Billionaire Bill Miller: A Legend in Investment

There are few investors truly deserving of the title “legend.” Bill Miller definitely fits that bill.

His notable success, particularly with the S&P 500, is often talked about. Miller has a knack for spotting undervalued opportunities that many investors overlook. He founded Miller Value Partners in 1999 and was its chairman and chief investment officer until 2023. Even though his son, Bill Miller IV, now heads the fund, Bill still maintains ownership of the stock.

Miller Value Partners adheres to the same successful strategies that defined Miller’s long career. The fund invests across various sectors, prominently in value stocks and numerous dividend stocks. Here are the top three high-dividend stocks in its portfolio.

1. Lincoln National

Lincoln National (NYSE:LNC) offers various financial products, including pensions, insurance, and retirement benefits, serving around 17 million customers. The company was founded in 1905 and is named after President Abraham Lincoln.

This financial stock is the second-largest holding in Miller Value Partners, accounting for about 8% of total assets. However, the fund slightly reduced its position in the last quarter of 2025 by selling approximately 3% of its shares.

Interestingly, Lincoln National’s stock has dropped over 20% this year, following a 40% increase in 2025. This decline has made it attractive for value investors, with the stock trading at just four times its expected earnings.

Furthermore, income investors might find Lincoln National appealing. The future dividend yield stands at 5.3%. Although the company hasn’t raised dividends in recent years, its payout ratio is under 20%, suggesting that the dividend is relatively secure.

2. Gray Media

Gray Media (NYSE:GTN) is the largest local television station owner in the U.S., operating in 118 markets and reaching about 37% of households. It has the largest Telemundo Affiliate group and also owns Grey Digital Media and Raycom Sports.

This telecommunications stock ranks third in Miller Value Partners’ portfolio. Unlike Lincoln National, Gray Media has increased its ownership in the fund, with a 12% stake increase in the fourth quarter of 2025.

Gray Media’s stock has had its ups and downs in 2026, but it still remains over 80% below its all-time highs from late 2021. Despite this, the company’s earnings multiple is under 2x, which is pretty low.

In terms of dividends, Gray Media has maintained consistent payouts. With a payout ratio of 74%, it’s not as solid as Lincoln National’s, yet its 7.7% dividend yield remains very attractive.

3. Quad/Graphics

Quad/Graphics (New York Stock Exchange: Quad) specializes in Marketing Experience (MX), offering tools for creating marketing content and analyzing campaigns. Serving around 2,100 clients, including major companies like Amazon (NASDAQ:AMZN) and Kroger (NYSE:KR), it has a robust market presence.

This stock is the fifth largest in the Miller Value Partners portfolio, with a roughly 4.4% increase in position during the last quarter of 2025.

In contrast to Lincoln National and Gray Media, Quad has reported solid profits through 2026. Notably, its stock price has more than doubled over the past three years, even while remaining reasonably priced at 6.2 times forward earnings.

Quad/Graphics has a future dividend yield of 5.5%. The company reduced its dividend between 2019 to 2024 but has since started raising it again in recent years.

Common Threads

There are a couple of similarities between Lincoln National, Gray Media, and Quad/Graphics. For starters, they are all characterized as high dividend stocks. Also, they share their status as value stocks. Interestingly, none of them are large-cap stocks.

Lincoln National holds the title of the largest among these, with a market cap of $6.5 billion, while Gray Media and Quad are categorized as small-cap stocks, each under $500 million. This isn’t too surprising; Miller has often stated that significant mispricing opportunities often exist within smaller companies that don’t attract as much analyst coverage.

Admittedly, some investors might find these stocks unappealing; they may view them as potential value traps. However, the combination of high yields and low expectations can offer excellent opportunities, especially for more aggressive investors. Just ask Bill Miller.

Should You Consider Lincoln National Stock Now?

Before making a decision about Lincoln National, keep the following in mind:

Our analyst team at Motley Fool Stock Advisor has identified a selection of what they believe to be the Top 10 stocks worth considering, and Lincoln National isn’t among them. These stocks are projected to offer impressive returns in the upcoming years.

It’s worth noting that if you had invested in some of the stocks from different recommendations made over the years, you could have seen substantial returns. For context, an investment in Netflix made back on December 17, 2004, would have translated into an impressive sum today.

Lastly, the Stock Advisor program showcases a total average return of 993%, far surpassing the S&P 500’s 207% return, which suggests a considerable outperformance. Don’t overlook the latest Top 10 list.