Dividend Aristocrats

The List of Dividend Aristocrats 2023

The Dividend Aristocrats 2023 are U.S. stocks that have increased their dividend for 25+ years in a row. However, this factor alone does not qualify a stock as a Dividend Aristocrat. To be included on the list, a company must meet four criteria:

  • Be a member of the S&P 500 Index
  • Have raised the regular dividend per share for at least 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 before the rebalancing date
  • The minimum number of constituents must be 40 at each rebalancing date. In addition, a particular Global Industry Classification Standard or ‘GICS’ should not result in one sector comprising more than 30% of the index weight.

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

Difference Between Dividend Champions and Aristocrats

For this reason, a Dividend Aristocrat can also be a Dividend Champion but not vice-versa. For instance, Arrow Financial (AROW) does not meet all the above criteria; thus, it is not a Dividend Aristocrat. However, Arrow has raised the dividend for 30 years permitting it to be on the Dividend Champion list. Hence, there are more Dividend Champions than Dividend Aristocrats. These stocks can be found in the S&P 500 Dividend Aristocrats Index. There are 66 stocks in the Dividend Aristocrats as of March 31, 2023

Dividend Aristocrats
Dividend Aristocrats 2023

Affiliate

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.


Market Update for the Dividend Aristocrats 2023

The Dividend Aristocrats 2023 yields about 2.48%, and the average forward price-to-earnings ratio is approximately 18.38X (as of February 28, 2023). 

The mean market capitalization is roughly $84,030 million, and the median is approximately $42,375 million. The market cap ranges between about $8,326 million and $452,642 million. The total market capitalization is roughly $5,630,026 million.

In 2022, the Dividend Aristocrats provided a total return of (-6.21%). This was the first negative return since 2018 and the worst year in the past decade. The price return was (-8.17%). This performance was much better than the performance of the S&P 500 Index in 2022 at (-18.1%). 

There was only one Dividend Aristocrat whose dividend was cut or suspended, causing the company’s removal in early-2023. V.F. Corporation (VFC) cut its dividend after 49 years of increases because of leverage, inflation, and stressed consumers.

You can examine updated, select financial data and the dividend earnings calendar for each stock in the Dividend Aristocrats 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 Aristocrats 2022 has returned +3.8% (blue line) as a group compared to (-9.5%) for the S&P 500 Index (red line), as seen in the chart below. Again, we used Stock Rover* for this chart. Over the trailing 5-years, the Dividend Aristocrats have returned +80.9%, and the S&P 500 Index has returned +68.9%.

1-Year Dividend Aristocrat Returns
Source: Stock Rover*

Affiliate

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.


Historical Performance

As a group, the S&P 500 Dividend Aristocrats have exhibited solid returns with low volatility. For example, the Dividend Aristocrats had annualized total returns of 12.16% over the past ten years and a standard deviation of 14.24%. On the other hand, the benchmark (the S&P 500 Index) had annualized total returns of 12.25% and a standard deviation of 14.85%. 

Over the past 5-years, the Dividend Aristocrats had annualized total return of 10.33% with a standard deviation of 17.61%, while the benchmark had annualized total returns of 9.82% and a standard deviation of 18.67%.

SP Dividend Aristocrats 10-year Total Returns
Source: S&P Dow Jones Indices

The table below shows the calendar year’s performance from 2012 to 2021.


SP Dividend Aristocrats Return by Year
Source: S&P Dow Jones Indices

Changes to the Dividend Aristocrats in 2023

On March 1, 2023, the S&P Dow Jones Indices announced V.F. Corp would be removed from the list because of a dividend cut.

VFC Removed from SP Dividend Aristocrats
Source: S&P Dow Jones Indices

On January 24, 2023, the S&P Dow Jones Indices announced changes to the list of Dividend Aristocrats. The changes were effective on February 1, 2022. The three stocks added to the list were Nordson (NDSN), CH Robinson Worldwide (CHRW), and J.M. Smucker (SJM). The total number of stocks on the list was 67.

