Warren Buffett has invested more heavily in high-yield dividend stocks than you might think -- depending on how you define "high yield." There is no set standard to qualify as a high-yield stock.

However, I like to use 2x the yield of the SPDR S&P 500 ETF Trust (the largest S&P 500 ETF) as the threshold. The ETF's yield currently stands at 1.43%, which makes any dividend yield of more than 2.86% pass the high-yield test.

Buffett owns quite a few stocks with yields of over 2.86%. In fact, roughly 25% of his Berkshire Hathaway (BRK.A -0.76%) (BRK.B -0.69%) portfolio is invested in these five high-yield dividend stocks.

1. Bank of America

Bank of America (BAC -0.21%) ranks as Buffett's second-largest holding. It makes up 8.7% of Berkshire's overall portfolio. BofA is also one of only a few bank stocks that Buffett still favors these days.

The company announced a dividend hike last month, marking its 10th consecutive year of dividend increases. Its dividend yield stands at nearly 3.3%.

Some banks still have a dark cloud over their heads because of the banking crisis experienced earlier this year. Bank of America, though, remains strong with a rock-solid balance sheet. Its business is booming as well, with revenue and earnings jumping by a double-digit percentage year over year in the second quarter of 2023.

2. The Coca-Cola Company

Buffett has owned shares of The Coca-Cola Company (KO) longer than any other stock. He's also an avid consumer of soft drinks marketed by the company.Coca-Cola is the fourth-largest position for Berkshire, making up 6.9% of its portfolio.

The giant beverage company has been a favorite of income investors for a long time. Coca-Cola has increased its dividend for a remarkable 61 consecutive years. That track record gives it a coveted spot in the elite group of stocks known as Dividend Kings. Coke's dividend yield currently tops 3%.

Buffett once said that his "favorite holding period is forever." Coca-Cola certainly appears to be one of the legendary investor's forever stocks.

3. Chevron

Chevron (CVX 0.37%) isn't too far behind Coca-Cola, ranking as Buffett's fifth-largest holding. The integrated oil and gas producer makes up 5.6% of Berkshire's total portfolio.

Many oil stocks pay attractive dividends. Chevron is no exception with its dividend yield of nearly 3.8%. The company is also a Dividend King with 36 consecutive years of dividend increases. 

Buffett hasn't been as big of a Chevron fan in recent quarters as he has been over the past couple of years. He sold more than 123 million shares of the oil and gas giant in Q2. 

4. Kraft Heinz

Kraft Heinz (KHC -0.55%) is Buffett's seventh-largest position and comprises 3.1% of Berkshire's overall portfolio. However, Berkshire's ties to the food company are greater than that percentage indicates. Kraft Heinz is even listed on Berkshire's website as one of its subsidiaries. 

The bad news about Kraft Heinz's dividend is that the company doesn't have a great track record of dividend increases. Kraft Heinz even slashed its dividend in 2019. The good news is that its dividend yield stands at nearly 4.8%. 

5. HP

Buffett isn't known for his love of tech stocks. However, Berkshire owns a 12.3% stake in HP (HPQ -0.46%). The technology pioneer is Berkshire's 12th-largest holding and makes up 1.1% of the conglomerate's portfolio.

HP has increased its dividend by an impressive 88% over the last five years. Its dividend yield currently is slightly below 3.4%.

Best of the bunch?

Income investors might want to take a look at all of these top high-yield dividend stocks that Buffett owns. But which is the best of the bunch? My vote goes to Bank of America.

The giant bank's dividend yield isn't as high as some of the others on the list. However, Bank of America is attractively valued with its shares trading at only 8.6 times forward earnings. The stock remains more than 20% below its 52-week high. I think there's a good reason Bank of America is Buffett's second-largest holding.