Just like their counterparts in the bond market, stocks with high dividends are designed to attract investors who would otherwise shun them. And it is for this reason that dividend-paying stocks might interest investors who want to add diversity to their portfolios. For instance, if you have a stock portfolio with lots of tech and health care and want to add some balance, buying dividend-paying stocks is one way to do that. At the same time, you will be adding value investments to your portfolio, or stocks that are undervalued by some measure. I think buying the individual stocks is too risky for most investors.
Mutual funds are a better way to go.
But dividend payments signal a particular kind of stock, a stock that might appeal to a retiree in a low tax bracket looking for income and to investors who want to add some value investments to their portfolios.