Top 5 Dividend Stocks Favored by Carolina Panthers Owner David Tepper

In this article, we discuss top 5 dividend stocks favored by Carolina Panthers owner David Tepper. If you want to read our detailed analysis of Tepper’s investment strategy and his hedge fund’s performance, go directly to read Top 10 Dividend Stocks Favored by Carolina Panthers Owner David Tepper. 

5. UnitedHealth Group Incorporated (NYSE:UNH)

Appaloosa Management LP’s Stake Value: $79,527,000
Dividend Yield as of February 23: 1.35%

UnitedHealth Group Incorporated (NYSE:UNH) is an American healthcare company, based in Minnesota. The company provides healthcare insurance and other related services. At the end of Q4 2022, Appaloosa Management LP owned 150,000 shares in the company with a total value of nearly $80 million. The company accounted for 5.89% of the firm’s 13F portfolio.

UnitedHealth Group Incorporated (NYSE:UNH), one of the top dividend stocks favored by David Tepper, has been making regular dividend payments to shareholders since 1990. The company currently offers a quarterly dividend of $1.65 per share and has a dividend yield of 1.35%, as of February 23.

In January, Deutsche Bank raised its price target on UnitedHealth Group Incorporated (NYSE:UNH) to $617 with a Buy rating on the shares, following the company’s Q4 earnings.

At the end of Q4 2022, 110 hedge funds in Insider Monkey’s database owned stakes in UnitedHealth Group Incorporated (NYSE:UNH), the same as in the previous quarter. However, the collective value of these stakes grew to over $11.4 billion this quarter, from $10.3 billion in the preceding quarter.

Distillate Capital mentioned UnitedHealth Group Incorporated (NYSE:UNH) in its Q4 2022 investor letter. Here is what the firm has to say:

“The largest sector change in the rebalance was a six-percentage point increase in technology. The biggest component of this increase was the introduction of a 4% weight in Apple, which is discussed further below. Offsetting this increased tech weight was a 3-percentage point decrease in industrials and a two-percentage point decline in health care. The biggest reductions in weight were UnitedHealth Group Incorporated (NYSE:UNH), which is capped at a 2% weight as it ranks in the bottom quartile of the fund by valuation.”

4. EQT Corporation (NYSE:EQT)

Appaloosa Management LP’s Stake Value: $86,266,500
Dividend Yield as of February 23: 1.87%

EQT Corporation (NYSE:EQT) is an American energy company that is engaged in the exploration of hydrocarbon. On February 9, the company declared a quarterly dividend of $0.15 per share, which fell in line with its previous dividend. The stock has a dividend yield of 1.87%, as of February 23.

During the fourth quarter of 2022, Appaloosa Management increased its position in the company by 1%, which took its total EQT stake to over $86.2 million. The company represented 6.39% of the firm’s 13F portfolio.

Wells Fargo initiated its coverage of EQT Corporation (NYSE:EQT) in January with an Overweight rating and a $41 price target. The firm called it one of the largest exploration and production companies by volume and resource base.

As per Insider Monkey’s Q4 2022 database, 56 hedge funds owned stakes in EQT Corporation (NYSE:EQT), worth over $1.2 billion. With over 6.4 million shares, Soroban Capital Partners was the company’s leading stakeholder in Q4.

ClearBridge Investments mentioned EQT Corporation (NYSE:EQT) in its Q3 2022 investor letter. Here is what the firm has to say:

“We also added natural gas company EQT (NYSE:EQT) in the energy sector. As one of the lowest-cost domestic producers, EQT stands to benefit from its position as a leading supplier of natural gas to a world suffering from critically low energy reserves. The Russian invasion of Ukraine and threats to hold natural gas exports hostage have spurred a surge in European energy prices, generating long-term agreements by European countries to purchase U.S. natural gas.

This strong demand and elevated prices have helped EQT strengthen its balance sheet and position it to take advantage as opportunities emerge for natural gas to plug the gaps in the global energy transition from fossil fuels to renewables.”

