Updated on April 1st, 2020 by Bob Ciura
Spreadsheet data updated daily
The Dividend Aristocrats are a select group of 64 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 64 Dividend Aristocrats. You can download an Excel spreadsheet of all 64 (with metrics that matter such as dividend yields and price-to-earnings ratios) by clicking the link below:
Note: On January 24th, 2020, Amcor (AMCR), Atmos Energy (ATO), Realty Income (O), Essex Property Trust (ESS), Ross Stores (ROST), Albemarle (ALB), and Expeditors International (EXPD) were added to the Dividend Aristocrats Index which brings the total number of Dividend Aristocrats up from 57 to 64. These new aristocrats will be covered on Sure Dividend very soon.
Source: S&P News Release
You can see detailed analysis on all 64 further below in this article, in our Dividend Aristocrats In Focus series. Analysis includes valuation, growth, and competitive advantage(s).
Table of Contents
- How To Use The Dividend Aristocrats List To Find Dividend Investment Ideas
- Performance of the Dividend Aristocrats
- Sector Overview
- The 7 Best Dividend Aristocrats Today
#7: Stanley Black & Decker (SWK)
#6: Pentair plc (PNR)
#5: Walgreens Boots Alliance (WBA)
#4: Leggett & Platt (LEG)
#3: Chevron Corporation (CVX)
#2: People’s United Financial (PBCT)
#1: Exxon Mobil (XOM)
- Dividend Aristocrats Analysis (The Dividend Aristocrats In Focus Series)
- Historical Dividend Aristocrats List (1989 – 2019)
- Final Thoughts
You can also watch the following video for more information on the Dividend Aristocrats and see a table of the Dividend Aristocrats below.
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 64 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 forward 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 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 ‘P/E Ratio”, and then click on ‘Descending’.
Step 4: Review the highest ranked Dividend Aristocrats before investing. You can see detailed analysis on every Dividend Aristocrat further 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. A table of contents for easy navigation is below.
Performance Through March 2020
In March 2020, The Dividend Aristocrats, as measured by the Dividend Aristocrats ETF (NOBL), registered a decline of 13.9%. It underperformed the SPDR S&P 500 ETF (SPY) for the month.
- NOBL generated total returns of -13.9% in March 2020
- SPY generated total returns of -12.8% in March 2020
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 outperformed the market by 0.3% annually over the last decade – with slightly lower volatility as well.
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.
Related: The video below shows the Great Recession performance of every Dividend Aristocrat (excluding the new Aristocrats for 2019 and 2020).
The Dividend Aristocrats Index has beaten the market over the last decade (and over the last 28 years)…
I 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.
A sector breakdown of the Dividend Aristocrats index is shown below:
The top 2 sectors by weight in the Dividend Aristocrats are Consumer Staples and Industrials. The Dividend Aristocrats Index is tilted toward Consumer Staples and Industrials relative to the S&P 500. These 2 sectors make up over 43% 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 1.6% 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 7 Best Dividend Aristocrats Today
The following section ranks our top 7 Dividend Aristocrats to buy today, based on expected annual returns through 2025. These 7 stocks represent attractive long-term buys for dividend growth investors.
- 5-year Expected Annual Returns: 17.8%
Stanley Black & Decker has a particularly impressive history of paying–and raising–its dividend. The company has paid consecutive dividends for 143 years, and has increased its dividend for the past 52 years in a row. Not only is it a Dividend Aristocrat, but it is a Dividend King as well.
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, and the #2 position in commercial electronic security and engineered fastening. Stanley Works and Black & Decker merged in 2010 to form the current company.
Source: Investor Presentation
The company reported earnings results for the fourth quarter and full-year on 1/29/2019. Adjusted earnings-per-share totaled $2.18 for the quarter, which was $0.01 below estimates, but was a 3.3% improvement from the previous year. Revenue grew 2.2% to $3.7 billion, which was $80 million lower than expected. For 2019, adjusted earnings-per-share grew 3% to $8.40, which was the midpoint for the company’s guidance. Revenue was higher by 3% to $14.4 billion. Stanley Black & Decker had 2% organic growth during the quarter and 3% for the year.
