2023 High Dividend Stocks List | Highest Yields Up To 22.0%

Updated on January 6th, 2023 by Bob Ciura

Spreadsheet data updated daily

What are high dividend stocks?

They are stocks that pay out a dividend significantly in excess of market average dividends. The S&P 500 currently has a dividend yield of just 1.4%.

The high dividend stocks in this article all have dividend yields of 5% or more.

High-yield stocks can be very helpful to shore up income after retirement.

A $120,000 investment in stocks with an average dividend yield of 5% creates an average of $500 a month in dividends.

We have created a spreadsheet of stocks (and closely related REITs and MLPs, etc.) with dividend yields of 5% or more…

You can download your free full list of all securities with 5%+ yields (along with important financial metrics such as dividend yield and payout ratio) by clicking on the link below:

Click here to instantly download your free high dividend stocks spreadsheet now, along with important investing metrics.

Not all high-yield stocks make equally good investments…

This article examines the 7 highest yielding securities in the Sure Analysis Research Database with Dividend Risk Scores of C or better, with a minimum yield of 5%.

Notes: We update this article near the beginning of each month so be sure to bookmark this page for next month. The spreadsheet uses the Wilshire 5000 as the universe of securities from which to select, plus a few additional securities we screen for 5%+ dividend yields.

With yields of 5% and greater, these securities all offer high dividends (or distributions). And with Dividend Risk Scores of C or better, they don’t suffer from the usual excessive riskiness of truly high-yielding securities.

In other words, these are relatively safe, high dividend stocks for you to consider adding to your retirement or pre-retirement income portfolio.

All high dividend stocks in this list have dividend yields above 5%, making them very appealing in an environment of low interest rates.

Separately, a maximum of three stocks were allowed for any single market sector to ensure diversification. Finally, all the stocks are based in the United States.

The 7 high dividend stocks with Dividend Risk scores of C or better are listed in order by dividend yield, from lowest to highest.

High Dividend Stock #7: Big Lots Inc. (BIG)
High Dividend Stock #6: Enterprise Products Partners LP (EPD)
High Dividend Stock #5: Magellan Midstream Partners LP (MMP)
High Dividend Stock #4: Altria Group (MO)
High Dividend Stock #3: Hanesbrands Inc. (HBI)
High Dividend Stock #2: MPLX LP (MPLX)
High Dividend Stock #1: City Office REIT (CIO)
The High Dividend 50

High Dividend Stock #7: Big Lots Inc. (BIG)

Dividend Yield: 7.5%
Dividend Risk Score: C

Big Lots, Inc. is a home discount retailer with a focus on closeouts and low prices. With $6 billion in sales and a market cap of below $1 billion, this S&P 600 component can trace its history to 1967, although its regular dividend payments only started in 2014.

Source: Investor Presentation

The company reported Q3 2022 earnings on December 1st, 2022, and announced a quarterly dividend of $0.30 per share, in line with previous. With Q3 earnings at a net loss of $3.56 per share alongside the previous quarters $2.91 loss per share, this half years results do not cover the dividends that have been declared and paid to date.

Additionally, the losses suffered represent a significant downturn compared to both the 2021 results and the company’s initial guidance. This result includes a significant after-tax charge of $0.56 per share associated with store asset impairment charges. Excluding these charges, the company reported a loss of $2.99 per share. Net sales decreased by 9.8% year over year.

Click here to download our most recent Sure Analysis report on BIG (preview of page 1 of 3 shown below):

High Dividend Stock #6: Enterprise Products Partners LP (EPD)

Dividend Yield: 7.7%
Dividend Risk Score: B

Enterprise Products Partners was founded in 1968. It is structured as a Master Limited Partnership, or MLP, and operates as an oil and gas storage and transportation company. Enterprise Products has a tremendous asset base which consists of nearly 50,000 miles of natural gas, natural gas liquids, crude oil, and refined products pipelines.

It also has storage capacity of more than 250 million barrels. These assets collect fees based on materials transported and stored.

