During his nearly six decades of running Berkshire Hathaway (BRK.A 1.56%) (BRK.B 1.44%), Warren Buffett has never felt compelled to initiate a dividend program. However, he has certainly benefited significantly from dividends paid out by the companies in which Berkshire has held positions.

Some of Buffett's dividend stocks don't offer dividends that are anything to get excited about. For example, Apple ranks as Berkshire's biggest holding by far but pays a paltry dividend yield of 0.56%.

But other stocks owned by Berkshire pay dividend yields that are well above the S&P 500 average of close to 1.6%. Nearly 25% of Buffett's portfolio is invested in these three attractive dividend stocks.

1. Bank of America

Bank of America (BAC 1.91%) trails only Apple as Buffett's second-largest holding. The stock makes up 8.7% of Berkshire's total portfolio, including shares owned by Berkshire subsidiary New England Asset Management.

The banking crisis earlier this year weighed on Bank of America's share price. However, this decline has pushed BofA's dividend yield higher. It now stands at a hair under 3%.

Buffett seems to have become disenchanted with most bank stocks over the last couple of years. But he's still a big fan of Bank of America, telling CNBC in an interview earlier this month, "I don't wanna sell it."

2. Chevron

The massive sell-off of oil stocks in 2020 spurred Buffett to load up on shares of Chevron (CVX -0.66%). Today, Berkshire owns more than $28.8 billion of Chevron stock. That's enough for the oil and gas giant to make up 8.1% of Berkshire's total portfolio and rank in third place behind Bank of America.

Income investors have loved Chevron for years. They still have reason to love it now with the company's dividend yield of more than 3.5%. Chevron has also increased its dividend for 36 consecutive years, a streak that seems likely to continue well into the future.

Buffett likes Chevron for two primary reasons. First, he doesn't appear to believe that the demand for oil and gas will decline anytime soon. Second, he appreciates Chevron's valuation. Even with strong gains over the past couple of years, the stock still trades at less than 11 times expected earnings.

3. The Coca-Cola Company

The Coca-Cola Company (KO -0.74%) ranks as Berkshire's fourth-largest holding, making up 7.4% of the conglomerate's portfolio. It's also Buffett's longest-held position: He first bought shares of Coca-Cola for Berkshire 34 years ago.

Coca-Cola claims an even more impressive dividend track record than Chevron. It's a Dividend King with 61 consecutive years of dividend increases. The beverage leader's dividend yield of nearly 2.9% also isn't too shabby.

In 2013, Buffett stated, "We've never sold a share of Coca-Cola stock, and I wouldn't think of selling a share." Ten years later, the legendary investor still appears to feel the same way.

Are they smart picks for other investors?

My view is that all three of these top Buffett dividend stocks are smart picks for investors right now. But I have different reasons for liking each stock.

I think that Bank of America should make a strong comeback once the dust settles with the banking industry turmoil. BofA is one of the "too big to fail" stocks that would survive even if it faced issues of its own. However, the company remains in strong financial shape and recently beat expectations with its Q1 results.

Chevron is another stock that I fully expect will take off in an even bigger way soon. The company should benefit from Saudi Arabia's oil production cuts. I agree with oil industry observers who predict that oil prices will rise this summer. If this happens, Chevron stock will rise as well.

The Federal Reserve appears to believe that a recession is now likely in 2023. If the Fed is right, Coca-Cola should be a good stock to own. Consumer defensive stocks typically hold up well during recessions. I suspect that Coca-Cola will be a favorite for nervous investors if there's an economic downturn.