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The S&P 500 index is a popular used tool by investors. Professionals, like big insurance players, allocate their portfolio weighting on the Dow Jones Index and Standard & Poor's 500. The S&P 500 is a free-float capitalization-weighted index published since 1957 by Standard & Poor's, a division of McGraw-Hill Companies (MHP).

I screened the index with its 500 companies by dividends. The highest yield of the S&P 500 was 9.55 percent paid by Frontier Communications (NASDAQ:FTR). The lowest yield came from Precision Castparts (NYSE:PCP) with a dividend yield of 0.07 percent. In total, 388 stocks pay dividends and have a positive yield, 112 stocks pay no dividends. Here are my favorites:

1. Altria (NYSE:MO) is acting within the tobacco industry. The company has a market capitalization of USD 55.18 billion, generates revenues in an amount of USD 23.89 billion and a net income of USD 3.42 billion. It follows, Price/Earnings ratio is 13.6, Price/Sales 3.2 and Price/Book ratio 10.1. Here is some additional dividend information: Dividend Yield: 5.8 percent | Years of Consecutive Dividend Increasing: 45 Years | 5-Year Dividend Growth: 9.4 percent | Dividends Since 1928 | Ex-Div. Date: Jun-13-2011

2. Kimberly Clark (NYSE:KMB) is acting within the household and personal products industry. The company has a market capitalization of USD 26.68 billion, generates revenues in an amount of USD 19.94 billion and a net income of USD 1.81 billion. It follows, Price/Earnings ratio is 15.4, Price/Sales 1.4 and Price/Book ratio 4.9. Here is some additional dividend information: Dividend Yield: 4.0 percent | Years of Consecutive Dividend Increasing: 36 Years | 5-Year Dividend Growth: 3.9 percent | Dividends Since 1935 | Ex-Div. Date: Jun-08-2011

3. Lockheed Martin (NYSE:LMT) is acting within the aerospace and defense industry. The company has a market capitalization of USD 27.65 billion, generates revenues in an amount of USD 46.10 billion and a net income of USD 2.66 billion. It follows, Price/Earnings ratio is 10.8, Price/Sales 0.6 and Price/Book ratio 7.3. Here is some additional dividend information: Dividend Yield: 3.6 percent | Years of Consecutive Dividend Increasing: 8 Years | 5-Year Dividend Growth: 2.5 percent | Dividends Since 1995 | Ex-Div. Date: Aug-30-2011.

Take a look at the full list of all S&P 500 dividend stocks. The average dividend yield is 2.32 percent. The yield of the complete index (including non dividend paying stocks) amounts to 1.8 percent.

Source: My 3 Favorite Dividend Stocks From the S&P 500