<p>沃伦·巴菲特及其团队在 <strong>伯克希尔哈撒韦</strong> 长期以来一直投资于分红股票。在当前的市场环境中，平均分红收益率为 1.2%。</p>
<p>如果将 “高收益” 定义为双倍于该回报或更高，伯克希尔投资组合中有八只股票提供这样的分红回报。然而，在这些股票中，我在当前市场状态下的首选是公司最近积极购买的股票 <strong>星座品牌</strong>（STZ 1.56%），原因如下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzNTAvYmVlci1kcmlua2luZy1zb2NpYWxpemluZy1mcmllbmRzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzNTAvYmVlci1kcmlua2luZy1zb2NpYWxpemluZy1mcmllbmRzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>伯克希尔的高收益股票</h2>
<p>选择星座品牌也是一个关于为什么不选择伯克希尔哈撒韦投资组合中其他七只高收益分红股票的问题。在大多数情况下，它持有的股票曾经是优秀的买入，但现在更适合持有，或者可能是应该出售的股票。</p>
<p>在最近几个季度，伯克希尔削减了对 <strong>美国银行</strong> 的持股。此外，它对其他股票的持股数量在多年内保持不变。<strong>阿里金融</strong> 和星座品牌的同行 <strong>帝亚吉欧</strong> 符合这一描述。然而，最好的例子可能是 <strong>可口可乐</strong>，因为伯克希尔的持仓规模自 1994 年以来一直没有变化。</p>
<p>在这八只股票中，<strong>卡夫亨氏</strong> 的收益率最高，达到 5.8%。然而，自从伯克希尔在 2015 年帮助整合该公司以来，股票价格已下跌三分之二，并且在 2018 年经历了分红削减。在包装食品行业不健康的状态下，其问题可能远未结束。</p>
<p><strong>SiriusXM</strong> 也正经历一些动荡。从表面上看，投资者可能喜欢其 4.9% 的分红收益率，但订阅者增长的困难给股票带来了压力。</p>
<p>在这些选择中，能源巨头 <strong>雪佛龙</strong> 是我第二喜欢的股票。在 4.4% 的分红收益率下，伯克希尔对其持仓进行了适度增持。然而，其股价上涨使其在短期内不太可能进一步上涨，更适合专注于收入的投资者。</p>
<h2>选择星座品牌的理由</h2>
<p>诚然，尽管伯克希尔的其他七只高收益分红股票的状态，选择星座品牌可能会让许多人感到惊讶。在大麻产品兴起的背景下，Z 世代的酒精消费量低于老一代，这可能对公司的未来产生不利影响。</p>
<p>此外，尽管星座品牌是一家酒精股票，但啤酒占其收入的绝大部分。它拥有一些美国最受欢迎的啤酒如 Modelo 和 Corona 的美国分销权。然而，这些啤酒来自墨西哥，随着关税的临近，Modelo 可能会失去其作为美国第一啤酒的地位。</p>
<p>此外，星座品牌的年分红为每股 4.08 美元，收益率略低于 2.5%。这远低于包括雪佛龙在内的几项沃伦·巴菲特投资。</p>
<p>尽管如此，自 2015 年以来，分红每年都在增加，表明它能够长期提供回报。此外，将星座品牌作为首选意味着还必须论证股票价格上涨的理由，除了分红增长。</p>
<p>星座品牌最终可能会提供这些回报，因为尽管面临诸多问题，它是一个具有明显成功路径的转型故事。尽管公司及其一些品牌面临重大挑战，但人类消费酒精已有数千年，这种动态不太可能改变。</p>
<p>此外，消费者往往倾向于熟悉的品牌，而星座品牌恰好拥有这些，特别是在啤酒业务中。该公司还可以通过将其在啤酒领域取得的成功应用于葡萄酒和烈酒业务，显著扩大收入。</p>
<p>此外，星座品牌提供了低估值，尽管投资者可能需要更仔细地观察才能看到机会。其过去的市盈率为 47，使其看起来昂贵，但资产减值导致了收益倍数的激增。因此，其前瞻市盈率为 13，不包括此类一次性事件，可能是更合适的估值衡量标准。</p>
<p>这个低的前瞻市盈率可能是星座品牌目前成为伯克希尔在股票增长方面增长最快的持股的原因。它在 2024 年第四季度开始投资，购买了超过 560 万股。随后在第一季度又购买了 640 万股，在第二季度又购买了 140 万股。在伯克希尔成为净卖出股票的情况下，投资如此之多可能表明它看到了其他投资者忽视的机会。</p>
<h2>购买星座品牌股票</h2>
<p>在评估伯克希尔哈撒韦的高收益分红股票时，星座品牌可能是增长和收入持有中表现最佳的股票。</p>
<p>诚然，它并不是八只股票中分红收益率最高的，且其业务也面临困境。</p>
<p>然而，它受益于与知名啤酒品牌的联系，葡萄酒和烈酒业务的增长机会可能带来显著的收入增加。此外，13 的前瞻市盈率表明投资者变得过于悲观，这表明伯克希尔及其追随者可能会在更多投资者认识到该股票的增长潜力时获利。</p>

星座品牌-A

<p>沃伦·巴菲特的伯克希尔·哈撒韦投资组合中包括八只高收益股息股票，其中星座品牌（Constellation Brands，股票代码：STZ）是首选。尽管酒类市场面临挑战，星座品牌的年度股息自 2015 年以来持续增长，并且具有良好的转机潜力。该股票的前瞻市盈率为 13，暗示其可能被低估，使其成为一个具有吸引力的增长和收入选择。伯克希尔大幅增加了在星座品牌的持股，表明其对未来表现的信心，尽管在市场上它一直是股票的净卖方</p>

<p>Warren Buffett and his team at <strong>Berkshire Hathaway</strong> have long invested in dividend stocks. In today's market environment, the average dividend yield is 1.2%.</p>
