2023 Dividend Aristocrats List | Updated Daily

Article updated on June 2nd, 2023 by Bob Ciura
Spreadsheet data updated daily

The Dividend Aristocrats are a select group of 67 S&P 500 stocks with 25+ years of consecutive dividend increases.

They are the ‘best of the best’ dividend growth stocks. The Dividend Aristocrats have a long history of outperforming the market.

The requirements to be a Dividend Aristocrat are:

Be in the S&P 500
Have 25+ consecutive years of dividend increases
Meet certain minimum size & liquidity requirements

There are currently 67 Dividend Aristocrats. You can download an Excel spreadsheet of all 67 (with metrics that matter such as dividend yields and price-to-earnings ratios) by clicking the link below:

Click here to instantly download your free spreadsheet of all 67 Dividend Aristocrats now, along with important investing metrics.

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

Note 1: On January 24th, 2023 CH Robinson Worldwide (CHRW), Nordson (NDSN), and J.M. Smucker (SJM) were officially added to the Dividend Aristocrats with no deletions, so there are now 67 Dividend Aristocrats.

Note 2: On February 7th, V.F. Corp. (VFC) announced a dividend cut. VFC is officially out of the Dividend Aristocrats Index, reducing the index count to 67 as of March 1st, 2023.

Source: S&P News Releases.

You can see detailed analysis on all 67 further below in this article, in our Dividend Aristocrats In Focus Series. Analysis includes valuation, growth, and competitive advantage(s).

How To Use The Dividend Aristocrats List To Find Dividend Investment Ideas
Performance of the Dividend Aristocrats
Sector Overview
The Top 7 Dividend Aristocrats Now
Dividend Aristocrats Analysis (The Dividend Aristocrats In Focus Series)
Historical Dividend Aristocrats List (1989 – 2023)
Frequently Asked Questions
Final Thoughts

How to Use The Dividend Aristocrats List To Find Dividend Investment Ideas

The downloadable Dividend Aristocrats Excel Spreadsheet List above contains the following for each stock in the index:

Price-to-earnings ratio
Dividend yield
Market capitalization

All Dividend Aristocrats are high-quality businesses based on their long dividend histories. A company cannot pay rising dividends for 25+ years without having a strong and durable competitive advantage.

But not all Dividend Aristocrats make equally good investments today. That’s where the spreadsheet in this article comes into play. You can use the Dividend Aristocrats spreadsheet to quickly find quality dividend investment ideas.

The list of all 67 Dividend Aristocrats is valuable because it gives you a concise list of all S&P 500 stocks with 25+ consecutive years of dividend increases (that also meet certain minimum size and liquidity requirements).

These are businesses that have both the desire and ability to pay shareholders rising dividends year-after-year. This is a rare combination.

Together, these two criteria are powerful – but they are not enough. Value must be considered as well.

The spreadsheet above allows you to sort by trailing price-to-earnings ratio so you can quickly find undervalued, high-quality dividend stocks.

Here’s how to use the Dividend Aristocrats list to quickly find high-quality dividend growth stocks potentially trading at a discount:

Download the list
Sort by ‘Trailing PE Ratio,’ smallest to largest
Research the top stocks further

Here’s how to do this quickly in the spreadsheet:

Step 1: Download the list, and open it.

Step 2: Apply a filter function to each column in the spreadsheet.

Step 3: Click on the small gray down arrow next to ‘Trailing P/E Ratio’, and then sort smallest to largest.

Step 4: Review the highest ranked Dividend Aristocrats before investing. You can see detailed analysis on every Dividend Aristocrat found below in this article.

That’s it; you can follow the same procedure to sort by any other metric in the spreadsheet.

This article examines the characteristics and performance of the Dividend Aristocrats in detail. Click here for a table of contents for easy navigation of this article.

Performance Of The Dividend Aristocrats

In May 2023, the Dividend Aristocrats, as measured by the Dividend Aristocrats ETF (NOBL), registered a negative total return of -5.9% total return. It underperformed the SPDR S&P 500 ETF (SPY) for the month.

NOBL generated negative total returns of -5.9% in May 2023
SPY generated positive total returns of 0.46% in May 2023

Short-term performance is mostly noise. Performance should be measured over a minimum of 3 years, and preferably longer periods of time.

The Dividend Aristocrats Index has slightly underperformed the broader market index over the last decade, with a 11.02% total annual return for the Dividend Aristocrats and a 11.99% total annual return for the S&P 500 Index.

The Dividend Aristocrats have exhibited lower risk than the benchmark, as measured by standard deviation.

