Beauty is in the eye of the beholder. So is how much a dividend yield needs to be to qualify as an "ultra-high" yield.

The bar I use for the latter is 4 times the current dividend yield of the S&P 500. That translates to a threshold of roughly 6.2% right now.

But some stocks that make the cut are much better than others. Here are my three favorite ultra-high-yield dividend stocks to buy right now (listed by descending yield).

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Source Fool.com