Bill Miller's High-Yield Stock Investments
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 17 2026
0mins
Source: Fool
- Miller's Investment Strategy: Bill Miller is renowned for his unique deep value investment strategy, having outperformed the S&P 500 for 15 consecutive years, showcasing his exceptional ability to identify overlooked investment opportunities; although his son, Bill Miller IV, now manages the fund, Miller still retains a stake, ensuring the continuity of his investment philosophy.
- Lincoln National: Lincoln National is the second-largest holding in Miller Value Partners, comprising nearly 8% of total assets; despite trimming its position by about 3% in Q4 2025, the stock has become attractive due to a more than 20% decline year-to-date, currently offering a dividend yield of 5.24% with a payout ratio below 20%, indicating relatively safe dividend potential.
- Gray Media: As the third-largest holding in Miller Value Partners, Gray Media saw a 12% increase in its stake in Q4 2025; despite its stock price plummeting over 80% from its 2021 peak, its 7.71% high dividend yield continues to attract investors, although its 74% payout ratio raises concerns about sustainability.
- Quad/Graphics Performance: Quad/Graphics ranks as the fifth-largest holding in Miller Value Partners, with a 4.4% increase in position in Q4 2025; the stock has more than doubled over the past three years, currently offering a 5.5% dividend yield, and after cutting dividends from 2019 to 2024, it has recently begun to increase payouts, indicating improved financial health.
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Analyst Views on LNC
Wall Street analysts forecast LNC stock price to rise
9 Analyst Rating
3 Buy
5 Hold
1 Sell
Hold
Current: 35.090
Low
41.00
Averages
47.56
High
59.00
Current: 35.090
Low
41.00
Averages
47.56
High
59.00
About LNC
Lincoln National Corporation is a holding company, which operates multiple insurance and retirement businesses through subsidiary companies. The Company operates through four segments, which include Annuities, Life Insurance, Group Protection and Retirement Plan Services. The Annuities segment provides tax-deferred investment growth and lifetime wealth accumulation and protection opportunities for its clients by offering variable annuities, fixed including indexed annuities and registered index-linked annuities (RILA). The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (IUL) and variable universal life insurance (VUL) products, linked-benefit products, and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products and services, including short- and long-term disability, statutory disability and paid family medical leave administration.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Lincoln National Declares Quarterly Dividend of $0.45
- Quarterly Dividend Stability: Lincoln National has declared a quarterly dividend of $0.45 per share, consistent with previous announcements, demonstrating the company's stability amid market uncertainties, which is likely to attract income-seeking investors.
- Consistent Dividend Record: The company has announced a $0.45 dividend for nineteen consecutive quarters, a policy that not only boosts investor confidence but also reflects strong cash flow and profitability.
- Dividend Yield: The current dividend yield stands at 5.13%, providing relative attractiveness in the current market environment, which may draw more income-focused investors and enhance the stock's market performance.
- Future Outlook: Despite anticipating $2B-$2.5B in net outflows from retirement plan services in Q2 2026, Lincoln National maintains its Group Protection margin goal of over 8%, indicating confidence in its future profitability.
See More
Bill Miller's High-Yield Stock Investments
- Miller's Investment Strategy: Bill Miller is renowned for his unique deep value investment strategy, having outperformed the S&P 500 for 15 consecutive years, showcasing his exceptional ability to identify overlooked investment opportunities; although his son, Bill Miller IV, now manages the fund, Miller still retains a stake, ensuring the continuity of his investment philosophy.
- Lincoln National: Lincoln National is the second-largest holding in Miller Value Partners, comprising nearly 8% of total assets; despite trimming its position by about 3% in Q4 2025, the stock has become attractive due to a more than 20% decline year-to-date, currently offering a dividend yield of 5.24% with a payout ratio below 20%, indicating relatively safe dividend potential.
- Gray Media: As the third-largest holding in Miller Value Partners, Gray Media saw a 12% increase in its stake in Q4 2025; despite its stock price plummeting over 80% from its 2021 peak, its 7.71% high dividend yield continues to attract investors, although its 74% payout ratio raises concerns about sustainability.
- Quad/Graphics Performance: Quad/Graphics ranks as the fifth-largest holding in Miller Value Partners, with a 4.4% increase in position in Q4 2025; the stock has more than doubled over the past three years, currently offering a 5.5% dividend yield, and after cutting dividends from 2019 to 2024, it has recently begun to increase payouts, indicating improved financial health.
See More
Stadion Partners with Morningstar to Launch Retirement Account Services
- Strategic Collaboration Announced: Stadion Money Management has formed a strategic partnership with Morningstar Retirement to launch Stadion Managed Accounts through Lincoln Financial's Retirement Plan Services, combining Stadion's professional investment management with Morningstar's personalization technology to deliver more tailored investment offerings for plan participants.
- Innovative Service Features: The new service leverages Stadion's investment management expertise alongside Morningstar's personalization engine, aiming to enhance investment outcomes in the retirement market and help participants achieve better retirement results, reflecting Lincoln Financial's ongoing commitment to innovative solutions.
