Shall we always invest in a company with high dividend yield?

With a dividend issue, share price can be adjusted wrongly if the companies give lower dividend and the share price is penalized.

"The share price of these shares should be higher rather than lower on account of the fact that profits have been added to surplus instead of having been paid out in dividends.
Most frequently, however, the stockholders derive much greater benefits from dividend payments than from additions to surplus; This happens because either the reinvested profits fail to add proportionately to the earning power or they are not true "profits" at all but reserves that had to be retained merely to protect the business. In this majority of cases the market's disposition to emphasize the dividend and to ignore the additions to surplus turns out to be sound" - quoted from Security Analysis by Benjamin Graham.