Source: Investor Presentation

On 11/01/22, Enterprise Products reported third-quarter results. Q3 GAAP EPS of $0.62 beat analyst estimates by $0.01. Revenue of $15.46B (+42.8% Y/Y) beat analyst estimates by $1.64B. Distributable Cash Flow (DCF), excluding proceeds from asset sales, increased 16% to $1.9B for the third quarter of 2022 compared to $1.6B for the third quarter of 2021.

DCF provided 1.8 times coverage of the distribution declared with respect to the third quarter of 2022. Current expectation for growth capital investments associated with sanctioned projects for 2022 and 2023 is approximately $1.6B and $2.0B, respectively.

Click here to download our most recent Sure Analysis report on EPD (preview of page 1 of 3 shown below):

High Dividend Stock #5: Magellan Midstream Partners LP (MMP)

Dividend Yield: 8.2%
Dividend Risk Score: C

Magellan Midstream Partners is a Master Limited Partnership, or MLP. Magellan has the longest pipeline system of refined products, which is linked to nearly half of the total U.S. refining capacity.

This segment generates ~65% of its total operating income while the transportation and storage of crude oil generates ~35% of its operating income. MMP has a fee-based model; only ~9% of its operating income depends on commodity prices.

Source: Investor Presentation

In late October, MMP reported (10/27/22) financial results for the third quarter of fiscal 2022. Distributable cash flow grew 5% over the prior year’s quarter, mostly thanks to increased volumes of refined products. Adjusted earnings-pershare of $1.29 exceeded the analysts’ consensus by $0.14. MMP has proved resilient to the pandemic.

It recently raised its distribution by 1% and expects a distribution coverage ratio slightly above 1.25 for the full year. Moreover, management marginally raised its guidance for the annual distributable cash flow, from $1.09 billion to $1.10 billion.

Click here to download our most recent Sure Analysis report on MMP (preview of page 1 of 3 shown below):

High Dividend Stock #4: Altria Group (MO)

Dividend Yield: 8.3%
Dividend Risk Score: B

Altria Group was founded by Philip Morris in 1847. Today, it is a consumer staples giant. It sells the Marlboro cigarette brand in the U.S. and a number of other non-smokeable brands, including Skoal and Copenhagen.

The flagship brand continues to be Marlboro, which commands over 40% retail market share in the U.S.

Source: Investor Presentation

On October 27th, 2022, Altria reported third-quarter results. Q3 Non-GAAP EPS of $1.28 missed analyst expectations by $0.02. Revenue of $5.41B (-2.2% Y/Y) missed analyst expectations by $180M. Management narrowed its full-year 2022 guidance and now expects to deliver adjusted diluted EPS in a range of $4.81 to $4.89, representing a growth rate of 4.5% to 6% from a base of $4.61 in 2021.

Altria has increased its dividend for over 50 years, placing it on the exclusive Dividend Kings list. It is also a Dividend Champion.

Click here to download our most recent Sure Analysis report on Altria Group (preview of page 1 of 3 shown below):

High Dividend Stock #3: Hanesbrands, Inc. (HBI)

Dividend Yield: 8.3%
Dividend Risk Score: C

Hanesbrands is a leading marketer of everyday basic innerwear and activewear apparel. It sells its products under well-known brands, including Hanes and Champion, in America, Europe, Australia and the Asia-Pacific region.

In early November, Hanesbrands reported (11/9/22) results for the third quarter of fiscal 2022. Sales fell 7% over last year’s quarter due to a strong dollar and soft consumer spending amid high inflation. Global Champion brand and U.S. innerwear incurred a decrease in sales of 14% and 11%, respectively.

The company was also hurt by high cost inflation and deep discounts amid high inventories. As a result, its earnings-per-share plunged -45%, from $0.53 to $0.29.

Due to the above headwinds, Hanesbrands lowered its guidance for 2022 drastically for a second quarter in a row. It expects a -9% decline in revenue (vs. a -2% decline previously) and adjusted earnings-per-share of $0.95-$1.02 (vs. $1.11-$1.23 previously).

Click here to download our most recent Sure Analysis report on HBI (preview of page 1 of 3 shown below):

High Dividend Stock #2: MPLX LP (MPLX)

Dividend Yield: 9.4%
Dividend Risk Score: C

MPLX LP is a Master Limited Partnership that was formed by the Marathon Petroleum Corporation (MPC) in 2012.

