Billionaire investors generally don't necessarily need dividend income to make ends meet. They buy dividend-paying stocks because they know that companies committed to returning a portion of earnings to shareholders tend to outperform ones that don't.

In the first three months of the year, billionaire hedge fund managers bought millions of shares of (NYSE: PFE) and AT (NYSE: T).

Both of these dividend payers offer mouthwatering yields near 6% at recent prices. Here's a look at how they could maintain their quarterly payouts over the long run. Let's see if they're right for everyday investors, too.

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Source Fool.com