Among product segments, Tools & Storage had 2% organic growth due to strength in both North America and Europe. Growth in Craftsman and new product innovation overcame weakness in Canada and the industrial focused business. Sales for the Industrial segment had 9% net sales growth as contributions from acquisitions were partially offset by lower volumes. Organic sales were down 4% for the quarter as Engineered Fastening was flat and Infrastructure was lower by 17% due to challenging markets in oil & gas pipelines and scrap steel. Security organic sales were up 4% as North America produced 7% growth.
Stanley Black & Decker has seen earnings-per-share grow at a rate of 8% over the past ten years. Stanley Black & Decker remained profitable over the Great Recession but saw earnings decline 15% in 2008 and 20% in 2009. In the years since, Stanley Black & Decker has generally seen its earnings-per-share rise consistently. We expect the company to continue to grow earnings-per-share at a rate of 8% annually due to organic revenue growth and contributions from acquisitions such as Craftsman.
Shares of Stanley Black & Decker trade for a 2020 P/E ratio of 11.2. Our fair value estimate is a P/E of 15.7, which is the 10-year historical average for the stock. Valuation expansion could boost annual returns by 7.0% per year through 2025. The current dividend yield of 2.8% and expected EPS growth of 8% per year result in total expected returns of 17.8% per year.
- 5-year Expected Annual Returns: 17.9%
Until recently, Pentair was a diversified industrial conglomerate. The company recently spun off its Technical Solutions segment and now operates as a pure-play water solutions company that operates in 3 segments: Aquatic Systems, Filtration Solutions, and Flow Technologies. Pentair generates annual sales of $3 billion and the stock trades with a market capitalization of $5 billion. Pentair has increased its dividend for more than four decades in a row, when adjusted for spin-offs, which makes Pentair a member of the Dividend Aristocrats Index.
Pentair reported its fourth quarter earnings results on January 28. The company was able to generate revenues of $755 million during the quarter, which was 2.0% more than the company’s revenues during the fourth quarter of the previous year, which beat estimates slightly. Core sales, which excludes the impact of currency rate movements, acquisitions, and divestments, declined 1% year over year.
Source: Investor Presentation
Pentair was able to grow its margins, which was a major positive, and which allowed the company to grow its operating profits by 5% year over year. Pentair recorded earnings-per-share of $0.68 for the fourth quarter, up by a very solid 13% compared to the previous year’s quarter. Pentair’s earnings-per-share beat the analyst consensus by $0.03, or roughly 5%.
Between 2008 and 2017 (before the nVent spin-off) Pentair grew its earnings-per-share by 5.5% annually. Company management believes that a long-term earnings-per-share growth rate of 10% is possible, but we expect a 6%-7% earnings-per-share growth rate from Pentair over the next five years.
Pentair’s strongest competitive advantages lie within its managerial practices. The company employs a strategy called the Pentair Integrated Management System which has allowed its organizational structure to remain lean, and which has allowed the company to grow its strong margins in the past. Pentair is a leader in the niche markets it targets, and through tuck-in acquisitions, Pentair can grow its size and scale further.
Shares trade for a 2020 P/E ratio of 11.8; our fair value estimate is a P/E of 18. Valuation expansion could boost annual returns by 8.8% per year through 2025. The current dividend yield of 2.6% and expected EPS growth of 6.5% per year result in total expected returns of 17.9% per year.
- 5-year Expected Annual Returns: 18.3%
Walgreens Boots Alliance is a pharmacy retailer with over 18,000 stores in 11 countries. The stock currently has a $41 billion market capitalization. Walgreens has increased its dividend for 44 consecutive years.
The company recently concluded fiscal 2020 Q1, and the results were mixed. Walgreens reported a 6% decline in adjusted earnings-per-share for the quarter while sales increased 1.6% (up 2.3% on a constant currency basis), thanks to continued growth in the Retail Pharmacy USA segment and a 5.2% increase in the Pharmaceutical Wholesale segment.
Walgreens made progress on a number of strategic initiatives last quarter. It created a German wholesale joint venture with McKesson (MCK) and formed a group purchasing organization with Kroger (KR) as it believes these strategic partnerships will help it grow its market share and improve its long-term growth outlook. In the short term, it fiscal 2020 outlook expects relatively little change in its earnings-per-share from fiscal 2019.