Source: S&P Fact Sheet

Higher total returns with lower volatility is the ‘holy grail’ of investing. It is worth exploring the characteristics of the Dividend Aristocrats in detail to determine why they have performed so well.

Note that a good portion of the outperformance relative to the S&P 500 comes during recessions (2000 – 2002, 2008). Dividend Aristocrats have historically seen smaller drawdowns during recessions versus the S&P 500. This makes holding through recessions that much easier. Case-in-point: In 2008 the Dividend Aristocrats Index declined 22%. That same year, the S&P 500 declined 38%.

Great businesses with strong competitive advantages tend to be able to generate stronger cash flows during recessions. This allows them to gain market share while weaker businesses fight to stay alive.

The Dividend Aristocrats Index has beaten the market over the last 28 years…

We believe dividend paying stocks outperform non-dividend paying stocks for three reasons:

A company that pays dividends is likely to be generating earnings or cash flows so that it can pay dividends to shareholders. This excludes ‘pre-earnings’ start-ups and failing businesses. In short, it excludes the riskiest stocks.
A business that pays consistent dividends must be more selective with the growth projects it takes on because a portion of its cash flows are being paid out as dividends. Scrutinizing over capital allocation decisions likely adds to shareholder value.
Stocks that pay dividends are willing to reward shareholders with cash payments. This is a sign that management is shareholder friendly.

In our view, Dividend Aristocrats have historically outperformed the market and other dividend paying stocks because they are, on average, higher-quality businesses.

A high-quality business should outperform a mediocre business over a long period of time, all other things being equal.

For a business to increase its dividends for 25+ consecutive years, it must have or at least had in the very recent past a strong competitive advantage.

Sector Overview

A sector breakdown of the Dividend Aristocrats Index is shown below:

The top 2 sectors by weight in the Dividend Aristocrats are Industrials and Consumer Staples. The Dividend Aristocrats Index is tilted toward Consumer Staples and Industrials relative to the S&P 500.

These 2 sectors make up ~40% of the Dividend Aristocrats Index, but less than 20% of the S&P 500.

The Dividend Aristocrats Index is also significantly underweight the Information Technology sector, with a ~4% allocation compared with over 20% allocation within the S&P 500.

The Dividend Aristocrat Index is filled with stable ‘old economy’ blue chip consumer products businesses and manufacturers; the 3M’s (MMM), Coca-Cola’s (KO), and Johnson & Johnson’s (JNJ) of the investing world.

These ‘boring’ businesses aren’t likely to generate 20%+ earnings-per-share growth, but they also are very unlikely to see large earnings drawdowns as well.

The Top 7 Dividend Aristocrats Now

Analysis on our top 7 Dividend Aristocrats is below. These rankings are based on 5 year forward expected total return estimates from the Sure Analysis Research Database.

Dividend Aristocrat #7: Automatic Data Processing (ADP)

5-year Expected Annual Returns: 11.4%

ADP has grown into the leading payroll and human resource outsourcing company. It has over 1 million clients in more than 140 countries worldwide. ADP provides services including payroll, benefits administration, and human resources management.

Source: Investor Presentation

ADP’s high dividend growth rate make it an ideal stock to beat inflation.

Click here to download our most recent Sure Analysis report on ADP (preview of page 1 of 3 shown below):

Dividend Aristocrat #6: Target Corporation (TGT)

5-year Expected Annual Returns: 13.2%

Target was founded in 1902 and, after a failed bid to expand into Canada, has operations solely in the U.S. market. Its business consists of about 2,000 big box stores offering general merchandise and food and serving as distribution points for its burgeoning e-commerce business. Target’s market capitalization of $74.7 billion should produce about $110 billion in total revenue this year.

Target reported fourth-quarter and full-year earnings on February 28th, 2023, and results were better than expected on both the top and bottom lines and by wide margins.

Source: Investor Infographic

Click here to download our most recent Sure Analysis report on Target Corporation (preview of page 1 of 3 shown below):

Dividend Aristocrat #5: Lowe’s Companies (LOW)

5-year Expected Annual Returns: 14.0%

Lowe’s Companies is the second-largest home improvement retailer in the US (after Home Depot). The company was founded in 1946 and is headquartered in Mooresville, NC. Lowe’s operates or services about 2,200 home improvement and hardware stores in the U.S. and Canada.

Lowe’s reported fourth quarter and full year 2022 results on March 1st, 2023. Total sales for the fourth quarter came in at $22.4 billion compared to$21.3 billion in the same quarter a year ago. Comparable sales decreased 1.5%, while the U.S. home improvement comparable sales declined 0.7%. Adjusted net earnings, which excludes the pre-tax transaction costs associated with the sale of the Canadian retail business, rose 28% year-over-year to $2.28 per share.