Changes to the Dividend Aristocrats 2023
Source: S&P Dow Jones Indices

In addition, Leggett & Platt (LEG) was removed because it was dropped from the S&P 500 Index.

Changes to the Dividend Aristocrats in 2022

On January 24, 2022, the S&P Dow Jones Indices announced changes to the list of Dividend Aristocrats. The changes were effective on February 1, 2022. Brown & Brown (BRO) and Church & Dwight (CHD) were the two stocks added to the list. The one stock removed from the list was AT&T (T). The total number of stocks on the list was 66.

Changes to the Dividend Aristocrats 2022
Source: S&P Dow Jones Indices

Changes to the Dividend Aristocrats in 2021

On January 22, 2021, the S&P Dow Jones Indices announced that the list would be changed, effective February 1, 2021. As a result, three stocks were added to the list, and three were deleted. 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 change added zero net names to the list for a total of 65 stocks.

Additions-and-Deletions-to-the-Dividend-Aristocrats-in-2021
Source: S&P Dow Jones Indices

Additions to the Dividend Aristocrats in 2020

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

Raytheon Dividend Aristocrats Change
Source: S&P Dow Jones Indices

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

Additions Dividend Aristocrats 2020
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) was deleted from the Index. The change was effective July 1, 2020.

Deletions Dividend Aristocrats 2020
Source: S&P Dow Jones Indices

Other Dividend Stock Lists

Note that a company can be a Dividend Aristocrat and 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, there is an article

For UK stocks, there is an article

Other dividend stock lists

Some Details on the Dividend Aristocrats 2023

The Dividend Aristocrats 2023 is a reasonably select list since there are only 66 companies. This number is out of nearly 6,000 companies listed on New York Stock Exchange (NYSE) and NASDAQ in 2023, indicating a success rate of approximately 1.1%.

Dividend Aristocrats Sector Breakdown

The sector with high representation on the Dividend Aristocrats 2023 is Consumer Staples at approximately 22.4%. This point is likely due to these stocks’ relatively stable earnings and cash flow characteristics. In addition, these companies tend to grow profits slowly over time, permitting annual dividend increases. 

Stocks from the Industrials sector have the second-highest representation on the Dividend Aristocrats 2022 at about 21.3%. This class of stocks tends 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 third sector on the list is the Materials sector at 12%. These companies are similar to Industrial stocks in that they are usually volatile but have low payout ratios.

These three sectors comprise the majority of the Dividend Aristocrats at 55.7%. 

Only Three REITs

Only three Real Estate Investment Trusts (REITs) exist in the Dividend Aristocrats 2022. These are Essex Property Trust (ESS), Federal Realty Investment Trust (FRT), and Realty Income (O). In addition, the list does not include any Master Limited Partnerships (MLPs). 

Related Articles About REITs on Dividend Power

Sector Breakdown

The sector breakdown for the Dividend Aristocrats 2023 is seen in the chart below as of February 28, 2023. Due to the S&P 500 Index composition changes, the sector composition has changed with time. In addition, the Great Recession caused many previous Dividend Aristocrats to freeze or even cut their dividends. As a result, these primarily 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 Aristocrat Sector Breakdown
Source: S&P Dow Jones Indices

The sector ranking for the Dividend Aristocrats 2023 is unlike the Canadian Dividend Aristocrats, which have Financials, Industrials, and Real Estate as the top three sectors.

It is also unlike the UK High Yield Dividend Aristocrats, with Financials, Real Estate, and Industrials 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 see the drop-off in the percentage of Financials stocks during the Great Recession. 

The percentage of utility stocks also dropped during this time, which may surprise 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 sector percentages have been growing with time since the end of 2005. Today, they constitute about 43.7% of the Dividend Aristocrats in 2023.

