Choosing dividend stocks to generate passive income

Flowers Foods, Inc. (NYSE:FLO)



The value of the Renaissance Technologies shareholding: $120,444,000.
Dividend yield as of November 21: 4.40%.

Flowers Foods, Inc. (NYSE:FLO) is an American baking company specializing in the production and marketing of a variety of fresh baked goods. Renaissance Technologies increased its position in the company by 6% in the third quarter of 2023. The hedge fund owned more than 5.4 million shares of the company, worth more than $120.4 million, and accounted for 0.2% of the firm's 13F portfolio.

Flowers Foods, Inc. (NYSE:FLO), one of the best high-dividend stocks in billionaire Jim Simons' portfolio, currently pays a quarterly dividend of $0.23 per share. In 2023, the company extended its dividend growth streak to 21 years. As of November 21, the stock's dividend yield was 4.40%.

As of the end of the second quarter of 2023, 21 hedge funds hold investments in Flowers Foods, Inc. (NYSE:FLO) for a total of approximately $146 million. 

Altria Group, Inc. (NYSE: MO)



The value of the Renaissance Technologies shareholding: $125,060,000.
Dividend yield as of November 21: 9.60%.

Next on our list of the best high-dividend stocks in billionaire Jim Simons' portfolio is American tobacco company Altria Group, Inc. (NYSE:MO). The company has raised its dividend for 54 consecutive years and currently pays a quarterly dividend of $0.98 per share. The stock's dividend yield as of November 21 was 9.60%.

As of the second quarter of 2023, 43 hedge funds held stakes in Altria Group, Inc. (NYSE:MO) for more than $446.2 million.

AbbVie Inc. (NYSE: ABBV)



Renaissance Technologies share price: $202,438,000.
Dividend yield as of November 20: 4.48%. Next on our list of high-dividend stocks in the portfolio of billionaire Jim Simons is the American pharmaceutical company AbbVie Inc. (NYSE:ABBV). The company currently has a 51-year dividend growth streak and offers a quarterly dividend of $1.55 per share. As of November 20, the stock's dividend yield was 4.48%. In the second quarter of 2023, AbbVie Inc. shares. (NYSE:ABBV) was owned by 74 hedge funds, up from 75 in the prior quarter. The total value of these packages exceeds $2.3 billion.

Pfizer Inc. (NYSE: PFE)



Value of Renaissance Technologies shares: $218,546,000.
Dividend yield as of November 20: 5.48%. Pfizer Inc. (NYSE:PFE) tops our list of the best dividend stocks according to billionaire Jim Simons. The American biotechnology company has increased its dividend for 13 years in a row. The company currently proposes a quarterly dividend of $0.41 per share. As of November 20, the stock's dividend yield was 5.48%. As of the end of the second quarter of 2023, 73 hedge funds held investments in Pfizer Inc. (NYSE:PFE) for a total of more than $1.5 billion. Among these hedge funds, Diamond Hill Capital was the company's leading shareholder in the second quarter.

Verizon Communications Inc. (NYSE: VZ)



The value of the Renaissance Technologies shareholding: $155,386,000.
Dividend yield as of November 20: 7.34%.

Verizon Communications Inc. (NYSE:VZ) is a leading American telecommunications company providing a variety of services in the communications and technology sectors. In the third quarter of 2023, Renaissance Technologies significantly increased its position in the company by 343%, bringing its total stake in VZ to over $155.3 million. The company represented 0.26% of the firm's 13F portfolio.

Verizon Communications Inc. (NYSE:VZ) has 17 years of consistent dividend growth and pays a quarterly dividend of $0.665 per share. As of November 21, the stock's dividend yield was 7.34%.

As of the second quarter of 2023, 53 hedge funds owned shares of Verizon Communications Inc. (NYSE:VZ) for a total of almost $829 million