Bill Ackman has done quite well as an investor. Not only has he amassed a fortune and become a billionaire through his career, but his fund, Pershing Square Capital Management, has generated annualized returns of 17% since launching in 2004.

While Ackman has never been known as a dividend investor, he's definitely purchased stocks over the years that have strong dividends.

Currently, Pershing Square Capital Management only owns six stocks, and two of those are raking in $97 million worth of annual passive income. Let's take a look at these two dividend stocks and see whether or not they would also make good dividend stocks for investors.

1. Restaurant Brands International: $53.2 million in annual dividend income

As one of the largest fast food chains in the world, Restaurant Brands International (QSR 1.03%) is the second-largest position in Pershing Square Capital Management's portfolio. The company owns Burger King, Tim Horton's, Popeye's, and Firehouse Subs. Pershing owns about 24.2 million shares, and RBI pays a quarterly dividend of $0.55 ($2.20 annually), which would amount to roughly $53.2 million of annual passive income if Pershing maintains the same share count.

RBI has paid out and raised its dividend every year for the last 10 years, which is right around when the company came together through a large merger. With an annual dividend yield of around 3.3%, RBI is currently paying an industry-leading dividend, and management has said they do want to continue to grow the dividend over time.

But the company currently has a payout ratio of more than 96%, and profits are currently expected to come down slightly this year from 2022, according to consensus estimates, which are subject to frequent change. So I suspect the dividend will continue to grow very minimally, as it has in recent years, but the yield is solid.

2. Lowe's: $43.7 million in annual dividend income

The home improvement retailer Lowe's (LOW -0.04%) is the largest position in Pershing's portfolio, and it's a stock that has done quite well for Ackman. With Pershing owning roughly 10.4 million shares at the end of 2022 and Lowe's quarterly dividend at $1.05 per share ($4.20 annually), that would result in roughly $43.7 million in annual dividend income.

Lowe's has paid out and grown its dividend for 48 years, meaning it's close to becoming a Dividend King.

In recent years, Lowe's has gotten even more aggressive in growing its dividend. In 2021, it grew its quarterly dividend by about 33%, and last year it grew the dividend by more than 31%. Lowe's currently has an annual dividend yield of 1.95%, which is not exactly a high yield. But the company's dividend payout ratio is still only 34%, so it has plenty of room to grow the dividend.

Over the nine months ending Oct. 28, 2022, Lowe's generated about $8.1 billion of cash from its operating activities, paid out more than $1.7 billion of cash dividends, and had close to $3.2 billion of cash and cash equivalents at the end of that period. Given management's track record of paying a dividend, the recent growth of the dividend, and the payout ratio, I'd say this is a good dividend stock to own.