Dividend Aristocrats Sector Evolution
Source: S&P Dow Jones Indices

Market Size of the S&P 500 Dividend Aristocrats 2023

The largest Dividend Aristocrat by market capitalization is Johnson & Johnson (JNJ), with roughly $401.0 billion market capitalization. The smallest Dividend Aristocrat is Federal Realty Trust (FRT), with an $8.03 billion market capitalization. The 66 Dividend Aristocrats have a total market capitalization of over $5 trillion.

The one with the highest forward yield is International Business Machines (IBM), and the one with the lowest dividend yield is West Pharmaceuticals (WST). 

Dover Corp (DOV), Proctor & Gamble (PG), and Genuine Parts Company (GPC)are the Dividend Aristocrats with the longest streak of consecutively increasing the dividend at 66 years.

List of Dividend Aristocrat Stocks in 2023 – Updated March 31, 2023

The Dividend Aristocrat 2023 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.

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

TickerCompany NameNo. YearsDividend Yield (%)Payout Ratio (%)10-yr Dividend Growth Rate (%)P/E RatioMarket Cap
ABBVAbbVie113.7%84.8%14.0%24$280,604
ABTAbbott Laboratories102.0%47.7%13.8%25.9$175,879
ADMArcher-Daniels Midland482.3%20.7%9.0%10.3$43,345
ADPAutomatic Data Processing482.3%57.8%11.1%29.5$92,114
AFLAflac412.6%24.2%9.1%9.8$39,419
ALBAlbemarle290.7%6.9%5.2%9.6$25,829
AMCRAmcor44.3%67.3%-16$16,848
AOSA.O. Smith301.7%75.0%19.6%45.8$10,408
APDAir Products & Chemicals412.5%63.5%9.4%28.4$63,557
ATOAtmos Energy392.7%49.0%7.8%19.8$15,979
BDXBecton, Dickinson511.5%65.9%6.3%47.8$70,188
BENFranklin Resources434.5%59.7%12.0%13.7$13,454
BF.BBrown-Forman391.3%50.7%7.3%42.3$30,682
BROBrown & Brown290.8%17.8%9.8%24.2$16,287
CAHCardinal Health282.6%33.4%6.1%16.22$19,430
CATCaterpillar302.1%36.3%8.7%18$117,742
CBChubb301.7%26.0%5.4%15.5$80,265
CHDChurch & Dwight Co271.2%61.8%6.9%52.8$21,582
CHRWC.H. Robinson Worldwide252.5%30.2%5.7%13.4$11,520
CINFCincinnati Financial632.7%114.2%6.3%36.55$17,574
