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Dividend Aristocrats

The Dividend Aristocrats 2021 are U.S. stocks that that have grown their dividend for 25+ years in a row. But that alone does not qualify a stock as a Dividend Aristocrat. In order to be included on the list a company must meet four criteria:

  • Be a member of the S&P 500
  • Have raised the regular dividend per share for 25 consecutive years
  • Have a market capitalization of at least $3 billion
  • Average at least $5 million in daily share trading value for the three months prior to the rebalancing date
  • Minimum number of constituents must be 40 at each rebalancing date. A particular Global Industry Classification Standard or ‘GICS’ should not results in one sector comprising more than 30% of the index weight

The index is updated quarterly in January, April, July, and October.

For this reason, a Dividend Aristocrat can also be a Dividend Champion but not vice-versa. It is also the reason why there are more Dividend Champions than Dividend Aristocrats. These stocks can be found in the S&P 500 Dividend Aristocrats index. There are currently 65 constituents of the index, as of September 30, 2021.

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. Hence, this list serves as a starting point for small investors seeking to research potential ideas.

Dividend Aristocrats
Dividend Aristocrats 2021

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Performance Update of the Dividend Aristocrats 2021

The Dividend Aristocrats 2021 currently (as of September 30, 2021) has a yield of about 2.44% and the average forward price-to-earnings ratio is approximately 17.35X. The mean market capitalization is roughly $84,434 million and the median market capitalization is roughly $44,601 million. The market cap ranges between approximately $5,977 million to $425,146 million. The total market capitalization is approximately $5,488,190 million.

In 2020, the Dividend Aristocrats provided a total return of 8.68%. This was the lowest return since 2019 and the fourth lowest return in the past decade. The price return was 5.68%. This performance was relatively poor considering the strong positive market returns of most U.S indices. There was only one Dividend Aristocrat whose dividend was cut or suspended. Much of the poor return was likely caused by high sector weighting of stocks in cyclical sectors that were impacted by the COVID-19 pandemic.

Historical Performance

As a group, the S&P 500 Dividend Aristocrats have exhibited solid returns with low volatility. Over the past 10 years, the Dividend Aristocrats have had an annualized total returns of 14.49% and a standard deviation of 12.84% while the benchmark (the S&P500 Index) has had an annualized total returns of 14.84% and a standard deviation of 13.59%. Over the past 5-years, the Dividend Aristocrats have had an annualized total return of 13.64% with a standard deviation of 14.8%, while the benchmark has had annualized total returns of 16.16% and a standard deviation of 17.65%.

Dividend Aristocrats 2021 Historical Performance
Source: S&P Dow Jones Indices

The table below the calendar year performance from 2011 to 2020.

Dividend Aristocrats 2021 Trailing Returns
Source: S&P Dow Jones Indices

Impending Changes to the Dividend Aristocrats in 2021

On January 22, 2021, the S&P Dow Jones Indices announced that the list would be changes with an effective date of February 1, 2021. Three stocks will be added to the list and three will be deleted from the list. The three stocks that were added are International Business Machines (IBM), NextEra Energy (NEE), and West Pharmaceutical Services (WST). The three companies that were deleted were Carrier Global (CARR), Otis Worldwide (OTIS), and Raytheon Technologies (RTX). This will have the effect of adding zero net names to the list for a total of 65 stocks.

Source: S&P Dow Jones Indices

Additions to the Dividend Aristocrats in 2020

The list is updated at least annually and was updated on January 24, 2020. There were seven additions and no deletions as seen in the table below, which will be effective on February 3, 2020.

Source: S&P Dow Jones Indices

On March 31, 2020 the S&P Dow Jones Indices announced that the list will change due United Technologies Corp. (UTX) merging with Raytheon. The new company is called Raytheon Technologies Corp. (RTX). As part of the transaction Otis Worldwide Corporation (OTIS) and Carrier Global Corporation (CARR) were spun off. All three companies will remain in the index. See the announcement below.

