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Dividend Aristocrats

The List Of Dividend Aristocrats In 2019

In this article I discuss the 2019 Dividend Aristocrats. The Dividend Aristocrats are U.S. stocks that that have grown their dividend for 25+ years in a row. The stock must also be included in the S&P 500 and have a minimum market capitalization of $3B. For this reason, a Dividend Aristocrat can also be a Dividend Champion but not vice-versa. These stocks can be found in the S&P 500 Dividend Aristocrats index. There are currently 57 constituents of the index. Note that it is possible for a company to be a Dividend Aristocrat and also a Dividend King. Dividend Kings have raised the dividend for at least 50 consecutive years. I have previously provided a list of Dividend Kings. You can also see the list of Dividend Champions.

Dividend Aristocrats
Dividend Aristocrats

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Additions to the Dividend Aristocrats in 2019

The list of Dividend Aristocrats in 2019 is a fairly select list since there are only 57 companies. This is out of the over 4,000 companies listed on stock exchanges at end of 2018. These companies have survived periods of inflation, stock market crashes, global crises and deep recessions. They may not have grown revenue and earnings per share every year, but they annually raised the dividend without fail for 25 years straight. The most recent members are Chubb (CB), People’s United Financial (PBCT), Caterpillar (CAT), and United Technologies (UTX).

Dividend Aristocrats by Sector

Stocks from the consumers staples sector have the greatest representation on the list of Dividend Aristocrats at 23.7%. This is likely due to relatively stable earnings and cash flow characteristics of these stocks. In addition, these companies tend to grow earnings over time permitting dividend increases. The second sector with high representation is industrials. This class of stocks tend to have somewhat more volatile earnings and cash flows but may have low payout ratios letting them grow the dividends during recessions and economic downturns. The sector breakdown for the 57 Dividend Aristocrats is seen in the chart below. The sector composition has changed with time due to changes in the S&P 500 index composition. Additionally, the Great Recession caused many previous Dividend Aristocrats to freeze or even cut their dividend. These mostly financial stocks were dropped from the list of Dividend Aristocrats. A few industrial stocks were also dropped from the list. In fact, between 2009 and 2010 nineteen companies were dropped from the list of Dividend Aristocrats.

Source: https://us.spindices.com/indices/strategy/sp-500-dividend-aristocrats

Facts on the Current Dividend Aristocrats

The largest Dividend Aristocrat by market capitalization is Johnson & Johnson (JNJ). Combined the 57 Dividend Aristocrats have a total market capitalization of over $4T. The smallest Dividend Aristocrat is Leggett & Platt (LEG). The one with the highest yield is AT&T (T) and the one with the lowest yield is Roper Technologies Inc (ROP). Dover Corp (DOV) is the Dividend Aristocrat with longest streak of consecutively increasing the dividend at 64 years. The two newest Dividend Aristocrats are A.O. Smith (AOS) and United Technologies (UTX) with 24 straight years of increasing the dividend. On average the Dividend Aristocrats have a yield of about 2.5%, which is greater than the broader market average. The average 10-year dividend growth rate is approximately 8.9% and the average payout ratio is ~55%. As a group, the Dividend Aristocrats have exhibited higher returns with lower volatility compared with the S&P 500 resulting in higher Sharpe ratios. Over the past ten years, the Dividend Aristocrats have had an annualized return of 14.74% and a standard deviation of 11.29%, while the S&P 500 has had an annualized return of 13.45% and a standard deviation of 12.57%.

The Dividend Aristocrat list serves as a screen for further investigating a stock for a dividend growth portfolio. It is a list of companies with stable businesses that have competitive advantages and have returned cash to shareowners consistently through dividends and in some cases buybacks.