<div class="lb-trans"><p>沃伦·巴菲特及其团队在 <strong>伯克希尔哈撒韦</strong> 长期以来一直投资于分红股票。在当前的市场环境中，平均分红收益率为 1.2%。</p>
</div><p>If one defines &#34;high yield&#34; as double that return or more, eight stocks in the Berkshire portfolio offer such dividend returns. However, of these, my top pick in the market's current state is the stock the company has bought aggressively lately, <strong>Constellation Brands</strong>(STZ 1.56%), and here's why.</p>
<div class="lb-trans"><p>如果将 “高收益” 定义为双倍于该回报或更高，伯克希尔投资组合中有八只股票提供这样的分红回报。然而，在这些股票中，我在当前市场状态下的首选是公司最近积极购买的股票 <strong>星座品牌</strong>（STZ 1.56%），原因如下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzNTAvYmVlci1kcmlua2luZy1zb2NpYWxpemluZy1mcmllbmRzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830350%2Fbeer-drinking-socializing-friends.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Berkshire's high-yield stocks</h2>
<div class="lb-trans"><h2>伯克希尔的高收益股票</h2>
</div><p>Choosing Constellation is also a question of why not the other seven high-yield dividend stocks in the Berkshire Hathaway portfolio. In most cases, it owns stocks that were once excellent buys but are now better as holds or possibly, stocks one should sell.</p>
<div class="lb-trans"><p>选择星座品牌也是一个关于为什么不选择伯克希尔哈撒韦投资组合中其他七只高收益分红股票的问题。在大多数情况下，它持有的股票曾经是优秀的买入，但现在更适合持有，或者可能是应该出售的股票。</p>
</div><p>In recent quarters, Berkshire has trimmed holdings in <strong>Bank of America</strong>. Also, it has kept share counts the same for other stocks for years. <strong>Ally Financial</strong> and Constellation peer <strong>Diageo</strong> fit that description. Nonetheless, the best example may be <strong>Coca-Cola</strong>, as Berkshire's position size has remained unchanged since 1994.</p>
<div class="lb-trans"><p>在最近几个季度，伯克希尔削减了对 <strong>美国银行</strong> 的持股。此外，它对其他股票的持股数量在多年内保持不变。<strong>阿里金融</strong> 和星座品牌的同行 <strong>帝亚吉欧</strong> 符合这一描述。然而，最好的例子可能是 <strong>可口可乐</strong>，因为伯克希尔的持仓规模自 1994 年以来一直没有变化。</p>
</div><p>Of the eight stocks, <strong>Kraft Heinz</strong> has the most significant yield at 5.8%. However, since Berkshire helped consolidate that company in 2015, the stock has fallen by two-thirds, and it experienced a dividend cut in 2018. Amid the unhealthy state of the packaged food industry, its problems are likely far from over.</p>
<div class="lb-trans"><p>在这八只股票中，<strong>卡夫亨氏</strong> 的收益率最高，达到 5.8%。然而，自从伯克希尔在 2015 年帮助整合该公司以来，股票价格已下跌三分之二，并且在 2018 年经历了分红削减。在包装食品行业不健康的状态下，其问题可能远未结束。</p>
</div><p><strong>SiriusXM</strong> is also going through some turmoil. On the surface, investors may like its 4.9% dividend yield, but struggles with subscriber growth have weighed on the stock.</p>
