Trying to mirror the S 500 can be a great way to earn a good return in the long run, but investors might be underwhelmed with its yield, which averages just 1.4%. The good news, however, is that if you want to collect more dividend income, it's possible to do so without taking on significant risk.

Three stocks that not only pay you double the S 500 average but are also incredibly cheap buys right now are CVS Health (NYSE: CVS), Verizon Communications (NYSE: VZ), and Village Super Market (NASDAQ: VLGEA). If you have $5,000 that you can afford to invest in the stock market, here's why you should consider these high-yielding stocks for your portfolio.

CVS Health gives investors a great way to collect a great dividend while also investing in the broader healthcare market. At 4.4%, the stock pays more than three times the S 500 average. That yield is a bit higher than normal for CVS because the stock has fallen 18% in the past year.

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Source Fool.com