Source: S&P Dow Jones Indices

Deletions to the Dividend Aristocrats in 2020

On June 23, 2020 the S&P 500 Dow Jones Indices announced that Ross Stores (ROST) will be deleted from the index. The change was effective July 1, 2020.

Source: S&P Dow Jones Indices

Other Dividend Stock Lists

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. The other lists of U.S. stocks are below.

For Canadian stocks I have recently updated my article on

For UK stocks I have an article on

Other dividend stock lists

Some Details on the Dividend Aristocrats 2020

The list of Dividend Aristocrats 2021 is a fairly select list since there now are only 65 companies. This is out of about 6,000 companies listed on U.S. stock exchanges (NASDAQ and NYSE) at end of 2020. So, this is about 1.1% of stocks in these two exchanges.

Dividend Aristocrats Sector Breakdown

Stocks from the Industrials sector have the greatest representation on the list of Dividend Aristocrats 2021 at about 20.4%. This class of stocks tend to have somewhat more volatile earnings and cash flows but many have low payout ratios letting them grow the dividends during recessions and economic downturns. The second sector with high representation is Consumer Staples at approximately 19.7%. This is likely due to relatively stable earnings and cash flow characteristics of these stocks. In addition, these companies tend to slowly grow earnings over time permitting annual dividend increases. The third sector on the list is the Materials sector at 12.4%. Combined these three sectors make up the majority of the Dividend Aristocrats at 52.5%. 

There are only three Real Estate Investment Trusts (REITs) in the Dividend Aristocrats 2021. These are Essex Property Trust (ESS), Federal Realty Investment Trust (FRT), and Realty Income (O). The list does not include any Master Limited Partnerships (MLPs). 

The sector breakdown for the Dividend Aristocrats 2021 is seen in the chart below as of September 30, 2021. 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 affecting the sector composition. A few industrial stocks were also dropped from the list at the time. In fact, between 2009 and 2010 nineteen companies were dropped from the list of Dividend Aristocrats.

Dividend Aristocrats 2021 Sector Breakdown
Source: S&P Dow Jones Indices

The sector ranking for the Dividend Aristocrats 2021 is unlike the Canadian Dividend Aristocrats, which have Financial, Utilities, and Industrials as the top three sectors. It is also unlike the UK High Yield Dividend Aristocrats that has Financial, Consumer Staples, and Real Estate as the top three sectors.

Dividend Aristocrat Sector Weighting as Function of Time

The sector weight as a function of time is seen in the chart below. One can clearly see the drop off in percentage of financials stocks during the Great Recession. The percentage of utility stocks also dropped off during this time, which may be surprising to some. But one must remember that most utilities have high payout ratios, and many entered the unregulated market before the Great Recession. The economic downturn pressured revenue and earnings leading to dividend cuts for some utilities. The other interesting point is that consumers staples and industrials percentages are growing with time since end of 2005. Today, they constitute about 29% of the Dividend Aristocrats 2021.

Source: S&P Dow Jones Indices

Market Size of the S&P 500 Dividend Aristocrats 2021

The largest Dividend Aristocrat by market capitalization is Johnson & Johnson (JNJ) with a market capitalization of roughly $452.6 billion. The smallest Dividend Aristocrat is Leggett & Platt (LEG) with a market capitalization of about $6.42 billion. Combined the 65 Dividend Aristocrats have a total market capitalization of over $5 trillion.

The one with the highest forward yield is AT&T (T) and the one with the lowest yield is Roper Technologies (ROP). Dover Corp (DOV), Proctor & Gamble (PG), and Genuine Parts Company (GPC)are the Dividend Aristocrats with longest streak of consecutively increasing the dividend at 65 years.

Who’s On Deck?

There are two companies S&P 500 index that have raised the dividend for 24 years at the moment. This includes Cardinal Health (CAH) and Church & Dwight (CHD).

List of Dividend Aristocrat Stocks in 2021 – Updated September 30, 2021

The Dividend Aristocrat 2021 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.

I used Stock Rover* and Portfolio Insight* to create this table.