The most recent quarter showed that the company continues to struggle with earnings-per-share growth, but also is taking steps to secure its long term growth prospects through strategic investment. It is aiming to accomplish this by accelerating its digitization, restructuring its retail business and transforming its stores into neighborhood health centers, and significantly improving cost efficiencies.
Source: Investor Presentation
Pharmacy sales were up 2.9% last quarter, while prescriptions grew 1.4%. This shows that Walgreens continues to be the go-to retailer for pharmacy products and services.
Excluding acquisitions, pharmacy sales and prescriptions still grew 2.5% and 2.8%, respectively. One negative point from the quarter was that Walgreens lost market share by 55 basis points, to 20.9%. In addition, its international segment saw a 2.7% decline in sales due to ongoing soft market conditions in the U.K.
While the company continues to be plagued by sluggishness and growing competition in the space, there should be plenty of room for growth next year and beyond, thanks to sales growth, strategic initiatives, and the continued integration of the Rite Aid acquisition.
Walgreens’ competitive advantage is its leading market share. Its robust retail presence and convenient locations encourage consumers to use Walgreens instead of its competitors. This brand strength means customers keep coming back to Walgreens, providing the company with stable sales and growth.
Consumers are unlikely to cut spending on prescriptions and other healthcare products even during difficult economic times which makes Walgreens very resistant to recessions. Walgreens’ adjusted earnings-per-share declined by just 7% during 2009 and the company actually grew its adjusted earnings-per-share from 2007 through 2010.
Despite its weak fiscal year, Walgreens has a positive long-term growth outlook. Retail Pharmacy has proven to be resistant to e-commerce and will benefit from the aging U.S. population and rising demand for healthcare. The company also raised its cost-cutting target from $1.5 billion, to over $1.8 billion by fiscal 2022. Store closures are part of this plan. Walgreens already announced it will close 200 Boots stores in the U.K., and more recently announced the closure of 200 stores in the U.S.
Walgreens has a current share price of ~$46 and a midpoint for adjusted earnings-per-share of $6.00 for fiscal 2020. As a result, the stock trades for a price-to-earnings ratio of 7.7. This is a low valuation for a highly-profitable company, especially one with a strong brand and leadership position in its industry. Over the past 10 years, Walgreens held an average price-to-earnings ratio of 16.2.
As a result, Walgreens stock appears to be undervalued, relative to both the broader market as well as its own historical averages. But due to Walgreens’ slower growth and current headwinds, we have a 2025 price-to-earnings ratio target of 12 for the stock.
If shares were to expand to meet our target valuation, investors would see 9.3% added to annual returns over the next five years. Plus, Walgreens has 5% expected annual earnings-per-share growth and a 4% dividend yield. In this forecast, total annualized returns could exceed 18% over the next five years.
- 5-year Expected Annual Returns: 20.6%
Leggett & Platt is an engineered products manufacturer. The company’s products include furniture, bedding components, store fixtures, die castings, and industrial products. Leggett & Platt has 14 business units, 22,000 employees, and 130 manufacturing facilities across 18 countries. Leggett & Platt was founded in 1883 and the stock has a market capitalization of $3.5 billion.
Source: Investor Presentation
Leggett & Platt reported its fourth quarter earnings results on February 3. The company reported revenues of $1.14 billion for the quarter, which represents an 8.6% growth rate compared to the prior year’s quarter. Revenues missed the consensus analyst estimate slightly. The company’s revenue growth was based on a 13% sales gain thanks to the impact of acquisitions, while the company’s decision to exit some businesses resulted in a small headwind to revenues.
Leggett & Platt generated earnings-per-share of $0.68 during the fourth quarter, which represents a solid gain of 10% versus earnings-per-share of $0.62 during the previous year’s quarter. Leggett & Platt’s earnings-per-share for the fourth quarter also beat the analyst consensus estimate slightly.