<div class="lb-trans"><p><strong>SiriusXM</strong> 也正经历一些动荡。从表面上看，投资者可能喜欢其 4.9% 的分红收益率，但订阅者增长的困难给股票带来了压力。</p>
</div><p>Of these choices, energy giant <strong>Chevron</strong> is my second favorite. Amid the 4.4% dividend yield, Berkshire made modest additions to its position. Still, its rising stock price makes it less likely to move higher in the near term, making it more fitting for investors focused exclusively on income.</p>
<div class="lb-trans"><p>在这些选择中，能源巨头 <strong>雪佛龙</strong> 是我第二喜欢的股票。在 4.4% 的分红收益率下，伯克希尔对其持仓进行了适度增持。然而，其股价上涨使其在短期内不太可能进一步上涨，更适合专注于收入的投资者。</p>
</div><h2>The case for Constellation Brands</h2>
<div class="lb-trans"><h2>选择星座品牌的理由</h2>
</div><p>Admittedly, despite the state of Berkshire's seven other high-yield dividend stocks, choosing Constellation may come as a surprise to many. Amid the rise in cannabis-infused products, Gen Z consumes less alcohol than older generations, which could bode poorly for the company's future.</p>
<div class="lb-trans"><p>诚然，尽管伯克希尔的其他七只高收益分红股票的状态，选择星座品牌可能会让许多人感到惊讶。在大麻产品兴起的背景下，Z 世代的酒精消费量低于老一代，这可能对公司的未来产生不利影响。</p>
</div><p>Moreover, although Constellation is an alcohol stock, beer makes up the overwhelming majority of its revenue. It holds U.S. distribution rights to some of America's most popular beers like Modelo and Corona. Still, those come from Mexico, and with looming tariffs, Modelo could lose its status as the U.S.'s No. 1 beer.</p>
<div class="lb-trans"><p>此外，尽管星座品牌是一家酒精股票，但啤酒占其收入的绝大部分。它拥有一些美国最受欢迎的啤酒如 Modelo 和 Corona 的美国分销权。然而，这些啤酒来自墨西哥，随着关税的临近，Modelo 可能会失去其作为美国第一啤酒的地位。</p>
</div><p>Furthermore, Constellation's annual dividend is $4.08 per share, a yield of just under 2.5%. That is well below several Warren Buffett investments, including Chevron.</p>
<div class="lb-trans"><p>此外，星座品牌的年分红为每股 4.08 美元，收益率略低于 2.5%。这远低于包括雪佛龙在内的几项沃伦·巴菲特投资。</p>
</div><p>Still, the payout has risen every year since 2015, indicating that it can deliver returns long term. Furthermore, making Constellation the top choice means one must also argue a case for stock price appreciation on top of dividend growth.</p>
<div class="lb-trans"><p>尽管如此，自 2015 年以来，分红每年都在增加，表明它能够长期提供回报。此外，将星座品牌作为首选意味着还必须论证股票价格上涨的理由，除了分红增长。</p>
</div><p>Constellation could ultimately deliver those returns because, for all of its problems, it is a turnaround story with a visible path to success. Although the company and some of its brands face significant challenges, humans have consumed alcohol for thousands of years, and this dynamic is unlikely to change.</p>
<div class="lb-trans"><p>星座品牌最终可能会提供这些回报，因为尽管面临诸多问题，它是一个具有明显成功路径的转型故事。尽管公司及其一些品牌面临重大挑战，但人类消费酒精已有数千年，这种动态不太可能改变。</p>