Ticker

Company Name

No. Years

Dividend Yield (%)

Payout Ratio (%)

10-yr Dividend Growth Rate (%)

P/E Ratio

Market Cap
ABBVAbbVie94.7%133.7%n/a29.8 $    194,989 
ABTAbbott Laboratories81.5%45.4%-0.7%32.9 $    207,206 
ADMArcher-Daniels Midland462.3%35.4%8.8%15.6 $      35,782 
ADPAutomatic Data Processing461.8%60.7%10.0%33.6 $      86,129 
AFLAflac392.4%14.7%7.8%6.6 $      36,541 
ALBAlbemarle270.7%24.8%9.4%34.5 $      25,045 
AMCRAmcor24.0%77.4%n/a19.3 $      17,836 
AOSA.O. Smith281.6%37.4%21.8%23.7 $      10,212 
APDAir Products & Chemicals392.2%63.7%10.1%30.5 $      59,486 
ATOAtmos Energy372.8%46.4%6.3%16.9 $      11,653 
BDXBecton, Dickinson491.4%51.3%7.3%37.3 $      67,727 
BENFranklin Resources413.7%57.0%12.9%12.4 $      15,054 
BF.BBrown-Forman371.1%44.3%7.7%42.4 $      31,919 
CAHCardinal Health264.0%93.2%9.1%23.4 $      13,823 
CATCaterpillar282.3%51.2%9.0%24.2 $    105,601 
CBChubb281.8%17.3%8.8%10.1 $      78,873 
CINFCincinnati Financial612.1%13.9%4.5%6.8 $      19,141 
CLColgate-Palmolive582.4%55.3%4.8%23.7 $      63,938 
CLXClorox442.9%78.5%7.2%29.1 $      19,918 
CTASCintas380.9%47.6%28.4%38.1 $      41,607 
CVXChevron345.0%277.1%5.8%57.3 $    207,179 
DOVDover661.3%n/a5.7%25.9 $      22,553 
ECLEcolab290.9%52.6%10.6%58 $      60,698 
EDConsolidated Edison474.2%n/a2.6%22.5 $      26,121 
EMREmerson Electric642.1%51.1%3.9%24.1 $      56,300 
ESSEssex Property Trust272.6%134.4%7.2%52.6 $      21,219 
EXPDExpeditors International271.0%18.7%9.4%19.9 $      19,607 
FRTFederal Realty Investment543.5%215.2%4.6%62 $        9,481 
GDGeneral Dynamics302.4%39.7%9.9%17.7 $      56,712 
GPCGenuine Parts652.6%57.0%6.3%22.4 $      18,070 
GWWW.W. Grainger501.6%37.9%10.1%25.4 $      21,552 
HRLHormel Foods552.3%60.5%14.8%26.5 $      22,743 
IBMIBM264.6%109.2%8.9%24.5 $    104,200 
ITWIllinois Tool Works582.3%54.0%12.9%25.4 $      67,362 
JNJJohnson & Johnson592.7%60.6%6.4%24.1 $    421,854 
KMBKimberly-Clark493.4%75.0%5.0%22.6 $      44,637 
KOCoca-Cola593.1%88.8%6.1%29 $    234,089 
LEGLeggett & Platt503.7%53.8%4.2%15.1 $        6,033 
LINLinde281.4%64.3%7.8%47.4 $    152,257 
LOWLowe’s Companies591.5%26.7%18.7%21.5 $    144,613 
MCDMcDonald’s462.2%55.4%7.8%26.8 $    184,145 
MDTMedtronic442.0%82.0%10.2%43.3 $    166,260 
MKCMcCormick & Co221.7%46.8%9.2%27.8 $      20,985 
MMM3M633.4%57.8%10.5%17.5 $    102,002 
NEENextEra Energy272.0%91.9%10.8%48.8 $    152,683 
NUENucor481.6%16.0%1.1%9.8 $      28,963 
ORealty Income274.2%284.1%5.0%69.1 $      26,384 
PBCTPeople’s United Finl294.1%100.4%1.5%24.7 $        7,591 
PEPPepsiCo492.8%71.1%7.7%26.6 $    215,941 
PGProcter & Gamble652.4%57.0%5.1%25.9 $    345,597 
PNRPentair21.1%27.4%0.0%24.7 $      11,613 
PPGPPG Industries501.6%33.7%7.0%23.8 $      36,044 
ROPRoper Technologies280.5%21.7%17.9%45.1 $      47,736 
SHWSherwin-Williams430.8%n/a15.8%36.2 $      75,907 
SPGIS&P Global480.7%28.1%11.7%42.1 $    103,265 
SWKStanley Black & Decker541.8%24.7%6.3%15.6 $      28,483 
SYYSysco512.3%176.7%11.4%81.5 $      42,431 
TAT&T368.0%n/a2.0%–  $    185,853 
TGTTarget541.6%n/a10.8%18.2 $    111,624 
TROWT. Rowe Price Gr352.2%31.0%13.2%15.4 $      44,222 
VFCVF12.8%74.7%12.0%34.5 $      27,236 
WBAWalgreens Boots Alliance464.0%70.8%9.6%18.3 $      41,017 
WMTWalmart481.6%61.1%4.6%39.2 $    389,078 
WSTWest Pharmaceutical Servs280.2%9.5%7.2%59 $      29,854 
XOMExxon Mobil385.7%n/a6.7%–  $    260,617 
Mean40.12.5%66.9%8.6%30.0 $      85,312 
Median43.02.3%55.3%7.8%25.4 $      44,222 
Source: Data from Portfolio Insight*, Stock Rover*, and S&P 500 Dividend Aristocrats (Data as October 11, 2021)

