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Do you prefer stocks that pay reliable dividend income? For a closer look at dividend stocks of the S&P 500, we ran a screen.

We began by screening the S&P 500 for stocks paying dividend yields above 2% and sustainable payout ratios below 50%.

We then screened for those stocks with bullish sentiment from institutional investors, with significant net institutional purchases over the last quarter representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to outperform.

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Do you think these stocks pay reliable dividend income? Use this list as a starting point for your own analysis.

List sorted by net institutional purchases over the last quarter as percent of share float.

1. GameStop Corp. (GME): Operates as a retailer of video game products and personal computer entertainment software. Market cap at $2.52B, most recent closing price at $19.08. Dividend yield at 3.14%, payout ratio at 5.96%. Net institutional purchases in the current quarter at 15.9M shares, which represents about 12.25% of the company's float of 129.82M shares.

2. Eastman Chemical Co. (EMN): Engages in the manufacture and sale of chemicals, plastics, and fibers in the United States and internationally. Market cap at $6.34B, most recent closing price at $45.99. Dividend yield at 2.26%, payout ratio at 22.24%. Net institutional purchases in the current quarter at 14.5M shares, which represents about 10.58% of the company's float of 137.11M shares.

3. Carnival Corporation (CCL): Operates as a cruise and vacation company. Market cap at $24.76B, most recent closing price at $31.85. Dividend yield at 3.14%, payout ratio at 48.27%. Net institutional purchases in the current quarter at 53.2M shares, which represents about 9.51% of the company's float of 559.34M shares.

4. BlackRock, Inc. (BLK): Provides its services to institutional, intermediary, and individual investors. Market cap at $30.07B, most recent closing price at $167.50. Dividend yield at 3.58%, payout ratio at 33.39%. Net institutional purchases in the current quarter at 11.3M shares, which represents about 6.84% of the company's float of 165.21M shares.

5. International Flavors & Fragrances Inc. (IFF): Creates, manufactures, and sells flavor and fragrance products in the United States and internationally. Market cap at $4.62B, most recent closing price at $56.93. Dividend yield at 2.18%, payout ratio at 37.02%. Net institutional purchases in the current quarter at 4.4M shares, which represents about 5.49% of the company's float of 80.08M shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 5 S&P 500 Dividend Stocks Being Bought By Hedge Funds