CLColgate-Palmolive602.6%37.2%4.2%35.3$62,559
CLXClorox463.0%132.6%6.3%44.8$19,503
CTASCintas391.0%23.8%19.0%37.1$46,966
CVXChevron363.7%30.9%5.3%8.9$311,397
DOVDover681.3%26.9%3.7%20.4$21,136
ECLEcolab311.3%53.8%8.7%43.4$46,983
EDConsolidated Edison493.4%67.5%2.8%20.5$33,905
EMREmerson Electric662.4%26.1%2.4%18.4$49,697
ESSEssex Property Trust294.5%140.4%6.7%33.1$13,381
EXPDExpeditors Intl281.2%16.1%9.1%13.3$16,920
FRTFederal Realty Investment564.4%91.3%4.0%20.9$8,026
GDGeneral Dynamics322.3%30.7%8.4%18.7$62,463
GPCGenuine Parts672.3%42.8%5.9%20.1$23,649
GWWW.W. Grainger521.0%22.4%8.0%22.8$34,408
HRLHormel Foods572.8%58.6%12.5%22.4$21,777
IBMIBM285.1%362.1%6.9%67.1$118,758
ITWIllinois Tool Works602.2%51.6%13.2%24.9$74,013
JNJJohnson & Johnson612.9%65.2%6.4%23$482,639
KMBKimberly-Clark513.5%81.0%3.8%23.4$45,191
KOCoca-Cola613.0%80.0%5.1%28.3$268,405
LINLinde301.4%56.4%7.8%43.1$174,488
LOWLowe's Companies612.1%38.7%20.7%19.6$119,068
MCDMcDonald's482.2%67.5%7.0%33.6$204,540
MDTMedtronic463.4%87.5%10.1%26.5$107,118
MKCMcCormick & Co241.9%60.5%8.7%33.7$22,343
MMM3M655.7%58.4%9.0%10.3$57,682
NDSNNordson601.2%26.8%15.8%25.9$12,716
NEENextEra Energy292.4%81.0%11.0%36.6$152,838
NUENucor501.3%7.0%3.3%5.4$38,964
ORealty Income304.9%209.1%3.5%44.5$41,631
PEPPepsiCo512.5%70.2%7.9%28.4$251,248
PGProcter & Gamble672.5%61.6%5.0%26$349,990
PNRPentair41.6%28.8%-0.4%18.8$9,072
PPGPPG Indus521.9%55.8%7.7%30.7$31,353
ROPRoper Techs300.6%5.9%15.3%47.6$46,667
SHWSherwin-Williams451.1%30.7%13.8%29.1$58,126
SJMJM Smucker502.6%60.4%7.0%23.7$16,758
SPGIS&P Global561.1%32.4%12.4%33.8$112,977
SWKStanley Black & Decker534.0%44.6%5.0%75.7$12,257
SYYSysco562.5%69.5%5.8%27.9$39,197
TGTTarget372.6%65.8%11.6%27.6$75,913
TROWT. Rowe Price Gr04.3%71.3%12.4%16.8$25,286
WBAWalgreens Boots Alliance485.6%17.4%5.7%27.06$29,709
WMTWalmart501.6%52.2%1.9%34.5$396,989
WSTWest Pharmaceutical Servs300.2%9.3%7.2%44.9$25,810
XOMExxon Mobil413.3%26.8%4.8%8.3$445,263

