Trying to mirror the S&P 500 can be a great way to earn a good return in the long run, but investors might be underwhelmed with its yield, which averages just 1.4%. The good news, however, is that if you want to collect more dividend income, it's possible to do so without taking on significant risk.

Three stocks that not only pay you double the S&P 500 average but are also incredibly cheap buys right now are CVS Health (NYSE: CVS), Verizon Communications (NYSE: VZ), and Village Super Market (NASDAQ: VLGEA). If you have $5,000 that you can afford to invest in the stock market, here's why you should consider these high-yielding stocks for your portfolio.

1. CVS Health

CVS Health gives investors a great way to collect a great dividend while also investing in the broader healthcare market. At 4.4%, the stock pays more than three times the S&P 500 average. That yield is a bit higher than normal for CVS because the stock has fallen 18% in the past year.

The company has produced some underwhelming results in recent quarters due to rising healthcare costs. To make matters worse, CVS also drastically slashed its guidance for the year. It now projects diluted earnings per share of at least $5.64 for the year versus an earlier forecast of $7.06. That's a sizable drop, which is due to higher-than-expected medical costs as a result of more medical procedures. It's a trend which CVS expects to persist for the remainder of the year. While it's a concerning issue, it's one that is affecting many healthcare companies this year, not just CVS. And the company is working on improving its margins to help with overall profitability.

If you're investing for the long haul, the stock can still be a solid buy. With CVS, you're getting a pharmacy retailer, a health insurance business, and a pharmacy benefits manager all rolled into one. The company has also recently expanded into home health with its acquisition of Signify Health last year.

It might not seem like a great time to be a CVS investor given its recent results, but there's reason to remain optimistic as the company is cutting costs and looking to expand its margins. And with the stock trading at less than 11 times its trailing earnings, this has the potential to be a steal of a deal.

2. Verizon Communications

Verizon Communications pays the highest yield on this list, at 6.6%. This, too, is an abnormally high yield for the dividend stock. Although it has been rallying in the past 12 months, it has fallen nearly 30% in just three years as rising interest rates have given income investors more ways to collect a high return.

The telecom has been generating some modest but decent growth. Wireless service revenue totaling $19.8 billion for the most recent period (which ended in June) rose by nearly 4% year over year. That puts Verizon on track to hit its guidance for the year despite a challenging economy.

Verizon has been a great stock for income seekers to buy and hold, having increased its payout for 17 consecutive years. And investors who buy the stock today are getting a great deal: It's trading at just 15 times earnings and around 1.8 times book value. Although it has been an underperformer over the years, there is hope for the business and stock to do better this year as many customers potentially look to upgrade their phones to newer models with artificial intelligence capabilities. And if interest rates come down in the near future, a stock with a high-yielding dividend such as Verizon could become a much more attractive buy for income investors.

3. Village Super Market

The lowest-yielding stock on this list is Village Super Market. But at 3.3%, the payout is still far higher than what investors would get with the average stock on the S&P 500. The supermarket operator has been around since 1937 and has more than 30 locations in multiple states, including New York and New Jersey.

It's a fairly stable investment with a very low beta value of 0.25, which means you won't see big movements in its price despite the market's volatility. And there's good stability with earnings as well. Village Super Market has reported a profit in each of the past four quarters even though it generates relatively thin net margins of just over 2%.

In the past 12 months, the stock has generated strong returns of around 30%. But despite this rally, it is still trading at an attractive valuation of just 9 times earnings and right around its book value. For risk-averse investors, this can be an ideal stock to buy and forget about.

Should you invest $1,000 in CVS Health right now?

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David Jagielski has no position in any of the stocks mentioned. The Motley Fool recommends CVS Health and Verizon Communications. The Motley Fool has a disclosure policy.

Got $5,000? These 3 Cheap Dividend Stocks Pay More Than Double the S&P 500 Average. was originally published by The Motley Fool