Last Updated on December 8, 2023 by Prakash Kolli
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 as of August 31, 2023.
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.
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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 August 31, 2023).
The mean market capitalization is roughly $87,611 million, and the median is approximately $43,465 million. The market cap ranges between about $7,984 million and $449,541 million. The total market capitalization is roughly $5,869,918 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 +10.5% (blue line) as a group compared to +17.5% 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 +63.1%, and the S&P 500 Index has returned +59.4%.
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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.
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 11.83% over the past ten years and a standard deviation of 14.41%. On the other hand, the benchmark (the S&P 500 Index) had annualized total returns of 12.81% and a standard deviation of 14.86%.
Over the past 5-years, the Dividend Aristocrats had annualized total return of 9.99% with a standard deviation of 18.11%, while the benchmark had annualized total returns of 11.12% and a standard deviation of 18.79%.
The table below shows the calendar year’s performance from 2012 to 2021.
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).
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.
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.
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), after a dividend cut. The total number of stocks on the list was 66.
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 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.
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.
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 because the company suspended its dividend. The change was effective July 1, 2020.
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.
- List of Dividend Kings in 2023
- List of Dividend Champions in 2023
- List of Dividend Contenders in 2023
- List of Dividend Challengers in 2023
- Dogs of the Dow in 2023
For Canadian stocks, there is an article
For UK stocks, there is an article
Other dividend stock lists
- American Stocks Paying 100+ Years of Dividends
- Canadian Stocks Paying 100+ Years of Dividends
- Net Lease REITs
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
- Best REITs for Safe Income
- Federal Realty (FRT): A Dividend King REIT
- 3 Dividend Aristocrat REITs
- Essex Property Trust (ESS): Undervalued REIT
The sector breakdown for the Dividend Aristocrats 2023 is seen in the chart below as of August 31, 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.
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.
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 $5 trillion.
The one with the highest forward yield is International Business Machines (IBM), and the one with the lowest dividend yield is West Pharmaceuticals (WST).
Dover Corp (DOV), Proctor & Gamble (PG), and Genuine Parts Company (GPC)are the Dividend Aristocrats with the longest streak of consecutively increasing the dividend at 66 years.
List of Dividend Aristocrat Stocks in 2023
The Dividend Aristocrat 2023 list serves as a screen for further investigating a stock for a dividend growth portfolio. It is a list of companies with stable businesses that have competitive advantages and have returned cash to shareowners consistently through dividends and, in some cases, buybacks.
|Ticker||Company||No. Years||Dividend Yield||Dividend 10-Year Avg (%)||Payout Ratio||Price / Earnings||Cap ($M USD)|
|ADP||Automatic Data Processing||48||2.10%||11.10%||58.10%||28.9||$97,847|
|APD||Air Products & Chemicals||41||2.50%||9.40%||68.40%||29.3||$63,530|
|BRO||Brown & Brown||29||0.70%||9.80%||17.30%||27.5||$20,106|
|CHD||Church & Dwight Co||27||1.20%||6.90%||58.50%||51.7||$22,964|
|CHRW||C.H. Robinson Worldwide||25||2.90%||5.70%||53.00%||19.1||$9,890|
|ESS||Essex Property Trust||29||4.30%||6.70%||109.90%||26||$13,714|
|FRT||Federal Realty Investment||56||4.80%||3.40%||91.90%||19.4||$7,422|
|ITW||Illinois Tool Works||60||2.40%||13.20%||51.70%||22.9||$69,941|
|JNJ||Johnson & Johnson||61||3.00%||6.10%||91.80%||32.1||$381,296|
|MKC||McCormick & Co||24||2.10%||8.70%||58.20%||29.1||$20,244|
|PG||Procter & Gamble||66||2.50%||4.60%||60.60%||25.3||$352,086|
|SWK||Stanley Black & Decker||53||3.90%||4.90%||60.30%||-||$12,780|
|TROW||T. Rowe Price Gr||0||4.70%||12.40%||71.90%||15.4||$23,157|
|WBA||Walgreens Boots Alliance||48||9.10%||4.30%||-||-||$18,261|
|WST||West Pharmaceutical Servs||30||0.20%||7.20%||10.80%||55.1||$27,943|
This table was created using StockRover*.
|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|
|BRO||Brown & Brown||8/8/23||8/9/23||8/16/23||4||$0.12||$0.46|
|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|
|ESS||Essex Property Trust||9/28/23||9/29/23||10/13/23||4||$2.31||$9.24|
|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|
|JNJ||Johnson & Johnson||8/25/23||8/28/23||9/7/23||4||$1.19||$4.76|
|MKC||McCormick & Co||7/7/23||7/10/23||7/24/23||4||$0.39||$1.56|
|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|
|TROW||T. Rowe Price Gr||9/14/23||9/15/23||9/28/23||4||$1.22||$4.88|
|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|
Prior Year Lists and Articles
- The List of Dividend Aristocrats 2022
- The List of Dividend Aristocrats 2021
- The List of Dividend Aristocrats in 2020
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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.