The business operates in two segments: Logistics and Storage – which relates to crude oil and refined petroleum products – and Gathering and Processing – which relates to natural gas and natural gas liquids (NGLs). In 2019, MPLX acquired Andeavor Logistics LP.

You can see highlights of the company’s second-quarter report in the image below:

Source: Investor Presentation

On November 1st, 2022, MPLX announced a quarterly distribution of $0.775 per unit, which marks a 10% raise.

In early November, MPLX reported (11/1/22) financial results for the third quarter of fiscal 2022. Adjusted EBITDA and distributable cash flow (DCF) per share grew 6% over the prior year’s quarter. Total liquid and gas volumes grew 5% and 12%, respectively. MPLX maintained a healthy consolidated debt to adjusted EBITDA ratio of 3.5x and a solid distribution coverage ratio of 1.6, even after the recent distribution hike.

Click here to download our most recent Sure Analysis report on MPLX (preview of page 1 of 3 shown below):

High Dividend Stock #1: City Office REIT (CIO)

Dividend Yield: 9.7%
Dividend Risk Score: C

City Office REIT is an internally-managed real estate investment trust focused on owning, operating, and acquiring high-quality office properties located in “18-hour cities” in the Southern and Western United States. Its target markets possess a number of attractive demographic and employment characteristics, which the trust believes will lead to capital appreciation and growth in rental income at its properties.

Source: Investor Presentation

On November 7th, 2022, City Office REIT reported its Q3 results for the period ending September 30th, 2022. Rental and other revenues were $45.5 million, up 1.4% year-over-year. Same-Store Cash NOI (Net Operating Income) declined 4.3% as compared to Q3-2021.

However, amid lower growth in property operating expenses and general & administrative expenses, core FFO grew by 17% to $16.5 million. On a per-share basis, FFO jumped from $0.39 to $0.32. Occupancy stood at 85.8% at the end of the quarter, 110 bps down sequentially, or 280 bps down compared to Q3-2021. During the second and third quarters, the company repurchased $50 million worth of shares at an average gross price of $12.48.

Click here to download our most recent Sure Analysis report on CIO (preview of page 1 of 3 shown below):

The High Dividend 50

You can see analysis on the 50 highest-yielding stocks below, excluding royalty trusts, BDCs, REITs, and MLPs.

The High Dividend 50 are listed below. The newest Sure Analysis Research Database report for each security is included as well.

Final Thoughts

The 7 high dividend stocks analyzed above all have dividend yields of 5% or higher. And importantly, these securities generally have better risk profiles than the average high-yield security.

That said, a dividend is never guaranteed, and high dividend stocks are potentially at risk of dividend reductions or suspensions if a recession occurs in the near future.

Investors should continue to monitor each stock to make sure their fundamentals and growth remain on track, particularly among stocks with extremely high dividend yields.

Additionally, the following Sure Dividend databases contain the most reliable dividend stocks in our investment universe:

The Dividend Contenders List: 10-24 consecutive years of dividend increases.
The Dividend Challengers List: 5-9 consecutive years of dividend increases.
The Dividend Aristocrats List: S&P 500 stocks with 25+ years of dividend increases.
The Highest-Yielding Dividend Aristocrats: The top 20 Dividend Aristocrats with the highest current yields.
The Dividend Achievers: dividend stocks with 10+ years of consecutive dividend increases.
The Dividend Kings: considered to be the ultimate dividend growth stocks, the Dividend Kings list is comprised of stocks with 50+ years of consecutive dividend increases.
The Highest-Yielding Dividend Kings: The top 20 Dividend Kings with the highest current yields.
The Complete List of Monthly Dividend Stocks: stocks that pay dividends each month, for 12 payments over the year.
The Highest-Yielding Monthly Dividend Stocks: the 20 monthly dividend stocks with the highest current yields.
The Blue Chip Stocks List: this database contains stocks that qualify as either Dividend Achievers, Dividend Aristocrats, or Dividend Kings.

You can download the free spreadsheet below for more high-yield investment ideas.

Click here to instantly download your free high dividend stocks spreadsheet now, along with important investing metrics.

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