This article provides an updated list of the Dividend Champions in 2023, select financial data, and analysis. The list and data are updated monthly.
The Dividend Champions 2023 companies on US stock exchanges have raised their dividend for 25+ consecutive years. This list is a select list of only 135 companies. This number is from nearly 6,000 companies listed on New York Stock Exchange (NYSE) and NASDAQ in 2023, indicating a success rate of approximately 2.25%.
The number of Dividend Champions goes up if we include over-the-counter (OTC) stocks. As a result, the total universe of US stocks goes up to about 11,500. Several small banks and other stocks are not traded on the NYSE or NASDAQ and are thus not included in this list. For example, Computer Services (CSVI) has raised its dividend for 50 years in a row. However, the stock is thinly traded OTC. Another example is Eagle Financial Services (EFSI), which has raised the dividend for 35 years but is also a thinly traded OTC. There are higher risks with thinly traded stocks, and we do not include them in this list.
This list is not one of the best or top Dividend Champions. Instead, it is an informational source to assist in making investment decisions. Lastly, the Dividend Champions list was first created in 2008 by David Fish (deceased in 2018). He originally started the list in the Dividend Investing Resource Center.
Try the Sure Dividend Newsletter for high-quality dividend growth stocks. The monthly detailed newsletter includes stock analyses, tables, charts, and portfolio ideas. Risk free 7-day free trial and $41 off only through Dividend Power for $158 per year. Sure Dividend Coupon Code – DP41
Difference Between Dividend Champions and Dividend Aristocrats
The Dividend Champion 2023 list is broader than the Dividend Aristocrat list. A stock must only meet the requirement for raising the dividend for 25+ years to be added to the Dividend Champions List. However, the criteria for inclusion as a Dividend Aristocrat is stricter. In addition to the 25+ years of dividend increases, a stock must be a part of the S&P 500 Index, have a minimum market capitalization of $3 billion, and meet trading volume and sector weighting requirements.
Hence, a stock can be a Dividend Champion but not a Dividend Aristocrat. Currently, there are only 65 Dividend Aristocrats as of this writing.
Difference Between Dividend Champions and Dividend Kings
The Dividend Kings are more exclusive than the Dividend Champions. A stock must raise its dividend for 50+ consecutive years to become a Dividend King, a much harder achievement. There are only 39 Dividend Kings as of this writing. However, a company can be a Dividend King, a Dividend Champion, and a Dividend Aristocrat. For instance, The Coca-Cola Company (KO) is found on all three lists.
Market Update for the Dividend Champions 2023
The Dividend Champions 2023 are currently (as of September 8, 2023) trading at an elevated valuation of a trailing average price-to-earnings ratio of about 23.12X. This multiple is down from its peak of more than 31X in May 2021 due to declining stock prices and rising earnings.
The current average dividend yield is about 2.82%. The average trailing 10-year dividend growth rate is about 7.04%, and the average past 5-year dividend growth rate is around 6.18%. On average, the payout ratio is approximately 59.67%. The average market cap is currently $45,985 million.
Currently, the Dividend Champion with the highest yield is Walgreens Boots Alliance (WBA), and the one trading with the lowest earnings multiple Albemarle (ALB).
You can examine updated, select financial data and the dividend earnings calendar for each stock in the Dividend Champions list in the tables at the end of the article. The most recent dividend increases are also available for you to search.
In the trailing 1-year, the Dividend Champions 2023 has returned +4.7% (blue line) as a group compared to +16.4% for the S&P 500 Index (red line), as seen in the chart below. We used Stock Rover* for this chart. Over the trailing 5-years, this group of stocks has returned +53.3%, and the S&P 500 has returned +68.9%.
StockRover is one of the best stock, ETF, and mutual fund screeners and analysis tools. It has 8,500+ stocks, 4,000 ETFs, and 40,000 mutual funds. You can get access up to 650+ metrics and financial data. The award winning Stock Rover platform includes watchlists, portfolio integration, portfolio rebalancing, e-mail and text alerts, future income forecasts, etc.
Promotions to Dividend Kings in 2022
In 2022, four Dividend Champions were promoted to the Dividend Kings list. These stocks achieved a 50-year mark for consecutive annual dividend increases. These companies were Becton, Dickinson (BDX), Kimberly-Clark (KMB), PepsiCo (PEP), and Tennant (TNC).