For the full year, Lowe’s generated diluted EPS of $10.17, a 15% decrease compared to $12.04 in 2021. The company repurchased 10 million shares in the fourth quarter for $2.0 billion. Additionally, they paid out $643 million in dividends. For the full year, Lowe’s repurchased 71 million shares for $14.1 billion and paid $2.4 billion in dividends.

The company initiated their fiscal 2023 outlook and believe they can achieve diluted EPS in the range of $13.60 to $14.00 on total sales of roughly $89 billion.

Click here to download our most recent Sure Analysis report on Lowe’s (preview of page 1 of 3 shown below):

Dividend Aristocrat #4: Stanley Black & Decker (SWK)

5-year Expected Annual Returns: 16.8%

Stanley Black & Decker is a world leader in power tools, hand tools, and related items. The company holds the top global position in tools and storage sales. Stanley Black & Decker is second in the world in the areas of commercial electronic security and engineered fastening.

Stanley Works and Black & Decker merged in 2010 to form the current company, thought the company can trace its history back to 1843. Black & Decker was founded in Baltimore, MD in 1910 and manufactured the world’s first portable power tool.

Click here to download our most recent Sure Analysis report on SWK (preview of page 1 of 3 shown below):

Dividend Aristocrat #3: Walgreens Boots Alliance (WBA)

5-year Expected Annual Returns: 17.1%

Walgreens Boots Alliance is the largest retail pharmacy in the United States and Europe. The company has a presence in more than nine countries through its flagship Walgreens business and other business ventures.

Source: Investor Presentation

On March 28th, 2023, Walgreens reported results for the second quarter of fiscal 2023. Sales grew 3% but adjusted earnings-per-share slumped -27% over the prior year’s quarter, from $1.59 to $1.16, mostly due to high COVID-19 vaccinations in the prior year’s period. Earnings-per-share exceeded analysts’ consensus by $0.05. The company has beaten analysts’ estimates for 11 consecutive quarters.

However, as the pandemic has subsided, Walgreens is facing tough comparisons. It reaffirmed its guidance for earnings-per-share of $4.45-$4.65 in fiscal 2023, implying a -10% decrease at the mid-point.

Click here to download our most recent Sure Analysis report on Walgreens Boots Alliance (preview of page 1 of 3 shown below):

Dividend Aristocrat #2: 3M Company (MMM)

5-year Expected Annual Returns: 18.7%

3M sells more than 60,000 products that are used every day in homes, hospitals, office buildings and schools around the world. It has about 95,000 employees and serves customers in more than 200 countries.

3M is now composed of four separate divisions: Safety & Industrial, Healthcare, Transportation & Electronics, and Consumer. The company also announced that it would be spinning off its Health Care segment into a standalone entity, which would have had $8.6 billion of revenue in 2021. The transaction is expected to close by the end of 2023.

Source: Investor Presentation

Click here to download our most recent Sure Analysis report on 3M (preview of page 1 of 3 shown below):

Dividend Aristocrat #1: Albemarle Corporation (ALB)

5-year Expected Annual Returns: 22.7%

Albemarle is the largest producer of lithium and second largest producer of bromine in the world. The two products account for nearly two-thirds of annual sales. Albemarle produces lithium from its salt brine deposits in the U.S. and Chile. The company has two joint ventures in Australia that also produce lithium.

Related: 2023 Lithium Stocks List

Source: Investor Presentation

On May 3rd, 2023, Albemarle announced first quarter results. For the quarter, revenue grew 128.3% to $2.58 billion, but this was $160 million less than expected. Adjusted earnings-per-share of $10.32 compared very favorably to $2.38 in the prior year and was $3.26 above estimates.

Click here to download our most recent Sure Analysis report on Albemarle (preview of page 1 of 3 shown below):

The Dividend Aristocrats In Focus Analysis Series

You can see analysis on every single Dividend Aristocrat below. Each is sorted by GICS sectors and listed in alphabetical order by name. The newest Sure Analysis Research Database report for each security is included as well.

Consumer Staples

Industrials

Health Care

Consumer Discretionary

Financials

Materials

Energy

Information Technology

Real Estate

Utilities

Looking for no-fee DRIP Dividend Aristocrats? Click here to read an article examining all 15 no-fee DRIP Dividend Aristocrats in detail.