List of Dividend Aristocrats in 2019

Company NameTickerIndustryNo. YearsDividend Yield (%)10-yr Dividend Growth Rate (%)Payout Ratio (%)Market Cap
Dover Corp.DOVMachinery642.099.7 47.12 $    13,850 
Genuine Parts Co.GPCDistributors633.386.3 56.59 $      13,400 
Procter & Gamble Co.PGHousehold Products632.486.2 201.59 $    308,650 
Emerson ElectricEMRElectrical Equipment623.294.7 62.42 $      37,140 
3M CompanyMMMIndustrial Conglomerates613.5610.5 70.07 $      95,230 
Cincinnati FinancialCINFInsurance591.993.2 30.23 $      18,880 
Johnson & JohnsonJNJPharmaceuticals572.967.0 63.02 $    347,830 
Coca-Cola CompanyKOBeverages572.917.5 94.67 $    238,680 
Colgate-Palmolive Co.CLHousehold Products562.327.8 63.24 $      64,380 
Hormel Foods Corp.HRLFood Products531.9715.0 46.15 $      23,170 
Federal Realty Inv. TrustFRTEquity Real Estate Investment Trusts (REITs)523.254.9 127.27 $        9,860 
Stanley Black & DeckerSWKMachinery522.087.4 49.11 $      21,360 
Target Corp.TGTMultiline Retail522.4715.4 44.30 $      56,810 
Sysco Corp.SYYFood & Staples Retailing492.105.0 54.55 $      38,540 
W.W. Grainger Inc.GWWTrading Companies & Distributors482.1013.2 39.24 $      15,300 
Leggett & Platt Inc.LEGHousehold Durables484.304.0 74.77 $        5,190 
PPG Industries Inc.PPGChemicals481.845.9 41.05 $      26,900 
Becton Dickinson & Co.BDXHealth Care Equipment & Supplies471.2110.2 77.00 $      70,750 
Kimberly-Clark Corp.KMBHousehold Products472.926.2 77.88 $      50,000 
PepsiCo Inc.PEPBeverages472.798.0 45.26 $    193,670 
Nucor Corp.NUEMetals & Mining463.271.5 22.50 $      15,420 
S&P Global Inc.SPGICapital Markets460.888.6 28.93 $      65,790 
VF Corp.VFCTextiles, Apparel & Luxury Goods462.1012.5 55.84 $      34,290 
Wal-Mart Inc.WMTFood & Staples Retailing461.868.3 46.19 $    328,840 
Consolidated EdisonEDMulti-Utilities453.332.0 70.31 $      29,730 
Illinois Tool WorksITWMachinery452.8611.3 57.45 $      49,710 
Archer Daniels MidlandADMFood Products443.689.9 61.40 $      21,300 
Automatic Data Proc.ADPIT Services441.8610.0 60.31 $      75,640 
Walgreens Boots Alliance Inc.WBAFood & Staples Retailing443.5715.0 37.20 $      47,020 
McDonald’s Corp.MCDHotels, Restaurants & Leisure432.129.9 60.18 $    171,260 
Pentair Ltd.PNRMachinery432.004.4 32.88 $        6,250 
Clorox CompanyCLXHousehold Products422.688.0 66.98 $      20,440 
Medtronic plcMDTHealth Care Equipment & Supplies422.0011.9 65.85 $    147,000 
Sherwin-Williams Co.SHWChemicals410.869.4 39.07 $      49,440 
Franklin ResourcesBENCapital Markets393.9613.2 41.11 $      13,740 
AFLAC Inc.AFLInsurance372.158.0 26.21 $      37,600 
Air Products & Chem.APDChemicals372.059.6 59.49 $      50,500 
ExxonMobil Corp.XOMOil, Gas & Consumable Fuels375.087.6 83.86 $    298,460 
Cintas Corp.CTASCommercial Services & Supplies360.7816.1 25.50 $      28,020 
Brown-Forman Class BBF-BBeverages351.138.1 44.56 $      28,310 
AT&T Inc.TDiversified Telecommunication Services355.792.3 89.47 $    261,050 
McCormick & Co.MKCFood Products331.409.0 44.71 $      21,830 
T. Rowe Price GroupTROWCapital Markets332.7511.3 38.24 $      26,790 
Chevron Corp.CVXOil, Gas & Consumable Fuels324.045.9 61.74 $    228,040 
General DynamicsGDAerospace & Defense282.1310.5 36.14 $      55,920 
Ecolab Inc.ECLChemicals270.8912.2 34.33 $      61,060 
People’s United FinancialPBCTBanks274.941.8 55.47 $        5,940 
Caterpillar Inc.CATMachinery263.467.7 40.12 $      68,480 
Chubb LimitedCBInsurance261.9210.2 36.99 $      72,660 
Linde PlcLINChemicals261.858.2 37.31 $    103,030 
Roper Technologies Inc.ROPIndustrial Conglomerates260.5019.0 17.47 $      38,590 
A.O. Smith Corp.AOSBuilding Products251.8919.9 35.48 $        7,830 
United TechnologiesUTXAerospace & Defense252.267.7 42.24 $    115,860 
Source: dripinvesting.org (Data as August 31, 2019)

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Prakash Kolli is the founder of the Dividend Power site. He is a self-taught investor, analyst, and writer on dividend growth stocks and financial independence. His writings can be found on Seeking Alpha, InvestorPlace, Business Insider, Nasdaq, TalkMarkets, ValueWalk, The Money Show, Forbes, Yahoo Finance, and leading financial sites. In addition, he is part of the Portfolio Insight and Sure Dividend teams. He was recently in the top 1.0% and 100 (73 out of over 13,450) financial bloggers, as tracked by TipRanks (an independent analyst tracking site) for his articles on Seeking Alpha.

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