The average stock in the S&P 500 has a dividend that only yields 1.6%. However, investors can secure much higher yields than that without taking on much extra risk. If you've got $5,000 that you can afford to invest in the stock market right now, one good way to put that money to work would be to load up on some high-yielding dividend stocks. Three of the best deals out there for income-focused investors today are Kraft Heinz (KHC -0.55%), Enbridge (ENB -1.21%), and Pfizer (PFE 0.55%).

Kraft Heinz: 4.8% dividend yield

Kraft Heinz is a Warren Buffett stock that provides investors with a solid payout, some excellent brands, and relative stability for the long haul. This year, its shares are down 18% as investors have grown concerned about how economic conditions will impact businesses that are relying largely on price increases for growth.

Through the first three quarters of 2023, Kraft generated 3.5% in revenue growth, with net sales topping $19.8 billion. But sales grew rather than shrank entirely due to price increases, which accounted for 10.8 percentage points worth of its top-line result. Sale volumes were down 5.9%. However, Kraft's earnings remained strong, at $2.1 billion year to date, up 41% year over year thanks in part to an increase in the company's gross profit margin.

It's a challenging situation for Kraft, but it suggests there's room for flexibility here. The company could reduce prices to improve its volume mix. And with many strong brands in its portfolio, including Kraft and Heinz, this is a top food business to invest in for the long haul. Even if its sales volumes are down, they likely won't stay that way as economic conditions improve.

Trading at less than 11 times estimated future profits, Kraft's stock could be a steal of a deal right now.

Enbridge: 7.6% dividend yield

Pipeline company Enbridge normally offers its investors an above-average yield, so it's no surprise it would be on this list. This year, the stock has dipped by 13% as concerns about weakening demand for oil, especially as travel demand tightens up, have investors worried that stocks in the oil and natural gas industry may be running out of steam. Some investors also weren't excited when Enbridge announced in September that it was going to spend $14 billion to acquire assets from Dominion Energy. While that deal will enhance the company's growth prospects, investors are worried about the midstream giant taking on additional debt  to fund it at a time when interest rates are high.

But Enbridge is more reliable than your average oil and natural gas stock. The company reported earnings earlier this month, showing again that there aren't any causes for concern about the business. It reported distributable cash flow of 2.6 billion Canadian dollars, which was higher than the CA$2.5 billion it reported in the prior-year period. The company also says that it will finish the year with a ratio of debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) below the range of 4.5 to 5.0 that it previously set as its target, which is good news for investors.

In the long run, Enbridge can be an excellent income-producing investment to hang on to. While investors may be concerned about rising debt, those issues could be overblown; the company is producing strong results and has shown that it has a good grasp of its debt levels. The stock trades at less than 18 times expected future profits, which is below the S&P 500's average ratio of 19.

Pfizer: 5.3% dividend yield

The stock with the worst recent performance on this list is Pfizer. The healthcare stock has fallen by close to 40% based on investors' assumption that its COVID-related revenues will continue to decline. Slowing demand for antiviral Paxlovid and vaccine Comirnaty are key reasons the company's third-quarter revenue fell by 41%. While that trend is concerning, it's not something that should have investors too worried about the company in the long run.

Pfizer is already planning ahead not for just a loss of COVID-19 product revenue but for losses of exclusivity on many of its top assets. It knows it will lose billions in revenue this decade to generic competition, but that's why it has also sought out a deal with cancer company Seagen to bolster its growth prospects. That's just one of many deals that Pfizer has been working on in recent years.

Plus, there are still other growth catalysts for Pfizer. In August, the Food and Drug Administration granted accelerated approval for Elrexfio, a therapy for a hard-to-treat blood cancer that could bring in $4 billion in annual revenue for Pfizer at its peak. It's also working on a weight-loss drug, danuglipron, that in trials has shown comparable results to Ozempic (which Novo Nordisk makes).

Pfizer is yet another example where investors may be overreacting to near-term challenges and overlooking a company's long-term potential. Trading at less than 10 times future expected earnings, this could be a bargain buy for the long haul.