Leggett & Platt’s profitability is also vulnerable during recessions. Between 2008 and 2009, Leggett & Platt’s earnings-per-share declined by more than 50%, although the company’s profits recovered to a new record level in the following years. In the long run, Leggett & Platt will likely continue to deliver earnings-per-share growth through a combination of organic sales increases, acquisitions, and ongoing share repurchases
Leggett & Platt traded at a relatively high valuation throughout much of the last decade, with shares being valued at a high-teens to low-20s earnings multiple during most of these years. Following a nearly 50% year-to-date decline in the share price, the valuation is down to an attractive level. Shares trade for a 2020 price-to-earnings ratio of 10.6, based on expected EPS of $2.50. By contrast, our fair value estimate is a P/E of 16.
Expansion of the P/E multiple could add 8.6% to Leggett & Platt’s annual returns, as will the 6% dividend yield. And, the company has increased its annual dividend for 49 consecutive years. Combined with expected five-year annual EPS growth of 6%, we expect total returns just above 20% per year through 2025.
- 5-year Expected Annual Returns: 21.3%
Chevron is a global oil and gas super-major. It is an integrated company, with upstream exploration and production as well as downstream refining operations. Last year, Chevron generated 78% of its earnings from its upstream segment. The company has a market capitalization of $136 billion.
In late January, Chevron reported (1/31/20) financial results for the fourth quarter of fiscal 2019. In the quarter, production remained flat over the prior year’s quarter but in the full year it grew 4% thanks to strong growth in the Permian Basin. However, in the quarter, the average realized price of oil and gas fell. In addition, Chevron incurred a $9.2 billion net asset write-off, as the value of its North American natural gas assets has slumped.
We believe that the sustained growth in the Permian Basin and in Australia will help the oil major meet its production guidance. We continue to expect the company to grow its earnings-per-share by about 8% per year on average over the next five years. Chevron expects to grow production by 3% to 4% per year through 2024, thanks to a strong lineup of upstream assets.
Source: Investor Presentation
Of course, the recent plunge in oil prices could derail Chevron’s growth. But the company has committed itself to spending reductions to keep profits and dividends intact. For example, Chevron recently announced it will trim 2020 capital expenditures by $4 billion, equaling a 20% reduction. It will also suspend its share buybacks, but the company has reiterated that its dividend is its top priority within its financial framework.
Chevron has above-average dividend safety considering its industry. As a commodity producer, Chevron is vulnerable to any downturn in the price of oil, particularly given that it is the most leveraged oil major to the oil price.
Chevron’s main competitive advantage is its size and industry position. As major projects have recently been completed, the company has achieved record free cash flows in the last three years.
Chevron stock trades for a 2020 price-to-earnings ratio of 11.7, based on expected EPS of $6.20. Our fair value estimate is a P/E of 15.8, meaning the stock is undervalued. The company also recently raised its dividend 8.4% and will keep raising its dividend for the foreseeable future. Chevron is a member of the exclusive Dividend Aristocrats list thanks to its 33 consecutive years of dividend increases.
With a 7.1% dividend yield, future expected EPS growth of 8% per year, and a positive 6.2% annual contribution from an expanding P/E multiple, we expect total annual returns of 21.3% per year through 2025.
- 5-year Expected Annual Returns: 22.7%
People’s United Financial is a regional bank and financial services company engaged in real estate and mortgage lending, equipment financing, consumer loans, life insurance, brokerage services, wealth management, and traditional banking services. The company has a network of 400+ branches, with total assets of $52 billion and a market capitalization of $4.8 billion.
In mid-January, People’s United Financial reported (1/16/20) financial results for the fourth quarter of fiscal 2019. Due to flat interest rates, the net interest margin of the company remained essentially flat. Nevertheless, the company grew its operating earnings-per-share 3% over last year’s quarter, from $0.36 to a record $0.37, thanks to the acquisition of United Financial.
On an organic basis, loans remained flat sequentially and deposits declined -1% but net interest income and non-interest income grew 10% and 17%, respectively, thanks to the acquisition. Management expects the net interest margin to remain essentially flat this year.
Source: Investor Presentation
People’s United Financial has a positive growth outlook in the coming years. Acquisitions will continue to help the company expand its geographic reach and customer base. It recently acquired VAR Technology Finance, which focuses on serving the technological sector.
People’s United Financial also completed the acquisition of BSB Bancorp. More recently, on November 1st People’s United Financial completed the acquisition of United Financial Bancorp, Inc. (UBNK). This acquisition will enhance the presence of the company in central Connecticut and western Massachusetts.
