3 High-Yield Dividend Stocks to Buy for Income We've put together a list of 3 high-yield dividend stocks to buy for income below to help you sort through the "dividend traps" and only select the best quality names for your portfolio. Keep reading below to learn more.

It's easy for investors to be drawn to the allure of stocks that offer high dividend yields. After all, a stock's dividend yield essentially tells you how much dividend income you will be getting in comparison to the current stock price. With that said, chasing high yields can be dangerous if you aren't confident in the quality of the company you are buying. A high dividend yield can potentially signify a company is dealing with issues that have caused the stock price to fall substantially. There's always the possibility that a company will cut a dividend too if they are having financial problems. That's why it's so important to only buy high-yield dividend stocks that have a strong business model and generate enough cash flow to sustain the payout.

If you are interested in adding income to your investment portfolio, reliable high-yield dividend stocks are a great option. We've put together a list of 3 high-yield dividend stocks to buy for income below to help you sort through the "dividend traps" and only select the best quality names for your portfolio. Keep reading below to learn more.

Walgreens Boots Alliance (NASDAQ:WBA)

First on our list of high-yield dividend stocks to buy is Walgreens Boots Alliance, a stock that currently offers investors a 3.57% dividend yield. As one of the largest pharmacies in the world, investors can count on this company to generate substantial cash flow to maintain its dividend thanks to nearly 13,500 retail stores that provide products with steady demand. While Walgreens does face competition in the pharmacy space from companies like Amazon, investors should applaud the company's recent strategic moves. That includes the sale of its wholesale distribution business Alliance Healthcare and expanding its VillageMD partnership that will make Walgreens the first national pharmacy chain to offer full-service doctor offices co-located at its stores.

It's also worth noting that Walgreens Boots Alliance is a dividend aristocrat, as the company has increased its dividend payment for 44 consecutive years. The company is also playing a key role in one of the largest vaccination programs in recent memory as the world recovers from the COVID-19 pandemic. Keep in mind that as things return to normal, Walgreens should see an uptick in sales as people start to pursue more elective procedures and physician visits. Finally, the company delivered a strong Q1 earnings beat at the end of March to help investors gain confidence that the company is heading in the right direction.

Exxon Mobil Corp (NYSE:XOM)

Energy companies faced difficult circumstances in 2020, especially due to massive bouts of volatility in the price of oil. However, Exxon Mobil has recovered nicely in 2021 and could be a solid high-yield dividend stock for investors that believe the rebound in the energy sector still has legs. Exxon is one of the world's largest publicly traded integrated oil companies and one of the biggest players in the global energy sector. The company has recently taken steps to protect its dividend, and the way that crude oil prices have performed so far should help investors have confidence that things are looking up for Exxon Mobil.

While it's true that the world is undergoing a shift towards renewable energy sources, this transition will take years if not decades to complete. Exxon Mobil also has some nice potential with offshore oil projects in Brazil, Guyana, Mozambique, and Papua New Guinea. The bottom line here is that investors are getting compensated for the risk associated with the energy sector thanks to a 5.99% dividend yield. As of now, things are looking good for Exxon Mobil and the energy sector should remain stable for the near future, so why not collect a nice dividend from an industry-leading company?

Cardinal Health (NYSE:CAH)

Last up is Cardinal Health, which is a leading healthcare services and products company. It's one of the "big three" companies that control 90% of the U.S. market share in the pharmaceutical distribution industry. Cardinal Health connects manufacturers of pharmaceuticals and medical supplies with a broad range of customers including pharmacies, physician offices, hospitals, clinical labs, and more. We all know how important the healthcare industry is after the pandemic, and Cardinal Health should be a big beneficiary of an uptick in elective procedures as more people get vaccinated.

The stock offers investors a 3.24% dividend yield at this time and is another dividend aristocrat, which is great to see if you are an investor looking for consistent income. Keep in mind that President Joe Biden will likely be building upon the Affordable Care Act in the coming months, which is another potentially positive catalyst for the stock price.

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