The stock market rebounded nicely in 2023, with the benchmark S 500 delivering an exceptional total return of 26% year to date. As a result, many dividend-paying stocks have seen their dividend yields -- the ratio of a company's annual dividend to its share price -- fall to less attractive levels for income-seeking investors.

But not every stock has participated in the rally, so here are three dividend stocks that look incredibly cheap at current valuations heading into the new year.

Coca-Cola (NYSE: KO) is a longtime favorite stock of prolific investor Warren Buffett, who first purchased shares through Berkshire Hathaway in 1988. Berkshire Hathaway still owns stock of the beverage giant today, receiving $704 million in dividends in 2022 despite never buying another share after it completed its $1.3 billion investment in 1994.

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Source Fool.com