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When Warren Buffett buys a stock, the entire financial world wants to know about it. That's because Buffett, Chairman of investment conglomerate Berkshire Hathaway, is arguably the most famous investor of all time.

Few investors know the degree to which Warren Buffett is a dividend investor. Over 90% of his portfolio is invested in dividend paying stocks. His top four holdings, which make up over 60% of his portfolio, have an average dividend yield of 3%. You can see Buffett's highest yielding dividend stocks here.

Each quarter, Berkshire Hathaway submits its 13F filing to the SEC. Investment institutions file 13F reports each quarter to disclose changes to their investment portfolios. Investors tend to pay particularly close attention to Berkshire Hathaway's 13F.

Buffett's latest 13F Filing came out this month. Buffett added to his already massive stake in 2 large dividend stocks.

These two Buffett-approved dividend stocks are analyzed in detail in this article.

Buffett Buy One: Phillips 66

Oil refiner Phillips 66 (PSX) - Get Free Report is a core holding for Berkshire Hathaway. In fact, it represents the sixth-largest holding, with a market value of $6.25 billion as of June 30. Berkshire added to its Phillips 66 investment by acquiring an additional 3.23 million shares last quarter.

Berkshire made its first investment in Phillips 66 last year. At that time, Buffett mentioned he was fond of the company's management team, which has done an excellent job. Phillips 66 was spun off from independent oil and exploration giant ConocoPhillipsin 2012.

Since its IPO, Phillips 66's stock price has returned 110% to investors, while the S&P 500 Index is up 59% in the same time. Phillips 66 has nearly doubled the overall market return, and remember that return figure doesn't even include dividends.

Phillips 66 has increased its dividend six times since its IPO, and according to the company, its dividend growth rate in that span is an outstanding 33% per year. The current dividend yield is an attractive 3.3%.

It can return so much cash to shareholders because it has a highly profitable, growing business. Refining is the one area of the energy sector that has benefited from volatility in the price of oil. The dramatic oil price decline over the past two years has caused Phillips 66's feedstock costs to fall, which widened its margins.

Because of this tailwind, the company's net income increased 11% last year. The refining business led the way, with 60% earnings growth for the year.

Buffett has also stated that he appreciates Phillips 66's diversified business model. It is not just a refiner; it also has a significant midstream business and a chemicals business.

Berkshire now owns approximately 15% of Phillips 66. Phillips 66 rates highly using The 8 Rules of Dividend Investing thanks to its low price-to-earnings ratio of 13.8, 3.3% dividend yield, and solid long-term growth prospects.

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Buffett Buy Two: Apple

In addition to Phillips 66, Berkshire Hathaway added to its stake in technology giant Apple (AAPL) - Get Free Report . Berkshire bought another 5.41 million shares of Apple, and now holds 15.23 million shares, for a current market value of approximately $1.45 billion.

Apple has had a difficult year. Revenue and earnings per share declined 7.4% and 8.6%, respectively, over the first three quarters of the fiscal year. The company has suffered from a lull in between major iPhone releases, and the slowdown in the emerging markets like China.

But the investment case for Apple is compelling: Apple is enormously profitable, has a balance sheet loaded with cash, and there are plenty of near-term catalysts that are likely to boost future growth.

Apple could announce the iPhone 7 as early as September. This will be huge for the company, since the iPhone itself makes up approximately 57% of Apple's total revenue.

Separately, Apple's services business is booming. Revenue in that segment jumped 19% last quarter, and reached a record for Apple. This was largely due to the App Store, which posted 37% revenue growth last quarter.

Thanks to the explosive growth in apps, Apple is realizing the full benefit of its massive ecosystem.

A new iPhone and continued growth in other products and services should allow Apple to return to revenue and earnings growth next year. If that happens, the stock may finally break out of its stagnating valuation multiples. Apple stock trades for a forward price-to-earnings ratio of just 12.

Apple has a huge amount of cash, which will help it stay flexible to continue innovating. It has $231 billion in cash, marketable securities, and long-term investments on its balance sheet.

As a famous value investor, it's easy to see why Buffett likes Apple. Its cheap valuation, 2.5% dividend yield, and iron-clad balance sheet are margins of safety that should be enticing to value investors.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.