5 High-Dividend Stocks Picked By Billionaire Ray Dalio

2. Altria Group, Inc. (NYSE:MO)

Dividend Yield as of April 10: 8.46%
Bridgewater Associates’ Stake Value: $48,883,691

Altria Group, Inc. (NYSE:MO) is a Virginia-based tobacco company that also manufactures related products. On March 1, the company declared a quarterly dividend of $0.94 per share for a dividend yield of 8.46%, as recorded on April 10. It is one of the best dividend stocks on our list as the company’s dividend growth streak stands at 53 years.

At the end of Q4 2022, Bridgewater Associates owned over 1 million shares in Altria Group, Inc. (NYSE:MO) with a total value of over $48.8 million. The company made up 0.26% of the hedge fund’s portfolio.

As of the close of Q4 2022, 45 hedge funds tracked by Insider Monkey reported owning stakes in Altria Group, Inc. (NYSE:MO), compared with 47 in the previous quarter. These stakes have a total value of over $1.8 billion.

Broyhill Asset Management mentioned Altria Group, Inc. (NYSE:MO) in its Q4 2022 investor letter. Here is what the firm has to say:

“We rebalanced our tobacco exposure during the year, reducing our investment in Altria Group, Inc. (NYSE:MO) as the future of the company’s combustible cigarette business became increasingly questionable given pending US legislation and a lackluster portfolio of reduced risk products. We reinvested the proceeds in Philip Morris so that relative position sizing is more consistent with our increased conviction.”