Share prices have experienced a significant drop this year, but for investors this is an advantage. There are many solid dividend stocks in the market that are now looking more attractive as their prices fall and yields rise. Here are 5 high-quality companies with dividend yields above 5% that can significantly strengthen a passive income-oriented portfolio.

Intel

Shares of semiconductor giant Intel $INTC have been under tremendous pressure this year. Investors are worried about the company's ability to fund its ambitious plan to expand its manufacturing capacity, and some even fear it will have to cut its payout to fund its strategy. This has knocked its share price by more than 40% and pushed its dividend yield over 5%.

Intel took a big step to address these concerns by securing Brookfield Infrastructure as a funding partner for two plants. Brookfield and its partners are investing up to $15 billion, half of the expected cost. This will protect Intel's balance sheet and allow it to fund a healthy and growing dividend. The company has a long history of increasing its payout, which is likely to continue after the Brookfield deal.

Walgreens Boots Alliance

Walgreens Boots Alliance $WBA has an exceptional dividend track record. This healthcare, pharmacy and retail company has been paying a dividend for more than 89 years and has increased it for the last 47 years in a row. That qualifies it as a dividend aristocrat and puts it a few years closer to an even more elite class of dividend kings.

Walgreens' dividend currently yields 5.7%. The company can easily cover this payout. Over the past three quarters, it has produced free cash flow of $2.6 billion. While that was down more than $700 million from the prior year due to lower volumes and pandemic-related government support, it easily covered the $1.25 billion dividend payout. This allowed it to retain funds to invest in further growth.

W.P. Carey

W.P. Carey $WPC is a real estate investment trust (REIT) that pays a dividend of 5.2%. The company generates very stable rental income to support this payout. It has a diversified portfolio of properties across the office, retail, industrial, warehouse and self-storage sectors. It leases these operationally important properties to tenants on a long-term net lease basis, with the tenant bearing the variable costs of property taxes, maintenance and building insurance. Most leases contain annual rate escalation clauses tied to inflation. As a result, W.P. Carey has achieved steadily increasing rental income.

This has helped support the company's ability to increase its dividend. The REIT has increased its payout to its investors every year since going public in 1998. Another factor in the dividend growth is its ability to continue acquiring income-producing properties. Its solid balance sheet allows it to use its broad mandate to seek deals across real estate sectors around the world.

Kinder Morgan

Kinder Morgan $KMIcurrently pays a dividend with a yield of 6.2%. The pipeline giant supports this payout with a solid financial profile. It generates very stable cash flows that are backed by long-term contracts and a government-regulated rate structure. Meanwhile, Kinder Morgan pays out about half of its cash flow through dividends. This allows it to retain cash to strengthen its already solid balance sheet, repurchase shares and fund expansion.

Kinder Morgan is investing money to expand several pipelines, build a renewable natural gas platform and develop several renewable fuel hubs. These investments should help increase the company's cash flow, which will allow it to continue increasing its dividend, which it has been doing for the past five years.

Blackstone

Blackstone $BX is the world's largest alternative asset manager. It collects steady fee income while managing client money. It also generates performance-based income as its investment funds meet their return targets. These two sources provide Blackstone with a large amount of revenue.

The company returns most of that money to shareholders. It buys back shares and pays a dividend, which varies from quarter to quarter depending on earnings. Based on payouts over the past year, Blackstone's dividend yields 5.8%. While this payout will fluctuate in the future, it should continue to grow overall as Blackstone grows its alternative asset business, driven by investors increasingly seeking alternatives to volatile stock and bond markets.

DISCLAIMER: All information contained herein is for informational purposes only and is in no way an investment recommendation. Always do your own analysis.