Anchor text and other link-related text will definitely count toward keywords and overall in content, as it's an item on the page. As to whether or not these would push your page toward being seen as stuffed, depends wholly on three things:
- Is the rest of your content heavy with that keyword?
- Do the pages to which they link have content that isn't absolutely related to the topic suggested in the anchor text?
- Are there a lot of links with anchor text like this?
If the answer to any of these questions is "yes", then you may want to reconsider things a touch. The short answer is, yes, the anchor text for links is counted as part of the content of a page, and therefore will effect all aspects to which content can be hinged.
