The thing about stock price and DY is interesting. If the price of the stock keep on going up, in order to maintain the same DY percentage the company would have to give out higher amount of dividend value. This will definitely give more advantage to the earlier buyer since their DY percentage will keep on increasing based on the earlier lower price they paid. But if the company paying out the same amount of dividend, the div yield percentage will be lower for new buyer. Maybank is an example.

Maybank dividend maintain almost the same for years even though its share price goes up and down. Thats why its div yield percentage goes up and down. This would also means that there will be time where the percentage looks low enough to disinterest dividend stock buyer.