</div><p>Moreover, consumers tend to gravitate to familiar brands, and Constellation has those, particularly in the beer business. The company can also expand its revenue substantially by applying the success it has had with beer to the wine and spirits parts of its enterprise.</p>
<div class="lb-trans"><p>此外，消费者往往倾向于熟悉的品牌，而星座品牌恰好拥有这些，特别是在啤酒业务中。该公司还可以通过将其在啤酒领域取得的成功应用于葡萄酒和烈酒业务，显著扩大收入。</p>
</div><p>Furthermore, Constellation offers a low valuation, though investors may have to take a closer look to see the opportunity. Its trailing P/E ratio of 47 makes it appear expensive, though asset impairments caused that spike in the earnings multiple. Thus, its forward P/E ratio of 13, which does not include such one-time occurrences, is likely a more appropriate measure of its valuation.</p>
<div class="lb-trans"><p>此外，星座品牌提供了低估值，尽管投资者可能需要更仔细地观察才能看到机会。其过去的市盈率为 47，使其看起来昂贵，但资产减值导致了收益倍数的激增。因此，其前瞻市盈率为 13，不包括此类一次性事件，可能是更合适的估值衡量标准。</p>
</div><p>That low forward P/E ratio may be the reason that Constellation is currently Berkshire's fastest-growing holdings in terms of share growth. It began investing by buying more than 5.6 million shares in the fourth quarter of 2024. It was followed by purchasing an additional 6.4 million shares in Q1 and 1.4 million more in the second quarter. Investing so much at a time when Berkshire has been a net seller of stocks likely indicates that it sees an opportunity that other investors have overlooked.</p>
<div class="lb-trans"><p>这个低的前瞻市盈率可能是星座品牌目前成为伯克希尔在股票增长方面增长最快的持股的原因。它在 2024 年第四季度开始投资，购买了超过 560 万股。随后在第一季度又购买了 640 万股，在第二季度又购买了 140 万股。在伯克希尔成为净卖出股票的情况下，投资如此之多可能表明它看到了其他投资者忽视的机会。</p>
</div><h2>Buying Constellation Brands stock</h2>
<div class="lb-trans"><h2>购买星座品牌股票</h2>
</div><p>When evaluating Berkshire Hathaway's high-yield dividend stocks, Constellation is likely the one with the best growth and income holding.</p>
<div class="lb-trans"><p>在评估伯克希尔哈撒韦的高收益分红股票时，星座品牌可能是增长和收入持有中表现最佳的股票。</p>
</div><p>Admittedly, it does not have the highest dividend yield of the eight stocks, and its business has struggled.</p>
<div class="lb-trans"><p>诚然，它并不是八只股票中分红收益率最高的，且其业务也面临困境。</p>
</div><p>However, it benefits from ties to well-known beer brands, and opportunities for growth in the wine and spirits businesses could bring significant revenue increases. Additionally, the 13 forward P/E ratio suggests that investors have become overly pessimistic, indicating that Berkshire and its followers could profit as more investors recognize the stock's growth potential.</p>
<div class="lb-trans"><p>然而，它受益于与知名啤酒品牌的联系，葡萄酒和烈酒业务的增长机会可能带来显著的收入增加。此外，13 的前瞻市盈率表明投资者变得过于悲观，这表明伯克希尔及其追随者可能会在更多投资者认识到该股票的增长潜力时获利。</p>
</div>

沃伦·巴菲特的投资组合中包含 8 只高收益股息股票——这是我推荐的首选