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.

These stocks can be found in the S&P 500 Dividend Aristocrats Index. There are 67 stocks in the Dividend Aristocrats. 

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.


Affiliate

Portfolio Insight is a leading portfolio management and research platform.

  • 9,000+ stocks and ETFs in its database
  • Access up to dozens of metrics, 20-years of financial data from S&P Global, fair value, margin of safety, charting, etc.
  • Avoid dividend cuts with the Dividend Quality Grade and screening tools.

Click here to try Portfolio Insight for free (14-day free trial).


Market Update for the Dividend Aristocrats 2023

The Dividend Aristocrats 2023 yields about 2.68%, and the average forward price-to-earnings ratio is approximately 17.64X. 

The mean market capitalization is roughly $84,523 million, and the median is approximately $41,844 million. The market cap ranges between about $7,793 million and $419,247 million. The total market capitalization is roughly $5,663,043 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.

In the trailing 1-year, the Dividend Aristocrats 2023 has returned +8.8% (blue line) as a group compared to +28.0% 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 +93.3%, and the S&P 500 Index has returned +108.0%.

1-Year Dividend Aristocrat Returns
Source: Stock Rover*

Affiliate

Stock Rover is an award winning investment research platform.

  • The site has 8,500+ stocks, 4,000 ETFs, and 40,000 mutual funds.
  • Access to 650+ metrics, financial data, market news, stock and fund ratings, fair value, margin of safety, etc.
  • Includes brokerage integration, portfolio tracking, rebalancing, watchlists, alerts, future income forecasts, etc.

Click here to try Stock Rover for free (14-day free trial).


Difference Between Dividend Champions and Aristocrats

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.

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 10.34% over the past ten years and a standard deviation of 14.66%. On the other hand, the benchmark (the S&P 500 Index) had annualized total returns of 9.51% and a standard deviation of 15.16%. 

Over the past 5-years, the Dividend Aristocrats had annualized total return of 9.29% with a standard deviation of 18.33%, while the benchmark had annualized total returns of 8.45% and a standard deviation of 19.04%.

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 August 22, 2023, the S&P Dow Jones Indices announced Kenvue (KVUE) will be added to the index, after the split with Johnson & Johnson (JNJ).

KVUE Addition

On March 1, 2023, the S&P Dow Jones Indices announced V.F. Corp (VFC) 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.

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 67 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 1.12%.

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. 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. 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

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.

