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Ken Fisher is the author of seven money management books, three of which are New York Times bestsellers. He's been writing the Portfolio Strategy column for Forbes for more than 26 years, and he's the fourth-longest running columnist in Forbes' history. He is currently ranked #252 on the 2010 Forbes 400 list of richest Americans. He founded private investment firm Fisher Investments in 1979. He is also one of the fund managers we follow closely.

According to 13F filings, Fisher Asset Management has had at least 542 securities with a total value of $38.6 billion as of June 30th 2011. We compiled Ken Fisher's dividend stock picks at the end of June. We required a minimum dividend yield of 5% (market data is obtained from Finviz). Here are Fisher's favorite dividend stock picks:

Stock

Market Cap

(Billions)

P/E

Dividend Yield

Return (52-week)

NOKIA CORP-SPON ADR (NYSE:NOK)

20.1

10.9

10.88

-41.41

TELEFONICA SA-SPON ADR (NYSE:TEF)

97.4

6.6

9.25

-2.42

BANCO SANTANDER SA-SPON ADR (STD)

79.3

6.9

9.15

-26.3

ISHARES IBOXX H/Y CORP BOND (NYSEARCA:HYG)

N/A

N/A

8.1

6.17

SENIOR HOUSING PROP TRUST (NYSE:SNH)

3.2

19.8

7.06

-3.72

CIA SIDERURGICA NACL (NYSE:SID)

13.7

24.3

6.9

-44.02

KINDER MORGAN ENERGY (NYSE:KMP)

22.4

32.9

6.76

5.46

SILICONWARE PRECISION -ADR (NASDAQ:SPIL)

2.7

16.1

6.47

-9.38

NATIONAL RETAIL PROPERTIES INC (NYSE:NNN)

2.0

28.9

6.42

8.79

BLACKROCK MUNIYIELD NJ INSUR (NYSE:MJI)

0.1

N/A

6.35

-5.82

CORPORATE OFFICE PROPERTIES (NYSE:OFC)

1.9

N/A

6.31

-29.15

REYNOLDS AMERICAN INC (NYSE:RAI)

20.0

14.9

6.17

26.25

CINCINNATI FINANCIAL CORP (NASDAQ:CINF)

4.2

14.4

6.16

-0.42

AT&T INC (NYSE:T)

171.3

8.8

5.95

15.35

ALTRIA GROUP INC (NYSE:MO)

54.2

15.7

5.87

22.01

TRANSOCEAN LTD (NYSE:RIG)

17.5

42.4

5.77

-2.99

VERIZON COMM (NYSE:VZ)

99.2

15.7

5.56

25.13

ISHARES MSCI BRAZIL (NYSEARCA:EWZ)

9.8

N/A

5.44

-7.37

ELI LILLY & CO (NYSE:LLY)

42.0

8.5

5.41

3.69

PPL CORPORATION (NYSE:PPL)

15.3

11.1

5.27

4.57

STD recently traded at $9.39 and has a 9.15% dividend yield. STD lost 26.3% during the past 12 months. The stock has a market cap of $79.3 billion and P/E ratio of 6.9. Fisher had $334 million invested in STD shares. STD recently reported EUR 4.1 billion profit for the first half of 2011. STD reported attributable net profits of EUR 3.501 billion for the first half of 2011, a decrease of 21% compared to the first half of 2010. In 2011 an extraordinary fund of EUR 620 million relating to payment protection insurance remediation in the UK was included in the financials. David Tepper’s Appaloosa Management Lp is other high profile hedge fund with an STD position at the end of March. (See David Tepper’s top holdings).

RAI recently traded at $34.34 and has a 6.17% dividend yield. RAI gained 26.25% during the past 12 months. The stock has a market cap of $20 billion and P/E ratio of 14.9. Jim Simons’ Renaissance Technologies had $45 million invested in RAI shares at the end of March.

KMP is a dividend growth stock. KMP recently traded at $68.03 and has a 6.76% dividend yield. KMP gained 5.46% during the past 12 months. The stock has a market cap of $22.4 billion and P/E ratio of 32.9. Michael Messner's Seminole Capital holds the largest KMP position among the 300-plus funds we are tracking. (See Michael Messner’s other favourite stocks)

NOK recently traded at $5.25 and has a 10.88% dividend yield. NOK lost 41.41% during the past 12 months. The stock has a market cap of $20.1 billion and P/E ratio of 10.9. Jim Simons’s Renaissance Technologies increased their Nokia holdings by 584% during the first quarter of 2011.

T recently traded at $28.93 and has a 5.95% dividend yield. T gained 15.35% during the past 12 months. The stock has a market cap of $171.3 billion and P/E ratio of 8.8. Fisher had $0.8 million invested in T shares. Phill Gross’ Adage Capital has the largest position in T, holding nearly $400M of the stock. Cliff Asness, Ken Griffin, George Soros and D.E. Shaw are also among T investors (See George Soros’ favorite stock picks).

VZ recently traded at $35.05 and has a 5.56% dividend yield. VZ gained 25.13% during the past 12 months. The stock has a market cap of $99.2 billion and P/E ratio of 15.7. Fisher had $3.5 million invested in VZ shares. Phil Gross' Adage Capital had nearly $150 Million of VZ at the end of March 2011.

We like dividend stocks because they perform better than the rest of the market on the average. They also beat the market by a large margin in bear markets.

Disclosure: Long T.

Source: Ken Fisher's Favorite Dividend Stocks