5 Dividend Stocks to Buy According to Billionaire Ken Fisher

4. Union Pacific Corporation (NYSE:UNP)

Fisher Asset Management’s Stake Value: $1,395,808,000
Dividend Yield as of June 15: 2.48%
Number of Hedge Fund Holders: 89

Union Pacific Corporation (NYSE:UNP) is a Nebraska-based transport company that covers 23 states on the western side of the US. Since 2000, the company has achieved a 22% improvement in its locomotive fuel efficiency due to the consistent use of technology in its operations.

On May 19, Union Pacific Corporation (NYSE:UNP) announced a 10% hike in its quarterly payout to $1.30 per share. The company has paid uninterrupted dividends to shareholders for the past 123 years. As of June 15, the stock’s dividend yield was recorded at 2.48%. In April, Raymond James appreciated the company’s improved services and its focus on sustainability which would help it generate earnings higher than expected. Considering this, the firm lifted its price target on Union Pacific Corporation (NYSE:UNP) to $285, with a Strong Buy rating on the shares.

Fisher Asset Management initiated its position in Union Pacific Corporation (NYSE:UNP) during the fourth quarter of 2010, buying shares worth over $313.5million, at an average share price of $44.6. At the end of Q1 2022, the hedge fund owned more than 5 million UNP shares, worth roughly $1.4 billion. The company represented 0.82% of Ken Fisher’s portfolio.

As per Insider Monkey’s Q1 database, 89 elite funds loaded up on Union Pacific Corporation (NYSE:UNP), owning stakes worth over $7 billion. In contrast, 59 hedge funds held stakes in the Nebraska-based company in the previous quarter, worth $5.64 billion.

ClearBridge Investments mentioned Union Pacific Corporation (NYSE:UNP) in its Q4 2021 investor letter. Here is what the firm has to say:

“Despite these mixed emerging growth results, the ClearBridge Global Growth Strategy outperformed the benchmark due to resilience among our secular and structural growth holdings. These consistent growers were complemented by solid contributions from structural holdings including Union Pacific.”