Additions to the Dividend Champions in 2022
In 2022, Graco (GGG), J. M. Smucker (SJM), W. P. Carey (WPC), and York Water (YORW) were added to the list of Dividend Champions.
Graco design and manufactures equipment to move, measure, and control the flow of fluids and powders.
J. M. Smucker sells packaged food products like jams, jellies, spreads, pet foods, and coffee. The main brands are Smuckers, Folgers, Milk-Bone, 9Lives, Jif, Meow Mix, etc.
York Water is a water utility operating around York, Pennsylvania. The company has the longest streak of dividend payments in more than 200 years.
Deletions to the Dividend Champions in 2022
The only stock deleted was Mercury General (MCY). The firm cut its dividend by 50%, ending a 35-year streak of increases. The insurance firm recently struggled with catastrophic losses from winter storms and inflation related to automobile accidents. The pressure on automobile and property insurance losses and expenses is affected profitability.
Related Article About Mercury General (MCY) on Dividend Power
Promotions to Dividend Kings in 2021
In 2021, five Dividend Champions were promoted to the Dividend Kings list. These stocks achieved a 50-year mark for consecutive annual dividend increases. The companies were Universal Corp (UVV), Grainger (GWW), Leggett & Platt (LEG), MSA Safety (MSA), and PPG Industries (PPG).
Additions to the Dividend Champions in 2021
In 2021, The Andersons (ANDE), Enterprise Products Partners LP (EPD), and Church & Dwight (CHD) were added to the list of Dividend Champions.
Deletions to the Dividend Champions in 2021
The first stock to be deleted in 2021 is Eaton Vance (EV), acquired by Morgan Stanley (MS).
Weyco Group (WEYS) was removed from the list of Dividend Champions since the dividend was held constant in 2021. The company had a long streak of 39 years, but the COVID-19 pandemic was difficult since sales dropped precipitously. Nevertheless, the company’s fortress balance sheet helped maintain the dividend. In addition, Weyco is focusing on share repurchases.
The third company deleted from the list was AT&T (T). AT&T is transforming and focusing again on cellular and broadband. The company has divested DirecTV and will spinoff WarnerMedia. An analysis of AT&T’s dividend cut is in the article below.
Related Articles About AT&T (T) on Dividend Power
Promotions to Dividend Kings in 2020
Several long-time members of the Dividend Champions were promoted to the Dividend Kings list. These stocks reached the 50-year mark for consecutive annual dividend increases. This small number of stocks includes Sysco Corp (SYY), National Fuel Gas (NFG), and Black Hills Corporation (BKH).
Additions to the Dividend Champions in 2020
In 2020, International Business Machines (IBM), Polaris Inc (PII), RenaissanceRe Holdings (RNR), New Jersey Resources (NJR), Canadian National Railways (CNI), First of Long Island Corp (FLIC), and Enbridge (ENB) were all added to the list of Dividend Champions.
Deletions to the Dividend Champions in 2020
In 2020, several Dividend Champions cut or suspended their dividends primarily due to COVID-19. A detailed article on the Coronavirus Dividend Cuts or Suspensions discusses these companies. This list is currently updated monthly.
Five companies that have been removed from the list of Dividend Champions include Urstadt-Biddle Properties (UBA), Tanger Factory Outlet Centers (SKT), Meredith Corporation (MDP), Ross Stores (ROST), and Helmerich & Payne (HP). An in-depth discussion of these companies is in the articles below.
Related Articles About Deletions in 2020
- Urstadt-Biddle Properties (UBA) Dividend Cut
- Tanger Factory Outlet Centers (SKT): Another Fallen Dividend Champion
- Meredith Corporation (MDP) Dividend Suspension
- Ross Stores (ROST): A Dividend Aristocrat Suspended Its Dividend
- Helmerich & Payne (HP): A Fallen Dividend Champion
United Technologies (UTX) was removed from the list of Dividend Champions since it merged with Raytheon (RTN) and formed Raytheon Technologies Corp. (RTX). After the merger, RTX was on the list as the successor organization. In addition, Otis Worldwide Corporation (OTIS) and Carrier Global Corporation (CARR) were spun off as part of the transaction. As a result, neither OTIS nor CARR are on the list.