Dividend Calendar

This table was created using StockRover*.

TickerCompanyEx-Dividend DateDiv. Record DateDividend Payment DateDividend FrequencyNext Div. Payment Per ShareDividend Per Share
ABBVAbbVie4/13/234/14/235/15/234$1.48 $5.92
ABTAbbott Laboratories4/13/234/14/235/15/234$0.51 $2.04
ADMArcher-Daniels Midland2/8/232/9/233/2/234$0.45 $1.80
ADPAutomatic Data Processing3/9/233/10/234/1/234$1.25 $5.00
AFLAflac2/14/232/15/233/1/234$0.42 $1.68
ALBAlbemarle3/16/233/17/234/3/234$0.40 $1.60
AMCRAmcor2/28/233/1/233/21/234$0.12 $0.49
AOSA.O. Smith1/30/231/31/232/15/234$0.30 $1.20
APDAir Products & Chemicals3/31/234/3/235/8/234$1.75 $7.00
ATOAtmos Energy2/16/232/20/233/6/234$0.74 $2.96
BDXBecton, Dickinson3/9/233/10/233/31/234$0.91 $3.64
BENFranklin Resources3/30/233/31/234/14/234$0.30 $1.20
BF.BBrown-Forman3/7/233/8/234/3/234$0.21 $0.82
BROBrown & Brown2/2/232/3/232/15/234$0.12 $0.46
CAHCardinal Health3/31/234/3/234/15/234$0.50 $1.98
CATCaterpillar1/19/231/20/232/17/234$1.20 $4.80
CBChubb3/16/233/17/234/10/234$0.83 $3.32
CHDChurch & Dwight Co2/14/232/15/233/1/234$0.27 $1.09
CHRWC.H. Robinson Worldwide3/2/233/3/234/3/234$0.61 $2.44
CINFCincinnati Financial3/16/233/17/234/14/234$0.75 $3.00
CLColgate-Palmolive4/20/234/21/235/15/234$0.48 $1.92
CLXClorox4/25/234/26/235/12/234$1.18 $4.72
CTASCintas2/14/232/15/233/15/234$1.15 $4.40
CVXChevron2/15/232/16/233/10/234$1.51 $6.04
DOVDover2/27/232/28/233/15/234$0.50 $2.02
ECLEcolab3/20/233/21/234/17/234$0.53 $2.12
EDConsolidated Edison2/14/232/15/233/15/234$0.81 $3.24
EMREmerson Electric2/16/232/17/233/10/234$0.52 $2.08
ESSEssex Property Trust3/30/233/31/234/14/234$2.31 $9.24
EXPDExpeditors Intl11/30/2212/1/2212/15/222$0.67 $1.34
FRTFederal Realty Investment3/10/233/13/234/17/234$1.08 $4.32
GDGeneral Dynamics4/13/234/14/235/12/234$1.32 $5.28
GPCGenuine Parts3/2/233/3/234/3/234$0.95 $3.80
GWWW.W. Grainger2/10/232/13/233/1/234$1.72 $6.88
HRLHormel Foods4/14/234/17/235/15/234$0.28 $1.10
IBMIBM2/9/232/10/233/10/234$1.65 $6.60
ITWIllinois Tool Works3/30/233/31/234/13/234$1.31 $5.24
JNJJohnson & Johnson2/17/232/21/233/7/234$1.13 $4.52
KMBKimberly-Clark3/9/233/10/234/4/234$1.18 $4.72
KOCoca-Cola3/16/233/17/234/3/234$0.46 $1.84
LINLinde3/13/233/14/233/28/234$1.27 $5.10
LOWLowe's Companies4/25/234/26/235/10/234$1.05 $4.20
MCDMcDonald's2/28/233/1/233/15/234$1.52 $6.08
MDTMedtronic3/23/233/24/234/14/234$0.68 $2.72
MKCMcCormick & Co4/6/234/10/234/24/234$0.39 $1.56
MMM3M2/16/232/17/233/12/234$1.50 $6.00
NDSNNordson2/17/232/21/233/7/234$0.65 $2.60
NEENextEra Energy2/27/232/28/233/15/234$0.47 $1.87
NUENucor3/30/233/31/235/11/234$0.51 $2.04
ORealty Income3/31/234/3/234/14/2312$0.25 $3.06
PEPPepsiCo3/2/233/3/233/31/234$1.15 $4.60
PGProcter & Gamble1/19/231/20/232/15/234$0.91 $3.65
PNRPentair4/20/234/21/235/5/234$0.22 $0.88
PPGPPG Indus2/16/232/17/233/10/234$0.62 $2.48
ROPRoper Techs4/5/234/6/234/21/234$0.68 $2.73
SHWSherwin-Williams2/24/232/27/233/10/234$0.61 $2.42
SJMJM Smucker2/9/232/10/233/1/234$1.02 $4.08
SPGIS&P Global2/23/232/24/233/10/234$0.90 $3.60
SWKStanley Black & Decker3/6/233/7/233/21/234$0.80 $3.20
SYYSysco4/5/234/6/234/28/234$0.49 $1.96
TGTTarget5/16/235/17/236/10/234$1.08 $4.32
TROWT. Rowe Price Gr3/14/233/15/233/30/234$1.22 $4.88
WBAWalgreens Boots Alliance2/15/232/16/233/10/234$0.48 $1.92
WMTWalmart5/4/235/5/235/30/234$0.57 $2.28
WSTWest Pharmaceutical Servs4/25/234/26/235/3/234$0.19 $0.76
XOMExxon Mobil2/13/232/14/233/10/234$0.91 $3.64

Prior Year Lists and Articles


Here are my recommendations:

Affiliates

  • Simply Investing Report & Analysis Platform or the Course can teach you how to invest in stocks. Try it free for 14 days. 
  • Sure Dividend Pro Plan 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.

Website | + posts

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.

Leave a Reply