytial virus (RSV) lower respiratory tract disease in newborns and infants during their first RSV season.
ENFLONSIA should not be used in infants who are hypersensitive to the active substance or any of its excipients. The treatment is a preventive, long-acting monoclonal antibody. It is designed to offer direct and fast protection that lasts up to five months, which typically covers a full RSV season. It also uses a non-weight-based dosing approach.
With this approval, ENFLONSIA can now be marketed across all 27 European Union member states, along with Iceland, Liechtenstein, and Norway. Availability will differ from country to country and will depend on factors such as reimbursement timelines. ENFLONSIA has already been approved in the United States, Canada, Switzerland, and several other markets for use in infants during their first RSV season. The company is continuing to seek approvals in additional countries.
Dr. Macaya Douoguih, vice president, Therapeutic Area Head, Global Clinical Development, Merck Research Laboratories, made the following statement:
“The European Commission approval of ENFLONSIA marks a significant milestone in our journey to enable broad access and help reduce the burden of RSV disease on infants around the world. We are proud to bring ENFLONSIA to infants in Europe and look forward to equipping families and health care providers with this important new preventive option to help address this widespread and potentially serious disease.”
Merck & Co., Inc. operates as a global healthcare company. It develops and delivers treatments through prescription medicines, including biologics, vaccines, and animal health products. Its pharmaceutical segment focuses on human health drugs and vaccines.
8. American International Group, Inc. (NYSE:AIG)
Bridgewater Associates’ Stake Value as of Q4 2025: $34,019,727
Dividend Yield as of April 17: 2.28%
On April 14, Bank of America analyst Joshua Shanker lowered the firm’s price recommendation on American International Group, Inc. (NYSE:AIG) to $79 from $80. It reiterated a Neutral rating on the shares. The firm adjusted its price targets across US insurance coverage to reflect Q4 developments and updated peer multiples.
On April 13, Mizuho Financial Group analyst Yaron Kinar also lowered the firm’s price target on AIG to $84 from $86. It maintained a Neutral rating. The firm revised estimates and targets across its North America insurance coverage. It said it remains most constructive on brokers, expects pricing pressure in commercial lines to ease for property and casualty insurers, and views the setup for life insurers as “the most challenging.”
During the Q4 2025 earnings call, CEO Peter Zaffino indicated that the company is targeting net premiums written growth in the low- to mid-teens range for its General Insurance segment in 2026. He added that the year had already started on a notably strong footing. Management also reiterated its focus on cost discipline. It said the company remains on track to bring the expense ratio below 30% by 2027. CFO Keith Walsh suggested that the company is in a solid position to meet or potentially exceed all of its Investor Day targets within that timeframe, or even sooner.
American International Group, Inc. is a global insurance company. It provides insurance solutions to businesses and individuals in over 200 countries and jurisdictions, helping them protect assets and manage risk through its operations, licenses, authorizations, and network partners. Its segments include General Insurance and Other Operations.
7. Ameriprise Financial, Inc. (NYSE:AMP)
Bridgewater Associates’ Stake Value as of Q4 2025: $36,533,762
Dividend Yield as of April 17: 2.81%
On April 10, Morgan Stanley lowered its price recommendation on Ameriprise Financial, Inc. (NYSE:AMP) to $452 from $485. It reiterated an Underweight rating on the shares. The firm expects Q1 earnings for brokers and exchanges to come in slightly ahead of consensus. At the same time, it sees some risk to forward estimates. In its group preview, it noted that its forecasts are now about 4% to 5% below consensus for 2026 and 2027 on average.
On April 10, Keefe, Bruyette & Woods analyst Ryan Krueger resumed coverage of Ameriprise with a Market Perform rating. The analyst set a $515 price target on the stock. He said the company’s outlook remains solid. Still, margins in the Advice and Wealth Management segment appear to have peaked, and competition for advisors has picked up, the analyst tells investors in a research note.
On April 14, the company said it earned one of the highest overall investor satisfaction scores in the J.D. Power 2026 U.S. Investor Satisfaction StudySM. Ameriprise ranked third in the advised investors segment. The result reflects the firm’s 132-year history of helping clients work toward their financial goals.
Ameriprise Financial, Inc. operates as a diversified financial services company. Its segments include Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.