Other Dividend Stock Lists
The other US stock lists are:
- Dividend Kings in 2023
- Dividend Aristocrats in 2023
- Dividend Contenders in 2023
- Dividend Challengers in 2023
- Dogs of the Dow in 2023
For Canadian stock, I have recently updated my article on
For UK stocks, I have an article on
Other dividend stock lists
Some Details on the Dividend Champions 2023
Two MLPs and Six REITs on the Dividend Champions 2023 List
The 2023 Dividend Champions list contains quite a few banks, utilities, consumer defensive, and industrial companies.
The list now includes two Master Limited Partnerships (MLPs): Enbridge (ENB) and Enterprise Products Partners (EPD). These two companies are relatively new additions.
The Dividend Champions list has six Real Estate Investment Trusts (REITs): Essex Property Trust (ESS), Federal Realty Investment (FRT), National Retail Properties (NNN), Realty Income (O), Universal Health Realty (UHT), and W. P. Carey (WPC).
There were seven REITs at the start of 2020, but Urstadt-Biddle Properties (UBA) and Tanger Factory Outlets (SKT) cut their dividends due to the impact of the coronavirus pandemic and thus were removed from the list.
Related Articles About REITs on Dividend Power
- Essex Property Trust (ESS): Undervalued REIT
- Best REITs for Safe Income
- Federal Realty (FRT): A Dividend King REIT
- 3 Dividend Aristocrat REITs
Dividend Champions Sector Breakdown
Companies from the Financial sector have the most significant representation on the Dividend Champions 2023 list, with 31 companies, followed by the Industrial sector, with 30 companies. The Consumer Defensive sector has 19, and Utilities has 15 Companies. The lowest representation is from the Technology and Communication Sectors, with three and two companies, respectively.
Financials tend to have stable and generally rising earnings over time. There are 18 regional banks, six insurance companies, three asset managers, and two financial data & stock exchanges on the list of Dividend Champions. Regional banks are often conservative; further, they have room to expand, allowing for earnings per share and dividend growth. Insurance and asset manager companies have sticky customers and grow with time.
Industrial companies tend to have somewhat more volatile earnings and cash flows, but many have conservative payout ratios allowing them to grow the dividends during recessions and economic downturns. There are 11 specialty industrial machinery and three conglomerates on the list.
Consumer Defensive companies tend to have predictable earnings and cash flows that grow slowly with time. Many did well during the COVID-19 pandemic. Larger companies in this sector tend to acquire smaller ones leading to industry consolidation. There are five household & personal products companies and four packaged food companies on the list, including several well-known ones.
Market Size of the Dividend Champions 2023
The list is not dominated by large-cap companies but includes quite a few mid-cap companies ($2 billion – $10 billion) and small-cap companies ($300 million – $2 billion).
The largest Dividend Champion by market capitalization is Exxon Mobil (XOM), and the smallest by market capitalization is First Financial (THFF). As mentioned before, the list does not include some small OTC stocks.
What do I like About the Dividend Champions 2023?
The Dividend Champions 2023 list is a screen for further investigating stocks for a dividend growth portfolio. It is a list of companies with stable businesses that have competitive advantages and have returned cash to shareholders consistently through dividends and, in some cases, buybacks over an extended period.
The list is not as exclusive as the Dividend Kings list. Still, 134 companies out of about 6,000 total companies on the NYSE and NASDAQ is roughly 2.23%. This percentage points to the success of these companies.
In addition, the list changes slowly. However, even during extreme economic duress, such as the COVID-19 pandemic, only a handful of companies dropped off the list each year. This fact points to the resiliency of the businesses on the Dividend Champions 2023 list and management’s commitment to the dividend.
Portfolio Insight has 9,000+ stocks and ETFs in its database. You can get access up to dozens of metrics, 20-years of financial data from S&P Global, and our Dividend Quality Grade.
The Portfolio Insight platform gives users access to portfolio management, charting, screening and ranking, investment news, SEC fillings, stock analyses, etc. Try it free for 14-days.
Who’s On Deck?