3. Energy Transfer LP (NYSE:ET)

Appaloosa Management LP’s Stake Value: $121,114,714
Dividend Yield as of February 23: 9.4%

Energy Transfer LP (NYSE:ET) is involved in natural gas and propane pipeline transport. The company has been a part of Appaloosa Management’s portfolio since the second quarter of 2017. In Q4 2022, the hedge fund owned over 10.2 million shares in the company, worth over $121 million. The company made up 8.98% of the firm’s 13F portfolio.

Energy Transfer LP (NYSE:ET), one of the top dividend stocks favored by David Tepper, has been raising its dividends consistently for the past five years. The company offers a quarterly dividend of $0.305 per share and has a dividend yield of 9.4%, as of February 23.

At the end of Q4 2022, 38 hedge funds tracked by Insider Monkey had stakes in Energy Transfer LP (NYSE:ET), compared with 33 in the previous quarter. The collective value of these stakes is over $613.4 million. Abrams Capital Management was the company’s leading stakeholder in Q4.

2. Macy’s, Inc. (NYSE:M)

Appaloosa Management LP’s Stake Value: $122,867,500
Dividend Yield as of February 23: 3.01%

Macy’s, Inc. (NYSE:M) ranks second on our list of top dividend stocks favored by David Tepper. The American department store company currently pays a quarterly dividend of $0.1575 per share, raising it by 5% in 2022. The stock has a dividend yield of 3.01%, as of February 23.

Appaloosa Management owned nearly 6 million shares in Macy’s, Inc. (NYSE:M) at the end of Q4 2022. The fund’s total stake in the company amounted to over $122.8 million, which made up 9.11% of its 13F portfolio.

Macy’s, Inc. (NYSE:M) was a popular stock among hedge funds in Q4 2022, as 41 funds in Insider Monkey’s database owned stakes in the company, up from 31 in the previous quarter. The collective value of these stakes is roughly $880 million.

1. Constellation Energy Corporation (NASDAQ:CEG)

Appaloosa Management LP’s Stake Value: $206,794,427
Dividend Yield as of February 23: 1.45%

Constellation Energy Corporation (NASDAQ:CEG) is the largest holding of Appaloosa Management LP in the fourth quarter of 2022. The hedge fund owned roughly 2.4 million shares in the company, worth over $206.7 million. The company represented 15.33% of the firm’s 13F portfolio.

Constellation Energy Corporation (NASDAQ:CEG), one of the top dividend stocks favored by David Tepper, started paying dividends to shareholders in February 2022. It currently offers a quarterly dividend of $0.141 per share and has a dividend yield of 1.45%, as recorded on February 23.

As of the close of Q4 2022, Constellation Energy Corporation (NASDAQ:CEG) was a part of 51 hedge fund portfolios, according to Insider Monkey’s data. The stakes owned by these hedge funds have a value of over $2.43 billion.

Alger Capital mentioned Constellation Energy Corporation (NASDAQ:CEG) in its Q3 2022 investor letter. Here is what the firm has to say:

“Constellation Energy Corporation (NASDAQ:CEG) is America’s leading clean energy company, based on carbon-free production. The company is the largest supplier of clean energy and sustainable solutions to homes, businesses, governments, community aggregations, and a range of wholesale customers (such as municipalities, cooperatives, and other end markets) across the continental U.S., backed by approximately 32,400 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas and hydroelectric assets. Constellation produces nearly 10% of the nation’s carbon-free energy.

Shares outperformed during the third quarter primarily due to the Inflation Reduction Act (IRA). Signed into law in august, the bill provides a nuclear production tax credit of approximately $43.75 per megawatt hour of energy generated. This credit favorably impacted earnings, resulting in an increase in Constellation’s share price.”

You can also take a look at 10 High Growth Low Dividend Stocks to Buy and 12 High Growth Financial Stocks to Buy

Follow Insider Monkey on Twitter