The bank also continues to benefit from higher loan balances thanks to organic and acquired growth. Net interest margin expansion seems to have ceased, so this acquisition-led growth will be critical for People’s United to achieve our earnings-per-share growth estimate of 5% annually through 2025.
People’s United is not a recession-resistant company. As a financial services provider, its profits are highly correlated to economic growth. For example, from 2007-2010, earnings-per-share declined 54% as the Great Recession took its toll. With that said, it remained profitable throughout, and continued to increase its dividend through the Great Recession, an impressive feat for a bank.
People’s United has a secure dividend. We expect $1.46 in earnings-per-share for 2020; the current dividend payout stands at $0.71 per share, for a dividend payout ratio of just 49%. With a payout ratio less than half of expected EPS, investors can be confident that the dividend is secure.
We expect earnings-per-share of $1.46 for 2020. Based on this, the stock trades for a price-to-earnings ratio (P/E) of 7.6. Our fair value estimate is a P/E of 13, which we believe is warranted due to the company’s growth potential and dividend history. Expansion of the valuation multiple could produce an 11.3% annual boost to shareholder returns through 2025.
Combining valuation changes with the 5.0% expected annual earnings growth and the 6.4% dividend yield, we expect total returns of 22.7% per year for People’s United Financial stock over the next five years.
- 5-year Expected Annual Returns: 24.9%
Like Chevron, Exxon Mobil is an integrated super-major, with operations across the oil and gas industry. In 2019, the oil major generated over 80% of its earnings from its upstream segment, with the remainder from its downstream (mostly refining) segment and its chemicals segment.
In late January, Exxon reported (1/31/20) financial results for the fourth quarter of 2019. Production remained flat over last year’s quarter, as a 4% increase in liquids was offset by a 5% decrease in gas. Excluding non-recurring gains of $3.9 billion, which resulted from asset sales, adjusted earnings-per-share plunged 71%, from $1.41 to $0.41, primarily due to depressed margins in the downstream and chemical segments.
Source: Earnings Slides
We remain positive regarding Exxon’s long-term growth prospects. Global demand for oil and gas continues to rise, which provides a strong fundamental tailwind for the company’s long-term future. According to a recent company presentation, new supply of 550 billion barrels of oil and 2,100 trillion cubic feet of natural gas are required through 2040 to meet projected global demand. In preparation, the oil major has greatly increased its capital expenses in order to grow its production from 4.0 to 5.0 million barrels per day by 2025.
The Permian Basin will be a major growth driver, as the oil giant has about 10 billion barrels of oil equivalent in the area and expects to reach production of more than 1.0 million barrels per day in the area by 2024. Guyana, one of the most exciting growth projects in the energy sector, will be another major growth driver.
In 2019, Exxon Mobil made 6 major deep-water discoveries in Guyana and Cyprus. In Guyana, Exxon Mobil has started Liza Phase I ahead of schedule. Guyana’s total recoverable resources are estimated at over 8 billion oil equivalent barrels.
Like Chevron, Exxon Mobil’s growth potential is challenged by the recent decline in commodity prices, as well as the prospect of a global recession due to the coronavirus. We view the coronavirus as a short-term issue which should abate in a matter of months.
Exxon Mobil’s earnings are volatile, due to the cyclical nature of the oil and gas industry. For 2020, we expect adjusted earnings-per-share of $3.50. The stock trades for a P/E ratio of 10.8. Our fair value estimate is a P/E of 13, as investor sentiment has eroded while the company turns itself around. Expansion of the P/E multiple could boost annual returns by 3.8% per year.
Because of Exxon Mobil’s depressed earnings, we expect a snap-back with 12% annual expected earnings-per-share growth over the next five years. Including the 9.1% dividend yield, we expect total annual returns of nearly 25% per year over the next five years. Along with Chevron, Exxon Mobil is a riskier Dividend Aristocrat due to its volatile industry. But a recovery in oil and gas prices could mean strong returns for investors willing to buy at these depressed prices.
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, with its date in brackets.