Dividend Calendar

I used Stock Rover* for creating this table.


Ticker

Company

Ex-Dividend Date

Div. Record Date

Dividend Payment Date

Next Div. Payment Per Share

Annual Dividend Per Share
ABBVAbbVie10/14/2110/15/2111/15/21$1.30 $5.20 
ABTAbbott Laboratories10/14/2110/15/2111/15/21$0.45 $1.80 
ADMArcher-Daniels Midland8/17/218/18/219/8/21$0.37 $1.48 
ADPAutomatic Data Processing9/9/219/10/2110/1/21$0.93 $3.72 
AFLAflac8/17/218/18/219/1/21$0.33 $1.32 
ALBAlbemarle9/16/219/17/2110/1/21$0.39 $1.56 
AMCRAmcor9/7/219/8/219/28/21$0.12 $0.47 
AOSA.O. Smith7/29/217/30/218/16/21$0.26 $1.04 
APDAir Products & Chemicals9/30/2110/1/2111/8/21$1.50 $6.00 
ATOAtmos Energy8/20/218/23/219/7/21$0.62 $2.50 
BDXBecton, Dickinson9/8/219/9/219/30/21$0.83 $3.32 
BENFranklin Resources9/29/219/30/2110/15/21$0.28 $1.12 
BF.BBrown-Forman9/2/219/3/2110/1/21$0.18 $0.72 
CAHCardinal Health9/30/2110/1/2110/15/21$0.49 $1.96 
CATCaterpillar7/19/217/20/218/20/21$1.11 $4.44 
CBChubb9/16/219/17/2110/8/21$0.80 $3.20 
CINFCincinnati Financial9/15/219/16/2110/15/21$0.63 $2.52 
CLColgate-Palmolive10/20/2110/21/2111/15/21$0.45 $1.80 
CLXClorox10/26/2110/27/2111/10/21$1.16 $4.64 
CTASCintas8/12/218/13/219/15/21$0.95 $3.80 
CVXChevron8/18/218/19/219/10/21$1.34 $5.36 
DOVDover8/30/218/31/219/15/21$0.50 $2.00 
ECLEcolab9/13/219/14/2110/15/21$0.48 $1.92 
EDConsolidated Edison8/17/218/18/219/15/21$0.77 $3.10 
EMREmerson Electric8/12/218/13/219/10/21$0.50 $2.02 
ESSEssex Property Trust9/29/219/30/2110/15/21$2.09 $8.36 
EXPDExpeditors International5/28/216/1/216/15/21$0.58 $1.16 
FRTFederal Realty Investment9/21/219/22/2110/15/21$1.07 $4.28 
GDGeneral Dynamics10/7/2110/8/2111/12/21$1.19 $4.76 
GPCGenuine Parts9/2/219/3/2110/1/21$0.81 $3.26 
GWWW.W. Grainger8/6/218/9/219/1/21$1.62 $6.48 
HRLHormel Foods10/15/2110/18/2111/15/21$0.25 $0.98 
IBMIBM8/9/218/10/219/10/21$1.64 $6.56 
ITWIllinois Tool Works9/29/219/30/2110/14/21$1.22 $4.88 
JNJJohnson & Johnson8/23/218/24/219/7/21$1.06 $4.24 
KMBKimberly-Clark9/9/219/10/2110/4/21$1.14 $4.56 
KOCoca-Cola9/14/219/15/2110/1/21$0.42 $1.68 
LEGLeggett & Platt9/14/219/15/2110/15/21$0.42 $1.68 