At the start of the year, several companies on the Dividend Contender List have raised the dividend for 24 years. This number includes Alerus Financial (ALRS), Brown-Forman (BF.B), Casey’s General Stores (CASY), C. H. Robinson Worldwide (CHRW), and Fastenal (FAST). These stocks will become Dividend Champions assuming they raise their dividend in 2023
List of Dividend Champions 2023
|Ticker||Company Name||No. Years||Dividend Yield (%)||10-yr Dividend Growth Rate (%)||Payout Ratio (%)||TTM P/E Ratio||Market Cap (millions)|
|ADP||Automatic Data Processing||48||2.00||11.10||58.10||30.2||$102,292|
|APD||Air Products & Chemicals||41||2.30||9.40||68.40||31.3||$67,999|
|AWR||American States Water||69||1.90||7.80||50.20||26.6||$3,104|
|BRO||Brown & Brown||29||0.60||9.80||17.30||28.4||$20,783|
|CBU||Community Bank System||31||4.00||4.90||61.30||15.5||$2,369|
|CHD||Church & Dwight Co||27||1.10||6.90||58.50||52.9||$23,522|
|CHRW||C.H. Robinson Worldwide||25||2.70||5.70||53.00||20.2||$10,466|
|CNI||Canadian National Railway||28||2.00||13.90||52.70||20.1||$75,576|
|CTBI||Community Trust Bancorp||43||5.20||4.70||38.90||7.9||$643|
|CWT||California Water Servs Gr||56||2.10||5.00||87.90||43.3||$2,900|
|EPD||Enterprise Prods Partners||26||7.40||3.90||77.80||11||$58,832|
|ESS||Essex Property Trust||29||4.10||6.70||109.90||27.4||$14,447|
|FDS||FactSet Research Systems||25||0.90||10.80||27.50||33.1||$16,466|
|FLIC||First of Long Island||27||6.70||6.60||52.50||8||$282|
|FRT||Federal Realty Investment||56||4.40||4.00||91.90||21.2||$8,129|
|ITW||Illinois Tool Works||60||2.30||13.20||51.70||23.8||$72,473|
|JKHY||Jack Henry & Associates||33||1.30||10.00||40.20||30.4||$11,140|
|JNJ||Johnson & Johnson||61||2.90||6.10||91.80||33.2||$394,288|
|LECO||Lincoln Electric Holdings||28||1.40||12.30||29.90||22.1||$10,393|
|LEG||Leggett & Platt||52||6.70||4.40||104.10||15.8||$3,570|
|MDU||MDU Resources Gr||32||2.50||-3.20||41.40||8.2||$4,050|
|MKC||McCormick & Co||37||1.90||8.70||58.20||31.1||$21,570|
|NFG||National Fuel Gas||53||3.60||2.80||31.30||8.9||$4,993|
|NJR||New Jersey Resources||28||3.90||6.90||52.50||15||$4,248|
|NWN||Northwest Natural Hldg||67||4.80||0.60||69.00||14.6||$1,473|
|ORI||Old Republic Intl||42||3.50||3.10||36.10||10.6||$7,944|
|PG||Procter & Gamble||67||2.40||4.60||60.60||26.3||$364,840|
|SWK||Stanley Black & Decker||56||3.70||4.90||60.30||n/a||$13,540|
|TDS||Telephone and Data||49||4.20||3.80||n/a||n/a||$2,001|
|TR||Tootsie Roll Industries||57||1.20||4.30||23.50||27||$1,961|
|TROW||T. Rowe Price Gr||37||4.40||12.40||71.90||16.4||$24,683|
|UHT||Universal Health Realty||38||6.30||1.40||213.40||34.4||$631|
|WBA||Walgreens Boots Alliance||48||8.50||4.30||38.00||n/a||$19,406|
|WST||West Pharmaceutical Servs||30||0.20||7.20||10.80||57.8||$29,389|
|YORW||The York Water||26||2.00||3.90||55.00||28||$584|
Dividend Calendar for the Dividend Champions 2023
|Ticker||Company||Ex-Dividend Date||Div. Record Date||Dividend Payment Date||Dividend Frequency||Next Div. Payment Per Share||Dividend Per Share|
|ADP||Automatic Data Processing||9/7/23||9/8/23||10/1/23||4||$1.25||$5.00|
|APD||Air Products & Chemicals||9/29/23||10/2/23||11/13/23||4||$1.75||$7.00|
|AWR||American States Water||8/14/23||8/15/23||9/1/23||4||$0.43||$1.62|
|BRO||Brown & Brown||8/8/23||8/9/23||8/16/23||4||$0.12||$0.46|
|CBU||Community Bank System||9/14/23||9/15/23||10/10/23||4||$0.45||$1.77|
