Warren Buffett, the billionaire head of Berkshire Hathaway Inc., is a fan of companies that pay shareholders a steady dividend.

With that mind, Alexandr Oleinic of the Insider Monkey blog identified five dividend-paying stocks that are owned by institutional investors.

“We have selected five dividend kings, which the investors from our database like the most,” Oleinic writes. :Unsurprisingly, Warren Buffett held shares of three of these companies.”

1. 3M Co. (MMM): This year, the maker of Scotch tape raised its quarterly dividend to $1.02 from $0.86 and its stock currently sports a dividend yield of 2.63 percent. Meanwhile, Edgar Wachenheim’s Greenhaven Associates increased its stake in 3M by 12 percent during the third quarter and reported ownership of some 2.25 million shares in its latest regulatory filing.
2. Lowe’s Cos. (LOW): The home-improvement store chain has a dividend yield of 1.52 percent. The stock has a consensus price target of around $77.40, which indicates an upside potential of 5 percent.
3. Procter & Gamble Co. (PG): The maker of Tide is down by 15 percent year-to-date, but the company has increased its dividend this year to $0.66 from $0.64 a share for a yield of 3.44 percent. Buffett has been a long-term shareholder of P&G with about 52.79 million shares as of June.
4. Coca-Cola Co. (KO): Buffett has been bullish on the company since the late 1980s and has made a pile of cash on dividends alone. A stronger dollar will adversely affect its sales and profits throughout the next year and possibly in 2017. It has a dividend yield of 3.1 percent as of Oct. 26, according to Google Finance.
5. Johnson & Johnson (JNJ): The maker of healthcare products has a dividend yield of 2.99 percent. “A stronger dollar and slowdown of emerging markets are affecting Johnson & Johnson’s sales, but these trends are viewed by most investors as short term concerns,” according to Insider Monkey.

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