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Is Companhia Energetica Minas Gerais (CIG) the Best High-Dividend Penny Stock to Buy Now?

Famous dividend stocks like Coca-Cola Co (NYSE:KO), Altria Group Inc (NYSE:MO) and PepsiCo Inc (NASDAQ:PEP) often get the limelight. But there are some small companies paying high dividends which often slip through the cracks and remain ignored by the market and analysts.  We recently covered some of the best high-yield penny dividend stocks to buy according to hedge funds. Companhia Energetica Minas Gerais , being a notable name in the energy industry, deserves special attention.

Companhia Energetica Minas Gerais ADR Repstg One Pref Shs  (NYSE:CIG)

Number of Hedge Fund Investors: 13

Brazil-based energy company Companhia Energetica Minas Gerais ADR Repstg One Pref Shs  (NYSE:CIG) is one of the best dividend-paying penny stocks to buy according to smart money investors tracked by Insider Monkey. Of the 933 hedge funds in Insider Monkey's database, 13 hedge funds had long positions in Companhia Energetica Minas Gerais ADR Repstg One Pref Shs  (NYSE:CIG) as of the end of 2023.

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In March, Companhia Energetica Minas Gerais ADR Repstg One Pref Shs  (NYSE:CIG) posted fourth quarter results. Net revenue in the quarter totaled R$9.9 billion, while net profit in the period totaled R$1.9 billion.

Some of the biggest stakeholders of Companhia Energetica Minas Gerais ADR Repstg One Pref Shs  (NYSE:CIG) were Nathaniel August's Mangrove Partners, billionaire Israel Englander's Millennium Management and John Overdeck and David Siegel's Two Sigma Advisors.

Is Companhia Energetica Minas Gerais The Best High-Dividend Penny Stock?

Insider Monkey’s analysis of hedge fund holdings shows that Companhia Energetica Minas Gerais ranks 10th and is not the best high-dividend penny stock to buy now.

Click to see the 9 High-Dividend Penny Stocks Better Than Companhia Energetica Minas Gerais.

Disclosure: None.