|CHD||Church & Dwight Co||8/14/23||8/15/23||9/1/23||4||$0.27||$1.09|
|CHRW||C.H. Robinson Worldwide||8/31/23||9/1/23||10/2/23||4||$0.61||$2.44|
|CNI||Canadian National Railway||9/7/23||9/8/23||9/29/23||4||$0.58||$2.31|
|CTBI||Community Trust Bancorp||9/14/23||9/15/23||10/1/23||4||$0.46||$1.84|
|CWT||California Water Servs Gr||8/4/23||8/7/23||8/18/23||4||$0.26||$1.03|
|EPD||Enterprise Prods Partners||7/28/23||7/31/23||8/14/23||4||$0.50||$2.00|
|ESS||Essex Property Trust||9/28/23||9/29/23||10/13/23||4||$2.31||$9.24|
|FDS||FactSet Research Systems||8/30/23||8/31/23||9/21/23||4||$0.98||$3.74|
|FLIC||First of Long Island||7/11/23||7/12/23||7/20/23||4||$0.21||$0.84|
|FRT||Federal Realty Investment||9/21/23||9/22/23||10/16/23||4||$1.09||$4.36|
|ITW||Illinois Tool Works||9/28/23||9/29/23||10/12/23||4||$1.40||$5.60|
|JKHY||Jack Henry & Associates||9/7/23||9/8/23||9/28/23||4||$0.52||$2.05|
|JNJ||Johnson & Johnson||8/25/23||8/28/23||9/7/23||4||$1.19||$4.76|
|LECO||Lincoln Electric Holdings||9/28/23||9/30/23||10/13/23||4||$0.64||$2.56|
|LEG||Leggett & Platt||9/14/23||9/15/23||10/13/23||4||$0.46||$1.80|
|MDU||MDU Resources Gr||9/13/23||9/14/23||10/1/23||4||$0.12||$0.50|
|MKC||McCormick & Co||7/7/23||7/10/23||7/24/23||4||$0.39||$1.56|
|NFG||National Fuel Gas||6/29/23||6/30/23||7/14/23||4||$0.50||$1.98|
|NJR||New Jersey Resources||9/19/23||9/20/23||10/2/23||4||$0.42||$1.68|
|NWN||Northwest Natural Hldg||7/28/23||7/31/23||8/15/23||4||$0.49||$1.94|
|ORI||Old Republic Intl||9/1/23||9/5/23||9/15/23||4||$0.25||$0.98|
|PG||Procter & Gamble||7/20/23||7/21/23||8/15/23||4||$0.94||$3.76|
|SWK||Stanley Black & Decker||9/1/23||9/5/23||9/19/23||4||$0.81||$3.24|
|TDS||Telephone and Data||9/14/23||9/15/23||9/29/23||4||$0.19||$0.74|
|TR||Tootsie Roll Industries||3/3/23||3/6/23||3/30/23||4||$0.09||$0.36|
|TROW||T. Rowe Price Gr||9/14/23||9/15/23||9/28/23||4||$1.22||$4.88|
|UHT||Universal Health Realty||9/18/23||9/19/23||9/29/23||4||$0.72||$2.88|
|WBA||Walgreens Boots Alliance||8/18/23||8/21/23||9/12/23||4||$0.48||$1.92|
|WST||West Pharmaceutical Servs||7/25/23||7/26/23||8/2/23||4||$0.19||$0.76|
|YORW||The York Water||9/28/23||9/29/23||10/16/23||4||$0.20||$0.81|
Prior Year Lists and Articles
- List of Dividend Champions in 2022
- List of Dividend Champions in 2021
- List of Dividend Champions in 2020
- List of Dividend Champions in 2019
Here are my recommendations:
- Simply Investing Report & Analysis Platform or the Course can teach you how to invest in stocks. Try it free for 14 days.
- Sure Dividend Newsletter is an excellent resource for DIY dividend growth investors and retirees. Try it free for 7 days.
- Stock Rover is the leading investment research platform with all the fundamental metrics, screens, and analysis tools you need. Try it free for 14 days.
- Portfolio Insight is the newest and most complete portfolio management tool with built-in stock screeners. Try it free for 14 days.
Receive a free e-book, “Become a Better Investor: 5 Fundamental Metrics to Know!” Join thousands of other readers !
*This post contains affiliate links meaning that I earn a commission for any purchases that you make at the Affiliates website through these links. This will not incur additional costs for you. Please read my disclosure for more information.
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.