5 Dividend Stocks to Buy According to Richard Hamm’s Bristol Gate Capital

2. American Tower Corporation (NYSE:AMT)

Number of Hedge Fund Holders: 50
Dividend Yield as of May 27: 2.25%
Bristol Gate Capital’s Stake Value: $91,074,000

American Tower Corporation (NYSE:AMT) is an American real estate investment trust company that specializes in broadcast communications infrastructure around the globe. Bristol Gate Capital initiated its position in the company during the fourth quarter of 2017, purchasing shares worth over $31.6 million. During Q1 2022, the hedge fund increased its stake in the company by 3%, owning shares worth over $91 million. American Tower Corporation (NYSE:AMT) represented 4.46% of the hedge fund’s 13F portfolio.

In May, American Tower Corporation (NYSE:AMT) announced a 2% hike in its quarterly dividend to $1.43 per share. The stock’s dividend yield was recorded at 2.25% on May 27. Presenting a positive outlook on the REITs sector, in April, Morgan Stanley lifted its price target on American Tower Corporation (NYSE:AMT) to $275, with an Equal Weight rating on the shares. The firm further highlighted the company’s investment in 5G in its April investors’ note.

At the end of Q1 2022, 50 hedge funds in Insider Monkey’s database reported owning stakes in American Tower Corporation (NYSE:AMT), down from 53 in the previous quarter. The total value of these stakes is over $4.1 billion. With a stake worth over $1.7 billion, Akre Capital Management held the largest position in the Boston-based company in Q1 2022.