- Market Impact: This service is now available to eligible retirement plans on Lincoln Financial's Alliance platform, with plan sponsors encouraged to contact their Lincoln Financial representatives for more information, which is expected to attract more client interest and enhance market competitiveness.
- Company Background: Founded in 1993, Stadion focuses on retirement plan and participant investment solutions and is a wholly owned subsidiary of Smart USA, collaborating with financial professionals and asset managers to provide high-quality retirement investment services.
See More
Lincoln National Corporation Q1 2026 Earnings Call Insights
- Sustained Operating Income Growth: Lincoln National Corporation reported a 16% year-over-year increase in adjusted operating income for Q1, reaching $326 million or $1.66 per diluted share, demonstrating the company's ongoing execution in fortifying its capital foundation and driving profitable growth, despite a GAAP net loss of $211 million reflecting market risk impacts.
- Annuity Sales Dynamics: Total annuity sales for the first quarter were $3.9 billion, with spread-based products accounting for 64%, although variable annuity sales declined year-over-year, aligning with the company's strategic goal to reduce market sensitivity, indicating a shift towards a more balanced business mix.
- Retirement Plan Services Outlook: Management anticipates net outflows in Retirement Plan Services to rise to between $2 billion and $2.5 billion in Q2, primarily due to plan terminations that did not meet profitability targets, highlighting the importance of profitability in the company's short-term cash flow management.
- Life Insurance Business Improvement: The life insurance segment reported operating income of $41 million in Q1, a significant improvement from a loss of $16 million in the prior year, reflecting the ongoing benefits from alternative investment returns and consolidation efforts, although the earnings flow will take time to materialize meaningfully.
See More
Centro Expands API Integration with Lincoln for Enhanced Broker Experience
- API Integration Upgrade: Centro's expansion of its API integration with Lincoln introduces RFP data exchange capabilities, enabling brokers to submit proposals more efficiently while reducing manual entry and enhancing data accuracy, thereby optimizing client service experiences.
- Process Automation: RFP data submitted through the Centro Broker Portal flows directly into Lincoln's systems, eliminating rekeying and minimizing the risk of human error, which is expected to accelerate proposal submission and response times, enhancing overall workflow efficiency.
- Realizing Collaborative Vision: Centro President Treg Balding noted that this partnership reflects the potential of strong partners coming together with a shared vision, leveraging technology to streamline processes, reduce manual touchpoints, and enhance the connection experience between brokers and their clients.
- Commitment to Continuous Innovation: Centro is dedicated to modernizing broker-carrier workflows by continuously integrating leading carriers like Lincoln, enabling brokers to respond more quickly to market demands and create greater value for clients.
See More
Lincoln National Q1 Earnings Exceed Expectations
- Strong Earnings Performance: Lincoln National reported a Q1 non-GAAP EPS of $1.66, beating expectations by $0.06, which reflects the company's robust profitability and boosts investor confidence.
- Significant Revenue Growth: The company achieved revenues of $5.31 billion in Q1, representing a 13.2% year-over-year increase and exceeding expectations by $370 million, indicating a strong business growth momentum that solidifies its market position.
- Capital Allocation Strategy: Lincoln National's strategic positioning in high yield and capital appreciation enables it to effectively navigate challenges posed by rising private credit risks, showcasing its resilience in uncertain market conditions.
- Valuation and Fundamentals Alignment: The company's valuation remains in sync with its fundamentals, and despite technical caution in the market, its strong financial performance and solid fundamentals lay a foundation for future growth.
See More
Lincoln National Declares Quarterly Dividend of $0.45
- Quarterly Dividend Stability: Lincoln National has declared a quarterly dividend of $0.45 per share, consistent with previous announcements, demonstrating the company's stability amid market uncertainties, which is likely to attract income-seeking investors.
- Consistent Dividend Record: The company has announced a $0.45 dividend for nineteen consecutive quarters, a policy that not only boosts investor confidence but also reflects strong cash flow and profitability.
- Dividend Yield: The current dividend yield stands at 5.13%, providing relative attractiveness in the current market environment, which may draw more income-focused investors and enhance the stock's market performance.
- Future Outlook: Despite anticipating $2B-$2.5B in net outflows from retirement plan services in Q2 2026, Lincoln National maintains its Group Protection margin goal of over 8%, indicating confidence in its future profitability.
See More
Bill Miller's High-Yield Stock Investments
- Miller's Investment Strategy: Bill Miller is renowned for his unique deep value investment strategy, having outperformed the S&P 500 for 15 consecutive years, showcasing his exceptional ability to identify overlooked investment opportunities; although his son, Bill Miller IV, now manages the fund, Miller still retains a stake, ensuring the continuity of his investment philosophy.
