PepsiCo's (NYSE:PEP) success is backed by a catalog of strong snack and beverage brands and a distribution infrastructure that's among the best in the food and beverage industry. The stock boasts a solid 3.1% dividend yield at current prices, and the company has a 48-year streak of delivering annual payout growth that puts it just two years out from achieving Dividend King status.

PepsiCo offers plenty of attractive characteristics for income-focused investors, and it's not hard to see why the stock has long been a staple in income-focused portfolios. On the other hand, some investors may be looking for stocks that have bigger yields. Read on for profiles of three stocks paying dividends that trounce Pepsi's. 

After a surprisingly good employment report showing that the U.S. added 2.5 million jobs in May, when many economists had forecast about 8 million net jobs would be lost across that stretch, the S&P 500 rallied and is down less than 1% year to date as of this writing. That's a remarkable recovery in light of volatile economic and political conditions that investors have faced in 2020, but there are still some appealing stocks that have seen substantial dips on the year and are sporting elevated yields.

Blocks spelling out the word yield on top of five stacks of gold coins.

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Brookfield Infrastructure Partners

Brookfield Infrastructure Partners (NYSE:BIP) is a master limited partnership (MLP) that owns business stakes and assets in industries including energy, utilities, transportation, and communications. The outlook for some of these industries got hit hard amid uncertainty created by the coronavirus and volatility for energy and other commodities markets, prompting the partnership's price to hit a three-year low in March.

Brookfield Infrastructure's units (the MLP equivalent of shares) are still down roughly 3% year to date and have a yield of roughly 4.4% at current prices. However, its funds from operations held up relatively well in the first quarter, declining just 3% year over year. 

With signs that economies in the U.S. and other countries where Brookfield Infrastructure Partners owns assets could see quicker-than-expected recoveries, it could have tailwinds on the near horizon. Even if the road to full economic recovery proves to be a rockier, more-protracted affair, Brookfield Infrastructure Partners' diversified portfolio has feasible avenues to long-term growth, and shareholders can look forward to hefty dividend payments along the way. 

Verizon

Verizon (NYSE:VZ) is still down roughly 6% year to date despite the market's recent rally, and its stock deserves consideration from investors seeking a big yield backed by a sustainable underlying business. Shares yield roughly 4.3% and look non-prohibitively valued, trading at roughly 12 times the average analyst target for this year's earnings.

The company has more mobile wireless customers than any other carrier in the U.S., and its 4G LTE network typically receives top rankings when it comes to speed and coverage availability. The next big step for the telecom giant is bridging consumer and enterprise customers to 5G -- next-generation wireless technology that offers dramatically improved upload and download speeds.

The nationwide rollout of 5G is still at an early stage, but Verizon has taken an early lead in expanding network availability and delivering high-end speeds. Investors should proceed with the understanding that the consumer transition to 5G will take years to transpire. But Verizon's business already looks pretty sturdy, and opportunities in next-gen network technology should be a positive catalyst over the next decade and help the company continue returning cash to shareholders.   

Hanesbrands

The last few years have been challenging for Hanesbrands (NYSE:HBI). The business has been facing increased competition from in-house brands at mass-channel retail giants including Target and Walmart, and this year's coronavirus pandemic resulted in temporary closures for stores and complicated the company's supply chains.

Hanesbrands shares have fallen roughly 12% year to date, and a whopping 40% over the last three years, but this has also had the effect of elevating the company's dividend yield. The stock currently boasts a 4.5% yield and trades at roughly 18 times the average analyst target for this year's earnings. That earnings multiple might look lofty in the context of the company's recent performance, but it stems from the business having taken a substantial hit due to coronavirus-related conditions, and there's a good chance its performance will rebound. 

Socks and underwear aren't doing much to drive growth these days, but the company's Champion brand clothing has been putting up great results and still has momentum. Hanesbrands' direct-to-consumer sales push in digital and brick-and-mortar channels and cost-saving initiatives could be substantial margin catalysts and help boost free cash flow to fund its payout.

The dividend has been flat since 2017, but the company held it steady despite operating challenges when declaring its most recent dividend in May. Hanesbrands already sports a hefty yield, and its beaten-down valuation and bright spots within the business suggest significant comeback potential.