As the equities market in the United States experiences uncertainty in the face of delayed rate cuts and a global economic slowdown, billionaires are turning to dividend-paying stocks to bolster their portfolio income. These stable, high-yield investments provide a source of passive income while mitigating excessive risks, making them an attractive choice for wealthy investors.

One such stock that has caught the attention of billionaires is AT&T Inc. (NYSE: T), one of the largest telecom companies in the U.S. Ken Griffin, founder and CEO of hedge fund Citadel, holds a substantial 21.25 million shares of AT&T in his portfolio, accounting for 0.35% of Citadel's total portfolio. In the last reported quarter, Griffin purchased nearly 13.72 million shares of AT&T. Ray Dalio, the founder and former co-chief investment officer of hedge fund Bridgewater Associates, also joins the ranks of AT&T investors, holding 1.61 million shares valued at $26.8 billion.

AT&T, who was previously recognized as a Dividend Aristocrat boasting 35 consecutive years of annual dividend raises, recently dropped from the esteemed list after the spinoff of its WarnerMedia business segment. Nevertheless, the company's robust cash reserves and strong cash flows position it well for future dividend payouts. AT&T currently pays $1.11 in dividends annually, resulting in a 6.66% yield on the current stock price. The company reported a free cash flow balance of $5.2 billion as of Sept. 30, with cash from operating activities increasing by 2.4% YoY to $10.3 billion in the third quarter.

Analysts at Oppenheimer & Co. Inc., who rate AT&T stock as Outperform, have set a price target of $21, indicating a potential upside of almost 26%. Similarly, Wells Fargo has an Overweight rating on the company with a price target of $20, pointing towards a potential upside of nearly 20%.

In addition to AT&T, billionaire investors are also eyeing Walgreens Boots Alliance Inc. (NASDAQ: WBA), the second-largest pharmacy chain in the U.S. Despite 47 consecutive years of increasing annual dividend payouts, Walgreens made a surprising move by cutting its quarterly dividends by 48% earlier this month. However, its dominant market position and strong cash flow make it an interesting value pick. The company currently offers $1 in dividends annually, yielding 4.55% on the current stock price.

The renowned hedge fund manager Paul Tudor Jones, founder and CIO of Tudor Investment Corp., recently acquired over 613,000 shares of Walgreens during the third quarter, increasing his investment in the company to $22.2 million. Israel Englander, founder of Millennium Management with assets under management exceeding $61 billion, also bought over 1.4 million shares of Walgreens in the same quarter.

While the equities market continues to be uncertain, these dividend-paying stocks appear to be a safe bet for billionaires seeking to boost their portfolio income. As passive income investments, they offer a reliable shield against a potential recession, particularly given their reputation for consistent dividend payments and significant cash reserves.

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By diversifying their investment strategies and tapping into stable income streams, billionaires demonstrate their adaptability and astute decision-making amidst a volatile market. As the year progresses, it will be interesting to see how these dividend-paying stocks continue to attract the attention of wealthy investors, potentially reshaping the equities landscape.