5 High-Yield Dividend Stocks to Buy According to John A. Levin’s Levin Capital

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

Dividend Yield as of June 20: 5.73%
Number of Hedge Fund Holders: 74
Levin Capital Strategies’ Stake Value: $38,733,000

AT&T Inc. (NYSE:T) is a Texas-based telecommunications company, offering media and tech-related services to its shareholders. At the end of Q1 2022, Levin Capital owned over 1.6 million shares in the company, valued at over $38.7 million. The hedge fund increased its position in the company by 43%, which accounted for 3.73% of John A. Levin’s portfolio.

On June 14, AT&T Inc. (NYSE:T)’s CFO announced to increase prices of some of its mobile plans due to the rising cost pressures. He further mentioned that this price hike will lead to an enhancement in the company’s margins by the end of the year. Earlier in June, Morgan Stanley mentioned that AT&T Inc. (NYSE:T) could see another 20% upside due to its strong balance sheet and lifted its price target on the stock to $27.

AT&T Inc. (NYSE:T) currently offers a quarterly dividend of $0.2775 per share, with a dividend yield of 5.73%, as of June 20. 2021 marked the company’s 23^rd consecutive year of dividend growth.

At the end of March 2022, AT&T Inc. (NYSE:T) remained popular among elite funds, as 74 hedge funds tracked by Insider Monkey reported owning stakes in the company, up from 70 in the previous quarter. These stakes hold a total value of more than $4 million. Among these funds, Arrowstreet Capital was the leading stakeholder of the company in Q1.

Weitz Investment Management mentioned AT&T Inc. (NYSE:T) in its Q4 2021 investor letter. Here is what the firm has to say:

“After several quarters of pandemic-induced outsized growth, new broadband connection growth has slowed for U.S. cable operators. This slower growth has coincided with a renewed push by competitors like Verizon and AT&T to offer high-speed data (either via wireless connects or by building new fiber-optic networks).”