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Perhaps I am misunderstanding you, but you seem to be saying that there's no point in buying a stock which is paying a big dividend as people will already reflect the future dividends in the stock price.

If you believe that the market is always going to price things correctly, then indeed there is no point to fundamental analysis [nor technical for that matter]. However, if you don't, then your argument would not follow - a company paying a big dividend now will vary the size of that dividend according to the profitability of the company and the growth opportunities available. If one can superiorly analyse either of these factors, one can better predict the cash flows to investors than the market is pricing.

In theory, it really is irrelevant whether the stock just paid a huge dividend or no dividend at all other than the fact that a huge dividend reflects management confidence in the future of the company. In the real market there may be some effect as a result of fund buying etc