On Wednesday night came the 13F filing from Berkshire Hathaway Inc. (NYSE: BRK-A) showing the latest and greatest stock holdings of Warren Buffett and the investing team there. We noted that there was a blend of value stocks and growth stocks, along with dividends. 24/7 Wall St. wanted to see which of Warren Buffett’s stock picks had the highest dividend yields for you income-oriented investors.

To keep things even for U.S. investors, we screened out the ADRs held by Buffett and Berkshire Hathaway Inc. (NYSE: BRK-B) even though one is mentioned at the end of the screen to keep them on the list. Of the dozens of stocks held by the conglomerate, these are the eight highest dividends in the Buffett portfolio. We have put the stocks in order of the highest yields first and added in color on each if applicable. As you will see, most of the Buffett top dividend yields still offer upside to their consensus price targets for value investors looking for growth.

ConocoPhillips (NYSE: COP) leads the list with a common stock dividend yield of 4.2%. The company has pledged to keep its dividend strong, and this puts it higher than other oil giants. This stock is now within about 1% of new 52-week highs and the $62.42 share price compares to an analyst consensus price target of about $63.98.

Gannett Co. Inc. (NYSE: GCI) has a surprising yield of 3.6% for its common stock holders. This remains a small holding of Warren Buffett but investors might be surprised that the newspaper and media stock has risen to the point that it is up almost 100% from its 52-week low. At $21.62 as of now, the stock trades right at the $21.61 consensus analyst price target, and the 52-week trading range is $12.17 to $22.21.

General Electric Co. (NYSE: GE) offers a 3.3% yield, partly because shares have pulled back since earnings. The earnings report was not stellar by any means, but we think GE shares were sold off too hard after earnings when you consider the state of the bull market. Shares are at $23.24, and GE’s 52-week high is $23.90. Analysts have a consensus target price of $25.33. GE is likely to have a dividend hike yet again later this year.

Wells Fargo & Co. (NYSE: WFC) is a top bank and Buffett keeps buying more and more of this stock each and every quarter. The 3.2% common stock yield is rather impressive, and this remains at the top of the seven safest banks in America. This bank is challenging the highs from before the recession again, if you back out the dividend payments. At $39.30, its stock hit that multiyear high on May 15, and analysts have a consensus price target of $40.76.

Procter & Gamble Co. (NYSE: PG) has lifted its dividend and is yielding 3.1% after a dividend hike in April. Buffett has trimmed the stake here over time, but activist investors have been on management’s back and pressing it to run the company better. If P&G keeps up its efforts, it could be worth even more. The market cap of $221 billion already makes it one of the largest public companies out there. With shares at $80.68, the consensus analyst target price is $82.78.

J.P. Morgan Chase & Co. (NYSE: JPM) is a personal holding of Warren Buffett rather than Berkshire Hathaway. The bank pays a 3.1% dividend, despite not getting to be as aggressive on its capital plans. Jamie Dimon has been under fire here to split the CEO and chairman roles, but Buffett recently has praised Dimon as a great CEO who also deserves his chairman role. We would caution that one analyst showed that some $20 billion (10% of the share price) could come out of the stock if Dimon leaves the bank because there is a management replacement vacuum right now with no heir apparent. With shares at $51.09, the consensus analyst target is $56.21.

Johnson & Johnson (NYSE: JNJ) recently raised its dividend. The drug and consumer products giant has been a habitual dividend-raising machine, and its product quality controls appear to be over. The 3.1% payout is impressive when you consider that this stock just hit an all-time high on May 15. Note that the consensus analyst price target of $86.50 is actually less than the current price of $87.64.

United Parcel Service Inc. (NYSE: UPS) ranked as number eight with a dividend yield of 2.8%. This comes as the stock is challenging all-time highs, and the shipping giant has raised its dividend payment consistently. With shares at $88.60, analysts have a consensus price target of $93.09 on the stock.

GlaxoSmithKline PLC (NYSE: GSK) is the ADR of the group, and it was only included because it screens out as having such a high yield at 4.3%. That would have put it at the top of the list. As this is an ADR and subject to currency changes altering the payouts each time in dollars for ADR holders, we are only representing the Yahoo! screen for the nominal payout rather than adding color here.

Jon C. Ogg

*The full Buffett and Berkshire Hathaway portfolio can be seen here.

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