TickerCompanyNo. YearsDividend YieldDividend 10-Year Avg (%)Payout RatioPrice / EarningsCap ($M USD)
ABBVAbbVie114.00%14.50%159.80%42.4$273,604
ABTAbbott Laboratories102.00%13.80%67.80%37.5$191,087
ADMArcher-Daniels Midland482.50%9.00%24.30%10$38,520
ADPAutomatic Data Processing482.40%11.30%59.10%27.7$95,821
AFLAflac412.40%8.50%22.70%11.3$48,210
ALBAlbemarle291.10%5.20%5.60%5.1$16,955
AMCRAmcor45.20%- 74.50%14.7$13,932
AOSA.O. Smith301.60%18.20%59.40%41.1$12,259
APDAir Products & Chemicals412.60%9.40%66.40%26.7$60,845
ATOAtmos Energy392.80%8.10%48.50%19$17,210
BDXBecton Dickinson511.60%5.70%73.20%47.8$70,598
BENFranklin Resources434.20%11.60%69.80%17.3$14,761
BF.BBrown-Forman391.50%6.50%50.40%35.3$27,455
BROBrown & Brown290.70%10.00%17.40%27$20,237
CAHCardinal Health282.00%5.20%326.70%165.6$24,843
CATCaterpillar301.80%8.00%27.60%16.8$150,521
CBChubb301.50%5.40%19.60%13.2$92,205
CHDChurch & Dwight Co271.20%6.90%60.70%53.8$23,297
CHRWC.H. Robinson Worldwide252.80%5.70%72.60%25.7$10,076
CINFCincinnati Financial632.90%6.00%27.80%9.8$16,232
CLColgate-Palmolive602.40%3.50%99.00%41.7$65,630
CLXClorox463.40%5.40%687.00%204.8$17,688
CTASCintas390.90%21.50%35.50%43.6$61,078
CVXChevron364.10%4.20%44.00%11.1$281,576
DOVDover681.30%3.10%27.70%21.1$21,516
ECLEcolab311.20%7.60%49.10%46$56,556
EDConsolidated Edison493.60%2.80%47.40%13.4$31,404
EMREmerson Electric662.20%2.00%9.00%26.2$55,626
ESSEssex Property Trust293.70%6.70%112.00%30.8$15,913
EXPDExpeditors Intl291.10%8.70%25.30%23.8$18,600
FRTFederal Realty Investment564.20%3.40%125.90%30.2$8,410
GDGeneral Dynamics322.00%9.00%43.30%21.7$70,862
GPCGenuine Parts672.70%5.90%42.10%15.6$19,555
GWWW.W. Grainger520.90%7.20%19.90%23.1$41,130
HRLHormel Foods573.50%12.50%75.90%22.1$17,558
IBMIBM284.10%5.70%86.70%21.1$149,340
ITWIllinois Tool Works602.10%12.80%51.60%25.5$78,813
JNJJohnson & Johnson613.00%6.10%34.60%29.4$377,316
KMBKimberly-Clark513.90%3.80%90.20%23.4$41,462
KOCoca-Cola613.10%5.10%73.40%23.9$254,778
KVUEKenvue03.70%- 35.20%37.8$41,228
LINLinde301.20%7.80%41.00%34$199,148
LOWLowe's Companies612.00%19.80%32.90%17.1$127,990
MCDMcDonald's482.30%7.50%53.20%26.2$215,070
MDTMedtronic463.40%9.40%88.70%26.8$109,536
MKCMcCormick & Co242.50%8.50%63.90%28.5$18,352
MMM3M655.50%9.00%- - $60,378
NDSNNordson601.00%14.20%30.80%31.2$15,060
NEENextEra Energy293.10%11.00%48.20%16$124,620
NUENucor501.20%3.90%10.30%8.8$42,785
ORealty Income305.40%3.50%229.90%43.8$41,568
PEPPepsiCo512.90%8.30%80.20%28.3$233,506
PGProcter & Gamble672.60%4.60%58.50%23.8$345,378
PNRPentair41.30%-1.30%28.20%23.6$12,018
PPGPPG Indus521.70%7.90%41.80%25.1$35,263
ROPRoper Techs300.60%15.30%9.90%47.3$58,235
SHWSherwin-Williams450.80%13.80%25.60%33.3$79,835
SJMJM Smucker503.40%6.20%20600.00%500+$13,413
SPGIS&P Global560.80%12.40%46.00%57.3$139,555
SWKStanley Black & Decker533.30%4.90%- - $15,173
SYYSysco562.70%6.00%55.50%20.6$36,884
TGTTarget373.10%9.80%55.10%18.1$65,749
TROWT. Rowe Price Gr04.50%12.40%69.00%15.3$24,065
WBAWalgreens Boots Alliance487.40%4.30%- - $22,510
WMTWalmart501.50%1.90%37.70%26.3$424,430
WSTWest Pharmaceutical Servs300.20%7.20%10.10%47.5$26,053
XOMExxon Mobil413.80%4.20%36.20%9.9$399,596

Dividend Calendar

This table was created using StockRover*.