6. QUALCOMM Incorporated (NASDAQ:QCOM)
Bridgewater Associates’ Stake Value as of Q4 2025: $37,646,737
Dividend Yield as of April 17: 2.61%
On April 17, David O’Connor of BNP Paribas downgraded QUALCOMM Incorporated (NASDAQ:QCOM) to Neutral from Outperform. He also cut the price target to $120 from $180. He told investors the firm sees “no end in sight for smartphone woes.” In his view, pressure from memory pricing is not easing anytime soon. That strain is feeding into weaker smartphone demand. As a result, the firm expects this to continue weighing on volumes and sees “no relief” for Qualcomm in the short to medium term.
On April 10, Reuters reported that Specs, the smart glasses unit of Snap Inc., formed earlier this year, will use Qualcomm chips for its upcoming devices under a multi-year agreement announced on April 10. This marks the unit’s first major step. The companies said the smart glasses, set to launch later this year, will run on the Snapdragon XR processor platform. Financial terms were not disclosed.
The agreement builds on an existing relationship. Qualcomm chips have powered several earlier versions of Snap’s developer-focused smart glasses, known as Spectacles.
QUALCOMM Incorporated develops and commercializes core technologies for the wireless industry. Its work spans 3G, 4G, and 5G connectivity, along with high-performance, low-power computing. That includes on-device artificial intelligence.
5. Bank of America Corporation (NYSE:BAC)
Bridgewater Associates’ Stake Value as of Q4 2025: $55,571,615
Dividend Yield as of April 17: 2.07%
On April 16, R. Scott Siefers of Piper Sandler raised the firm’s price recommendation on Bank of America Corporation (NYSE:BAC) to $59 from $53. It reiterated a Neutral rating on the shares. The firm also lifted its EPS estimates after the company’s Q1 2026 results and updated guidance.
On the same day, Truist Financial raised its price goal on BAC to $61 from $57. The firm kept a Buy rating, following better-than-expected Q1 performance. In a research note, the analyst said the firm now builds in 8% net interest income growth for the year. That sits at the high end of the company’s updated guidance. The estimates also reflect stronger expected growth in trading, investment banking, and wealth management fees.
During the Q1 2026 earnings call, Executive VP and CFO Borthwick said the company had exceeded expectations for net interest income in the first quarter. He noted a shift in the interest rate outlook. Earlier expectations pointed to two rate cuts. That has now changed to a scenario with no cuts. Based on that shift, he said the company is raising its full-year 2026 NII growth guidance to a range of 6% to 8% compared to 2025. He added that the company still expects more than 200 basis points of positive operating leverage for the year, consistent with prior guidance. Borthwick also said the effective tax rate is expected to come in slightly above 20%.
Bank of America Corporation operates as a bank holding company. Its business spans Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets. The Consumer Banking segment provides credit, banking, and investment services to consumers and small businesses.
4. The Allstate Corporation (NYSE:ALL)
Bridgewater Associates’ Stake Value as of Q4 2025: $58,035,550
Dividend Yield as of April 17: 2.01%
On April 14, Joshua Shanker of Bank of America raised the firm’s price recommendation on The Allstate Corporation (NYSE:ALL) to $297 from $279. It reiterated a Buy rating on the shares. The firm said it adjusted targets across its U.S. insurance coverage to reflect Q4 events and changes in peer multiples.
On April 8, Alex Scott of Barclays raised the firm’s price objective on Allstate to $208 from $207. The firm maintained an Underweight rating. The changes came as part of a Q1 preview for the insurance group. The analyst told investors that premium growth and broker organic growth “are likely to remain sluggish.” At the same time, the firm expects solid margins and strong capital deployment to support reported book value growth in Q1.
Earlier in March, the company announced estimated catastrophe losses for February of $140 million, or $111 million after tax. Total catastrophe losses for January and February reached $315 million, or $249 million after tax.
The Allstate Corporation provides protection products across autos, homes, electronic devices, and identity theft. Its products are distributed through Allstate agents, independent agents, major retailers, online channels, and workplace programs.