Historical Dividend Aristocrats List
(1989 – 2023)

The image below shows the history of the Dividend Aristocrats Index from 1989 through 2023:

Note: CL, GPC, and NUE were all removed and re-added to the Dividend Aristocrats Index through the historical period analyzed above. We are unsure as to why. Companies created via a spin-off (like AbbVie) can be Dividend Aristocrats with less than 25 years of rising dividends if the parent company was a Dividend Aristocrat.

Click here to download the 1989 to 2023 Dividend Aristocrats Excel Spreadsheet.

This information was compiled from the following sources:

1989 – 1991: Dividend Growth Investor
1992 – 2015: NOBL Index Historical Constituents
2016: Sure Dividend update
2017 – 2023: Data from S&P press releases

Frequently Asked Questions

This section will address some of most common questions investors have regarding the Dividend Aristocrats.

1. What is the highest-paying Dividend Aristocrat?

Answer: MMM currently yields 6.4%.

2. What is the difference between the Dividend Aristocrats and the Dividend Kings?

Answer: The Dividend Aristocrats must be constituents of the S&P 500 Index, have raised their dividends for at least 25 consecutive years, and satisfy a number of liquidity requirements. The Dividend Kings only need to have raised their dividends for at least 50 consecutive years.

3. Is there an ETF that tracks the Dividend Aristocrats?

Answer: Yes, the Dividend Aristocrats ETF (NOBL) is an exchange-traded fund that specifically holds the Dividend Aristocrats. For a more detailed analysis of dividend ETFs, click here.

4. What is the difference between the Dividend Aristocrats and the Dividend Champions?

Answer: The Dividend Aristocrats and Dividend Champions share one requirement, which is that a company must have raised its dividend for at least 25 consecutive years.

But like the Dividend Kings, the Dividend Champions do not need to be in the S&P 500 Index, nor satisfy the various liquidity requirements.

5. Which Dividend Aristocrat has the longest active streak of annual dividend increases?

Currently, there are 4 Dividend Aristocrats tied at 66 years: Procter & Gamble, Genuine Parts, 3M Company, and Dover Corporation.

6. What is the average dividend yield of the Dividend Aristocrats?

Right now, the average dividend yield of the 67 Dividend Aristocrats is 2.6% (as of 6/6/23).

7. Are the Dividend Aristocrats safe investments?

While there are never any guarantees when it comes to the stock market, we believe the Dividend Aristocrats are among the safest dividend stocks when it comes to the sustainability of their dividend payouts.

The Dividend Aristocrats have durable competitive advantages that allow them to raise their dividends each year, even during a recession.

Other Dividend Lists & Final Thoughts

The Dividend Aristocrats list is not the only way to quickly screen for stocks that regularly pay rising dividends.

The High Yield Dividend Aristocrats List is comprised of the 20 Dividend Aristocrats with the highest current yields.
The Dividend Achievers List is comprised of ~350 stocks with 10+ years of consecutive dividend increases.
The Dividend Kings List is even more exclusive than the Dividend Aristocrats. It is comprised of 48 stocks with 50+ years of consecutive dividend increases.
The High Yield Dividend Kings List is comprised of the 20 Dividend Kings with the highest current yields.
The Blue Chip Stocks List: stocks that qualify as Dividend Achievers, Dividend Aristocrats, and/or Dividend Kings
The High Dividend Stocks List: stocks that appeal to investors interested in the highest yields of 5% or more.
The High Dividend 50 Series
The Monthly Dividend Stocks List: stocks that pay dividends every month, for 12 dividend payments per year.
The Dividend Champions List: stocks that have increased their dividends for 25+ consecutive years.
Note: Not all Dividend Champions are Dividend Aristocrats because Dividend Aristocrats have additional requirements like being in The S&P 500.
The Dividend Contenders List: 10-24 consecutive years of dividend increases.
The Dividend Challengers List: 5-9 consecutive years of dividend increases.

There is nothing magical about the Dividend Aristocrats. They are ‘just’ a collection of high-quality shareholder friendly stocks that have strong competitive advantages.

Purchasing these types of stocks at fair or better prices and holding for the long-run will likely result in favorable long-term performance.

You have a choice in what type of business you buy into. You can buy into the mediocre, or the excellent.

Often, excellent businesses are not more expensive (based on their price-to-earnings ratio) than mediocre businesses.

“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”

– Warren Buffett

Thanks for reading this article. Please send any feedback, corrections, or questions to support@suredividend.com.

Sure Dividend

High-Quality Dividend Stocks, Long-Term Plan

2023 Dividend Aristocrats List | Updated Daily | All 67 Analyzed

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