TickerCompanyEx-Dividend DateDividend Record DateDividend Payment DateDividend FrequencyNext Dividend Payment Per ShareDividend Per Share
ABBVAbbVie1/12/241/16/242/15/244$1.55 $6.20
ABTAbbott Laboratories1/11/241/12/242/15/244$0.55 $2.20
ADMArcher-Daniels Midland11/14/2311/15/2312/6/234$0.45 $1.80
ADPAutomatic Data Processing12/7/2312/8/231/1/244$1.40 $5.60
AFLAflac2/20/242/21/243/1/244$0.50 $2.00
ALBAlbemarle12/14/2312/15/231/2/244$0.40 $1.60
AMCRAmcor11/21/2311/22/2312/12/234$0.12 $0.50
AOSA.O. Smith10/30/2310/31/2311/15/234$0.32 $1.28
APDAir Products & Chemicals12/29/231/2/242/12/244$1.75 $7.00
ATOAtmos Energy11/24/2311/27/2312/11/234$0.81 $3.22
BDXBecton Dickinson12/7/2312/8/2312/29/234$0.95 $3.80
BENFranklin Resources1/2/241/3/241/12/244$0.31 $1.24
BF.BBrown-Forman11/30/2312/1/231/2/244$0.22 $0.87
BROBrown & Brown10/31/2311/1/2311/15/234$0.13 $0.52
CAHCardinal Health12/29/231/2/241/15/244$0.50 $2.00
CATCaterpillar1/19/241/22/242/20/244$1.30 $5.20
CBChubb12/14/2312/15/231/5/244$0.86 $3.44
CHDChurch & Dwight Co11/14/2311/15/2312/1/234$0.27 $1.09
CHRWC.H. Robinson Worldwide11/30/2312/1/231/2/244$0.61 $2.44
CINFCincinnati Financial12/18/2312/19/231/16/244$0.75 $3.00
CLColgate-Palmolive10/20/2310/23/2311/15/234$0.48 $1.92
CLXClorox1/23/241/24/242/9/244$1.20 $4.80
CTASCintas11/14/2311/15/2312/15/234$1.35 $5.40
CVXChevron11/16/2311/17/2312/11/234$1.51 $6.04
DOVDover11/29/2311/30/2312/15/234$0.51 $2.04
ECLEcolab12/18/2312/19/231/16/244$0.57 $2.28
EDConsolidated Edison11/14/2311/15/2312/15/234$0.81 $3.24
EMREmerson Electric11/16/2311/17/2312/11/234$0.52 $2.10
ESSEssex Property Trust12/29/231/2/241/12/244$2.31 $9.24
EXPDExpeditors Intl11/30/2312/1/2312/15/232$0.69 $1.38
FRTFederal Realty Investment12/29/231/2/241/16/244$1.09 $4.36
GDGeneral Dynamics1/18/241/19/242/9/244$1.32 $5.28
GPCGenuine Parts11/30/2312/1/231/2/244$0.95 $3.80
GWWW.W. Grainger8/11/238/14/239/1/234$1.86 $7.44
HRLHormel Foods1/12/241/16/242/15/244$0.28 $1.13
IBMIBM11/9/2311/10/2312/9/234$1.66 $6.64
ITWIllinois Tool Works12/28/2312/29/231/11/244$1.40 $5.60
JNJJohnson & Johnson11/20/2311/21/2312/5/234$1.19 $4.76
KMBKimberly-Clark12/7/2312/8/231/3/244$1.18 $4.72
KOCoca-Cola11/30/2312/1/2312/15/234$0.46 $1.84
KVUEKenvue11/7/2311/8/2311/22/234$0.20 $0.80
LINLinde12/1/2312/4/2312/18/234$1.27 $5.10
LOWLowe's Companies1/23/241/24/242/7/244$1.10 $4.40
MCDMcDonald's11/30/2312/1/2312/15/234$1.67 $6.68
MDTMedtronic12/19/2312/20/231/12/244$0.69 $2.76
MKCMcCormick & Co12/28/2312/29/231/8/244$0.42 $1.68
MMM3M11/16/2311/17/2312/12/234$1.50 $6.00
NDSNNordson12/18/2312/19/231/2/244$0.68 $2.72
NEENextEra Energy11/22/2311/24/2312/15/234$0.47 $1.87
NUENucor12/28/2312/29/232/9/244$0.54 $2.16
ORealty Income12/29/231/2/241/12/2412$0.26 $3.08
PEPPepsiCo11/30/2312/1/231/5/244$1.26 $4.95
PGProcter & Gamble10/19/2310/20/2311/15/234$0.94 $3.76
PNRPentair1/18/241/19/242/2/244$0.23 $0.92
PPGPPG Indus11/9/2311/10/2312/12/234$0.65 $2.60
ROPRoper Techs1/8/241/9/241/23/244$0.75 $3.00
SHWSherwin-Williams11/16/2311/17/2312/8/234$0.61 $2.42
SJMJM Smucker11/16/2311/17/2312/1/234$1.06 $4.24
SPGIS&P Global11/27/2311/28/2312/12/234$0.90 $3.60
SWKStanley Black & Decker11/30/2312/1/2312/19/234$0.81 $3.24
SYYSysco1/4/241/5/241/26/244$0.50 $2.00
TGTTarget11/14/2311/15/2312/10/234$1.10 $4.40
TROWT. Rowe Price Gr12/14/2312/15/2312/29/234$1.22 $4.88
WBAWalgreens Boots Alliance11/13/2311/14/2312/12/234$0.48 $1.92
WMTWalmart12/7/2312/8/231/2/244$0.57 $2.28
WSTWest Pharmaceutical Servs1/30/241/31/242/7/244$0.20 $0.80
XOMExxon Mobil11/14/2311/15/2312/11/234$0.95 $3.80

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 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.

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

Your email address will not be published. Required fields are marked *