- Archer-Daniels-Midland (ADM) | [2/14/20]
- Amcor (AMCR) | [2/14/20]
- Brown-Forman (BF-B) | [3/17/20]
- Colgate-Palmolive (CL) | [2/9/20]
- Clorox (CLX) | [2/10/20]
- Coca-Cola (KO) | [2/19/20]
- Hormel Foods (HRL) | [3/1/20]
- Kimberly-Clark (KMB) | [1/26/20]
- McCormick & Company (MKC) | [1/28/20]
- PepsiCo (PEP) | [2/14/20]
- Procter & Gamble (PG) [1/23/20]
- Sysco Corporation (SYY) [11/21/19]
- Wal-Mart (WMT) | [3/1/20]
- Walgreens Boots Alliance (WBA) | [1/8/20]
- A.O. Smith (AOS) | [1/30/20]
- Cintas (CTAS) | [12/28/19]
- Dover (DOV) | [2/3/20]
- Emerson Electric (EMR) | [2/13/20]
- Expeditors International (EXPD) | [2/3/20]
- Illinois Tool Works (ITW) | [2/4/20]
- 3M (MMM) | [1/29/20]
- Pentair (PNR) | [1/29/20]
- Roper Technologies (ROP) | [2/13/20]
- Stanley Black & Decker (SWK) | [1/29/20]
- W.W. Grainger (GWW) | [11/11/19]
- General Dynamics (GD) | [3/17/20]
- Caterpillar (CAT) | [2/4/20]
- United Technologies (UTX) | [1/28/20]
- Abbott Laboratories (ABT) | [1/22/20]
- AbbVie (ABBV) | [2/9/20]
- Becton, Dickinson & Company (BDX) | [2/6/20]
- Cardinal Health (CAH) | [2/7/20]
- Johnson & Johnson (JNJ) | [1/22/20]
- Medtronic (MDT) | [2/19/20]
- Genuine Parts Company (GPC) | [2/6/20]
- Leggett & Platt (LEG) | [2/7/20]
- Lowe’s Companies (LOW) | [11/27/19]
- McDonald’s (MCD) | [1/29/20]
- Ross Stores (ROST) | [3/5/20]
- Target (TGT) | [3/8/20]
- V.F. Corporation (VFC) | [1/23/20]
- Aflac (AFL) | [2/5/20]
- Cincinnati Financial (CINF) | [2/22/20]
- Franklin Resources (BEN) | [2/1/20]
- S&P Global (SPGI) | [2/15/20]
- T. Rowe Price Group (TROW) | [1/30/20]
- Chubb (CB) | [2/7/20]
- People’s United Financial (PBCT) | [1/19/20]
- Air Products and Chemicals (APD) | [2/19/20]
- Albemarle (ALB) | [2/19/20]
- Ecolab (ECL) | [2/20/20]
- PPG Industries (PPG) | [1/16/20]
- Sherwin-Williams (SHW) | [2/3/20]
- Nucor (NUE) | [3/18/20]
- Linde (LIN) | [2/20/20]
- Essex Property Trust (ESS) | [12/29/19]
- Federal Realty Investment Trust (FRT) | [3/18/20]
- Realty Income (O) | [2/22/20]
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 – 2020)
The image below shows the history of the Dividend Aristocrats Index from 1989 through 2020:
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.
This information was compiled from the following sources:
- 1989 – 1991: Dividend Growth Investor
- 1992 – 2015: NOBL Index Historical Constituents
- 2016: Sure Dividend update
- 2017 – 2020: Data from S&P press releases
Other Dividend Lists & Final Thoughts
The Dividend Aristocrats list is not the only way to quickly screen for businesses that regularly pay rising dividends.
- The Dividend Achievers List is comprised of more than 250 businesses with 10+ years of consecutive dividend increases.
- The Dividend Kings List is even more exclusive than the Dividend Aristocrats. It is comprised of less than 20 businesses with 50+ years of consecutive dividend increases.
- The Sure Dividend Blue Chip Stocks List
- The High Dividend Stocks List
- The Monthly Dividend Stocks List
There is nothing magical about the Dividend Aristocrats. They are ‘just’ a collection of high quality shareholder friendly businesses that have strong competitive advantages.
Purchasing this type of business 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.”