- Lincoln National: Lincoln National is the second-largest holding in Miller Value Partners, comprising nearly 8% of total assets; despite trimming its position by about 3% in Q4 2025, the stock has become attractive due to a more than 20% decline year-to-date, currently offering a dividend yield of 5.24% with a payout ratio below 20%, indicating relatively safe dividend potential.
- Gray Media: As the third-largest holding in Miller Value Partners, Gray Media saw a 12% increase in its stake in Q4 2025; despite its stock price plummeting over 80% from its 2021 peak, its 7.71% high dividend yield continues to attract investors, although its 74% payout ratio raises concerns about sustainability.
- Quad/Graphics Performance: Quad/Graphics ranks as the fifth-largest holding in Miller Value Partners, with a 4.4% increase in position in Q4 2025; the stock has more than doubled over the past three years, currently offering a 5.5% dividend yield, and after cutting dividends from 2019 to 2024, it has recently begun to increase payouts, indicating improved financial health.
See More
Stadion Partners with Morningstar to Launch Retirement Account Services
- Strategic Collaboration Announced: Stadion Money Management has formed a strategic partnership with Morningstar Retirement to launch Stadion Managed Accounts through Lincoln Financial's Retirement Plan Services, combining Stadion's professional investment management with Morningstar's personalization technology to deliver more tailored investment offerings for plan participants.
- Innovative Service Features: The new service leverages Stadion's investment management expertise alongside Morningstar's personalization engine, aiming to enhance investment outcomes in the retirement market and help participants achieve better retirement results, reflecting Lincoln Financial's ongoing commitment to innovative solutions.
- Market Impact: This service is now available to eligible retirement plans on Lincoln Financial's Alliance platform, with plan sponsors encouraged to contact their Lincoln Financial representatives for more information, which is expected to attract more client interest and enhance market competitiveness.
- Company Background: Founded in 1993, Stadion focuses on retirement plan and participant investment solutions and is a wholly owned subsidiary of Smart USA, collaborating with financial professionals and asset managers to provide high-quality retirement investment services.
See More
Lincoln National Corporation Q1 2026 Earnings Call Insights
- Sustained Operating Income Growth: Lincoln National Corporation reported a 16% year-over-year increase in adjusted operating income for Q1, reaching $326 million or $1.66 per diluted share, demonstrating the company's ongoing execution in fortifying its capital foundation and driving profitable growth, despite a GAAP net loss of $211 million reflecting market risk impacts.
- Annuity Sales Dynamics: Total annuity sales for the first quarter were $3.9 billion, with spread-based products accounting for 64%, although variable annuity sales declined year-over-year, aligning with the company's strategic goal to reduce market sensitivity, indicating a shift towards a more balanced business mix.
- Retirement Plan Services Outlook: Management anticipates net outflows in Retirement Plan Services to rise to between $2 billion and $2.5 billion in Q2, primarily due to plan terminations that did not meet profitability targets, highlighting the importance of profitability in the company's short-term cash flow management.
- Life Insurance Business Improvement: The life insurance segment reported operating income of $41 million in Q1, a significant improvement from a loss of $16 million in the prior year, reflecting the ongoing benefits from alternative investment returns and consolidation efforts, although the earnings flow will take time to materialize meaningfully.
See More
Centro Expands API Integration with Lincoln for Enhanced Broker Experience
- API Integration Upgrade: Centro's expansion of its API integration with Lincoln introduces RFP data exchange capabilities, enabling brokers to submit proposals more efficiently while reducing manual entry and enhancing data accuracy, thereby optimizing client service experiences.
- Process Automation: RFP data submitted through the Centro Broker Portal flows directly into Lincoln's systems, eliminating rekeying and minimizing the risk of human error, which is expected to accelerate proposal submission and response times, enhancing overall workflow efficiency.
- Realizing Collaborative Vision: Centro President Treg Balding noted that this partnership reflects the potential of strong partners coming together with a shared vision, leveraging technology to streamline processes, reduce manual touchpoints, and enhance the connection experience between brokers and their clients.
- Commitment to Continuous Innovation: Centro is dedicated to modernizing broker-carrier workflows by continuously integrating leading carriers like Lincoln, enabling brokers to respond more quickly to market demands and create greater value for clients.
See More
Lincoln National Q1 Earnings Exceed Expectations
- Strong Earnings Performance: Lincoln National reported a Q1 non-GAAP EPS of $1.66, beating expectations by $0.06, which reflects the company's robust profitability and boosts investor confidence.
- Significant Revenue Growth: The company achieved revenues of $5.31 billion in Q1, representing a 13.2% year-over-year increase and exceeding expectations by $370 million, indicating a strong business growth momentum that solidifies its market position.
- Capital Allocation Strategy: Lincoln National's strategic positioning in high yield and capital appreciation enables it to effectively navigate challenges posed by rising private credit risks, showcasing its resilience in uncertain market conditions.
- Valuation and Fundamentals Alignment: The company's valuation remains in sync with its fundamentals, and despite technical caution in the market, its strong financial performance and solid fundamentals lay a foundation for future growth.
See More
