<p>沃倫·巴菲特及其團隊在 <strong>伯克希爾哈撒韋</strong> 長期以來一直投資於分紅股票。在當前的市場環境中，平均分紅收益率為 1.2%。</p>
<p>如果將 “高收益” 定義為雙倍於該回報或更高，伯克希爾投資組合中有八隻股票提供這樣的分紅回報。然而，在這些股票中，我在當前市場狀態下的首選是公司最近積極購買的股票 <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>圖片來源：Getty Images。</p>
<h2>伯克希爾的高收益股票</h2>
<p>選擇星座品牌也是一個關於為什麼不選擇伯克希爾哈撒韋投資組合中其他七隻高收益分紅股票的問題。在大多數情況下，它持有的股票曾經是優秀的買入，但現在更適合持有，或者可能是應該出售的股票。</p>
<p>在最近幾個季度，伯克希爾削減了對 <strong>美國銀行</strong> 的持股。此外，它對其他股票的持股數量在多年內保持不變。<strong>阿里金融</strong> 和星座品牌的同行 <strong>帝亞吉歐</strong> 符合這一描述。然而，最好的例子可能是 <strong>可口可樂</strong>，因為伯克希爾的持倉規模自 1994 年以來一直沒有變化。</p>
<p>在這八隻股票中，<strong>卡夫亨氏</strong> 的收益率最高，達到 5.8%。然而，自從伯克希爾在 2015 年幫助整合該公司以來，股票價格已下跌三分之二，並且在 2018 年經歷了分紅削減。在包裝食品行業不健康的狀態下，其問題可能遠未結束。</p>
<p><strong>SiriusXM</strong> 也正經歷一些動盪。從表面上看，投資者可能喜歡其 4.9% 的分紅收益率，但訂閲者增長的困難給股票帶來了壓力。</p>
<p>在這些選擇中，能源巨頭 <strong>雪佛龍</strong> 是我第二喜歡的股票。在 4.4% 的分紅收益率下，伯克希爾對其持倉進行了適度增持。然而，其股價上漲使其在短期內不太可能進一步上漲，更適合專注於收入的投資者。</p>
<h2>選擇星座品牌的理由</h2>
<p>誠然，儘管伯克希爾的其他七隻高收益分紅股票的狀態，選擇星座品牌可能會讓許多人感到驚訝。在大麻產品興起的背景下，Z 世代的酒精消費量低於老一代，這可能對公司的未來產生不利影響。</p>
<p>此外，儘管星座品牌是一家酒精股票，但啤酒佔其收入的絕大部分。它擁有一些美國最受歡迎的啤酒如 Modelo 和 Corona 的美國分銷權。然而，這些啤酒來自墨西哥，隨着關税的臨近，Modelo 可能會失去其作為美國第一啤酒的地位。</p>
<p>此外，星座品牌的年分紅為每股 4.08 美元，收益率略低於 2.5%。這遠低於包括雪佛龍在內的幾項沃倫·巴菲特投資。</p>
<p>儘管如此，自 2015 年以來，分紅每年都在增加，表明它能夠長期提供回報。此外，將星座品牌作為首選意味着還必須論證股票價格上漲的理由，除了分紅增長。</p>
<p>星座品牌最終可能會提供這些回報，因為儘管面臨諸多問題，它是一個具有明顯成功路徑的轉型故事。儘管公司及其一些品牌面臨重大挑戰，但人類消費酒精已有數千年，這種動態不太可能改變。</p>
<p>此外，消費者往往傾向於熟悉的品牌，而星座品牌恰好擁有這些，特別是在啤酒業務中。該公司還可以通過將其在啤酒領域取得的成功應用於葡萄酒和烈酒業務，顯著擴大收入。</p>
<p>此外，星座品牌提供了低估值，儘管投資者可能需要更仔細地觀察才能看到機會。其過去的市盈率為 47，使其看起來昂貴，但資產減值導致了收益倍數的激增。因此，其前瞻市盈率為 13，不包括此類一次性事件，可能是更合適的估值衡量標準。</p>
<p>這個低的前瞻市盈率可能是星座品牌目前成為伯克希爾在股票增長方面增長最快的持股的原因。它在 2024 年第四季度開始投資，購買了超過 560 萬股。隨後在第一季度又購買了 640 萬股，在第二季度又購買了 140 萬股。在伯克希爾成為淨賣出股票的情況下，投資如此之多可能表明它看到了其他投資者忽視的機會。</p>
<h2>購買星座品牌股票</h2>
<p>在評估伯克希爾哈撒韋的高收益分紅股票時，星座品牌可能是增長和收入持有中表現最佳的股票。</p>
<p>誠然，它並不是八隻股票中分紅收益率最高的，且其業務也面臨困境。</p>
<p>然而，它受益於與知名啤酒品牌的聯繫，葡萄酒和烈酒業務的增長機會可能帶來顯著的收入增加。此外，13 的前瞻市盈率表明投資者變得過於悲觀，這表明伯克希爾及其追隨者可能會在更多投資者認識到該股票的增長潛力時獲利。</p>

