5 Blue Chip Dividend Stocks with Over 8% Yield

3. AT&T Inc. (NYSE:T)

Number of Hedge Fund Holders: 66

Forward Dividend Yield: 8.62%   

AT&T Inc. (NYSE:T) provides telecom, media, and technology services. KeyBanc analyst Brandon Nispel recently upgraded the stock to Sector Weight from Underweight without a price target. The company is one of the largest communications firms in the world with a market cap of $176 billion. 

AT&T Inc. (NYSE:T) stock has rallied since the infrastructure bill was passed. Under the bill, hundreds of billions of dollars have been set aside for the buildup of 5G infrastructure across the US, a plan that will directly benefit the telecom firm. 

At the end of the third quarter of 2021, 66 hedge funds in the database of Insider Monkey held stakes worth $3.2 billion in AT&T Inc. (NYSE:T), down from 68 in the previous quarter worth $2.8 billion.

In its Q1 2021 investor letter, Nelson Capital Management, an asset management firm, highlighted a few stocks and AT&T Inc. (NYSE:T) was one of them. Here is what the fund said:

“Nelson Capital stayed busy in the first quarter, making several adjustments within our core portfolio. In the communication services sector, we sold AT&T (tkr: T). Over the years, AT&T has made several poor acquisitions, especially in the content realm, leaving the company saddled with debt and unable to change directions.”