3. Comcast Corporation (NASDAQ:CMCSA)
Bridgewater Associates’ Stake Value as of Q4 2025: $104,914,259
Dividend Yield as of April 17: 4.45%
On April 16, Morgan Stanley assumed coverage of Comcast Corporation (NASDAQ:CMCSA) with an Equal Weight rating. It also set a $31 price target on the stock. The firm said the current valuation looks “attractive,” but does not see a near-term catalyst for multiple expansion. The analyst pointed to expectations for continued broadband net losses as a key overhang.
Comcast generated a record $19 billion in free cash flow in 2025 and returned nearly all of it to shareholders. A large share of that cash still comes from its broadband business, which is now under pressure. The segment lost more than 700,000 domestic customers as fiber and fixed wireless competition picked up. That backdrop helps explain why the stock trades at about 8 times forward earnings. The valuation reflects concerns that its core cash flow engine may be in structural decline.
Pressure in the connectivity business, the company’s largest and most profitable segment, has been building. Competition from fixed wireless access has been a major factor. Customer attrition did not just continue and it increased by 73% last year. Losses also picked up pace as the year progressed, as the company lost 181,000 customers in the fourth quarter, compared with 104,000 in the third.
Management has taken steps to respond. The company is spinning off its cable networks into Versant Media to streamline operations. It has also introduced aggressive promotions aimed at retaining broadband customers and expanding wireless adoption. These efforts are expected to weigh on EBITDA margins through 2026.
Comcast Corporation operates across Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios, and Theme Parks.
2. Wells Fargo & Company (NYSE:WFC)
Bridgewater Associates’ Stake Value as of Q4 2025: $106,391,528
Dividend Yield as of April 17: 2.12%
On April 15, Morgan Stanley lowered its price recommendation on Wells Fargo & Company to $97 from $100. It reiterated an Equal Weight rating on the shares. After the Q1 report, the firm raised its 2026 EPS estimate by less than 1% and cut its 2027 forecast by 3%. The changes reflect lower net interest income, weaker fees, and a higher share count.
On the same day, Bank of America lowered its price goal on Wells Fargo to $95 from $107. The firm maintained a Buy rating. The analyst said net interest margin contraction of 13 basis points quarter over quarter “came as the real sticker shock,” adding that it raised more doubts about the ROTCE improvement thesis.Following the Q1 report, the firm reduced its FY26 and FY27 EPS estimates by 2% and 4%, respectively. It also lowered its assigned multiples, citing reduced visibility on earnings.
During the Q1 2026 earnings call, CEO and Chairman Charles Scharf said the company continued to benefit from earlier investments. He noted that diluted EPS rose 15%, revenue increased 6%, loans grew 11%, and deposits climbed 7% compared with the same period last year. He also said the company closed its final outstanding consent order the previous month, bringing the total resolved since 2019 to 14. With that behind it, management is shifting its focus more fully toward accelerating growth and improving returns.
Scharf added that the company returned $5.4B to shareholders in the first quarter, including $4B through common stock repurchases, while maintaining a strong level of excess capital.
Wells Fargo & Company provides a range of banking, investment, and mortgage products and services, along with consumer and commercial finance. The company operates through Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
1. Johnson & Johnson (NYSE:JNJ)
Bridgewater Associates’ Stake Value as of Q4 2025: $271,923,608
Dividend Yield as of April 17: 2.29%
On April 15, Bank of America raised its price recommendation on Johnson & Johnson to $254 from $253. It kept a Neutral rating on the shares. The firm described the quarter as “an okay 1Q print” that “offered nothing thesis changing.”
During the Q1 2026 earnings call, CFO Joseph Wolk said the company raised its operational sales outlook to a range of 5.9% to 6.9%, with a midpoint of $100.2 billion. He added that reported sales are now expected to grow between 6.5% and 7.5%, implying a midpoint of $100.8 billion. He also said earnings guidance was lifted by $0.02, bringing the expected range to $11.30 to $11.50.
At the same time, the company maintained its view that the adjusted pretax operating margin will improve by at least 50 basis points in 2026. He noted that a larger share of investments will be weighted toward the first half of the year. Compared with the initial 2026 outlook shared in Q4, he pointed out a shift in tone. Management moved from saying they “anticipated” growth to indicating they are actively increasing both sales growth and adjusted EPS guidance ranges.
Johnson & Johnson is a global healthcare company that operates across the healthcare sector through its Innovative Medicine and MedTech segments.
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