LINLinde9/2/219/3/219/17/21$1.06 $4.24 
LOWLowe’s Companies10/19/2110/20/2111/3/21$0.80 $3.20 
MCDMcDonald’s11/30/2112/1/2112/15/21$1.38 $5.52 
MDTMedtronic9/23/219/24/2110/15/21$0.63 $2.52 
MKCMcCormick & Co10/8/2110/12/2110/26/21$0.34 $1.36 
MMM3M8/20/218/23/219/12/21$1.48 $5.92 
NEENextEra Energy8/26/218/27/219/15/21$0.38 $1.54 
NUENucor9/29/219/30/2111/10/21$0.41 $1.62 
ORealty Income9/30/2110/1/2110/15/21$0.24 $2.83 
PBCTPeople’s United Finl7/29/218/1/218/15/21$0.18 $0.73 
PEPPepsiCo9/2/219/3/219/30/21$1.08 $4.30 
PGProcter & Gamble7/22/217/23/218/16/21$0.87 $3.48 
PNRPentair10/21/2110/22/2111/5/21$0.20 $0.80 
PPGPPG Industries8/9/218/10/219/10/21$0.59 $2.36 
ROPRoper Technologies10/5/2110/6/2110/20/21$0.56 $2.25 
SHWSherwin-Williams8/19/218/20/219/10/21$0.55 $2.20 
SPGIS&P Global11/24/2111/26/2112/10/21$0.77 $3.08 
SWKStanley Black & Decker9/3/219/7/219/21/21$0.79 $3.16 
SYYSysco9/30/2110/1/2110/22/21$0.47 $1.88 
TAT&T10/7/2110/11/2111/1/21$0.52 $2.08 
TGTTarget11/16/2111/17/2112/10/21$0.90 $3.60 
TROWT. Rowe Price Gr9/14/219/15/219/29/21$1.08 $4.32 
VFCVF9/9/219/10/219/20/21$0.49 $1.96 
WBAWalgreens Boots Alliance8/19/218/20/219/10/21$0.48 $1.91 
WMTWalmart12/9/2112/10/211/3/22$0.55 $2.20 
WSTWest Pharmaceutical Servs7/20/217/21/218/4/21$0.17 $0.68 
XOMExxon Mobil8/12/218/13/219/10/21$0.87 $3.48 
Source: Stock Rover* (as of October 11, 2021)

Prior Year Lists and Articles

The List of Dividend Aristocrats in 2020

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4 thoughts on “The List Of Dividend Aristocrats In 2021

  1. Hi,

    Why are you showing the JPY version of the index in the first chart? Also, when I pull up the fact sheet from the SPGlobal website, I get very different annual returns than you are showing. For example, I see 8.68% as the 2010 TR, so I’m wondering if the table of annual returns is also in JPY.

    This is the link for the USD version.
    https://www.spglobal.com/spdji/en/idsenhancedfactsheet/file.pdf?calcFrequency=M&force_download=true&hostIdentifier=48190c8c-42c4-46af-8d1a-0cd5db894797&indexId=5458465

    Thanks.

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