星座品牌-A

<p>沃倫·巴菲特的伯克希爾·哈撒韋投資組合中包括八隻高收益股息股票，其中星座品牌（Constellation Brands，股票代碼：STZ）是首選。儘管酒類市場面臨挑戰，星座品牌的年度股息自 2015 年以來持續增長，並且具有良好的轉機潛力。該股票的前瞻市盈率為 13，暗示其可能被低估，使其成為一個具有吸引力的增長和收入選擇。伯克希爾大幅增加了在星座品牌的持股，表明其對未來表現的信心，儘管在市場上它一直是股票的淨賣方</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>沃倫·巴菲特及其團隊在 <strong>伯克希爾哈撒韋</strong> 長期以來一直投資於分紅股票。在當前的市場環境中，平均分紅收益率為 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>如果將 “高收益” 定義為雙倍於該回報或更高，伯克希爾投資組合中有八隻股票提供這樣的分紅回報。然而，在這些股票中，我在當前市場狀態下的首選是公司最近積極購買的股票 <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>圖片來源：Getty Images。</p>
</div><h2>Berkshire's high-yield stocks</h2>
<div class="lb-trans"><h2>伯克希爾的高收益股票</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>選擇星座品牌也是一個關於為什麼不選擇伯克希爾哈撒韋投資組合中其他七隻高收益分紅股票的問題。在大多數情況下，它持有的股票曾經是優秀的買入，但現在更適合持有，或者可能是應該出售的股票。</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>在最近幾個季度，伯克希爾削減了對 <strong>美國銀行</strong> 的持股。此外，它對其他股票的持股數量在多年內保持不變。<strong>阿里金融</strong> 和星座品牌的同行 <strong>帝亞吉歐</strong> 符合這一描述。然而，最好的例子可能是 <strong>可口可樂</strong>，因為伯克希爾的持倉規模自 1994 年以來一直沒有變化。</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>在這八隻股票中，<strong>卡夫亨氏</strong> 的收益率最高，達到 5.8%。然而，自從伯克希爾在 2015 年幫助整合該公司以來，股票價格已下跌三分之二，並且在 2018 年經歷了分紅削減。在包裝食品行業不健康的狀態下，其問題可能遠未結束。</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> 也正經歷一些動盪。從表面上看，投資者可能喜歡其 4.9% 的分紅收益率，但訂閲者增長的困難給股票帶來了壓力。</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>在這些選擇中，能源巨頭 <strong>雪佛龍</strong> 是我第二喜歡的股票。在 4.4% 的分紅收益率下，伯克希爾對其持倉進行了適度增持。然而，其股價上漲使其在短期內不太可能進一步上漲，更適合專注於收入的投資者。</p>
</div><h2>The case for Constellation Brands</h2>
<div class="lb-trans"><h2>選擇星座品牌的理由</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>誠然，儘管伯克希爾的其他七隻高收益分紅股票的狀態，選擇星座品牌可能會讓許多人感到驚訝。在大麻產品興起的背景下，Z 世代的酒精消費量低於老一代，這可能對公司的未來產生不利影響。</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，儘管星座品牌是一家酒精股票，但啤酒佔其收入的絕大部分。它擁有一些美國最受歡迎的啤酒如 Modelo 和 Corona 的美國分銷權。然而，這些啤酒來自墨西哥，隨着關税的臨近，Modelo 可能會失去其作為美國第一啤酒的地位。</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，星座品牌的年分紅為每股 4.08 美元，收益率略低於 2.5%。這遠低於包括雪佛龍在內的幾項沃倫·巴菲特投資。</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>儘管如此，自 2015 年以來，分紅每年都在增加，表明它能夠長期提供回報。此外，將星座品牌作為首選意味着還必須論證股票價格上漲的理由，除了分紅增長。</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>星座品牌最終可能會提供這些回報，因為儘管面臨諸多問題，它是一個具有明顯成功路徑的轉型故事。儘管公司及其一些品牌面臨重大挑戰，但人類消費酒精已有數千年，這種動態不太可能改變。</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，消費者往往傾向於熟悉的品牌，而星座品牌恰好擁有這些，特別是在啤酒業務中。該公司還可以通過將其在啤酒領域取得的成功應用於葡萄酒和烈酒業務，顯著擴大收入。</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，儘管投資者可能需要更仔細地觀察才能看到機會。其過去的市盈率為 47，使其看起來昂貴，但資產減值導致了收益倍數的激增。因此，其前瞻市盈率為 13，不包括此類一次性事件，可能是更合適的估值衡量標準。</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>這個低的前瞻市盈率可能是星座品牌目前成為伯克希爾在股票增長方面增長最快的持股的原因。它在 2024 年第四季度開始投資，購買了超過 560 萬股。隨後在第一季度又購買了 640 萬股，在第二季度又購買了 140 萬股。在伯克希爾成為淨賣出股票的情況下，投資如此之多可能表明它看到了其他投資者忽視的機會。</p>
</div><h2>Buying Constellation Brands stock</h2>
<div class="lb-trans"><h2>購買星座品牌股票</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>在評估伯克希爾哈撒韋的高收益分紅股票時，星座品牌可能是增長和收入持有中表現最佳的股票。</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>誠然，它並不是八隻股票中分紅收益率最高的，且其業務也面臨困境。</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，它受益於與知名啤酒品牌的聯繫，葡萄酒和烈酒業務的增長機會可能帶來顯著的收入增加。此外，13 的前瞻市盈率表明投資者變得過於悲觀，這表明伯克希爾及其追隨者可能會在更多投資者認識到該股票的增長潛力時獲利。</p>
</div>

沃倫·巴菲特的投資組合中包含 8 只高收益股息股票——這是我推薦的首選