dividend aristocrats

The List of Dividend Aristocrats 2022

The list of Dividend Aristocrats 2022 are US stocks that have increased their dividend for 25+ years in a row. However, that one fact 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
  • A 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 criteria listed above; thus, it is not a Dividend Aristocrat. However, Arrow has raised the dividend for 28 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 currently 64 stocks in the Dividend Aristocrats as of November 30, 2022


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Market Update for the Dividend Aristocrats 2022

The Dividend Aristocrats 2022 yields about 2.4%, and the average forward price-to-earnings ratio is approximately 27.3X (as of November 30, 2022). 

The mean market capitalization is roughly $93,243 million, and the median market capitalization is approximately $45,242 million. The market cap ranges between about $7,528 million and $465,377 million. The total market capitalization is roughly $5,815,619 million.

In 2021, the Dividend Aristocrats provided a total return of 25.99%. This return was the highest return since 2019 and the third-highest return in the past decade. The price return was 22.97%. This performance was slightly worse than the performance of the S&P 500 Index in 2021 at 28.71%. 

There was only one Dividend Aristocrat whose dividend was cut or suspended. However, AT&T announced a dividend cut that will take effect in 2022. The company did not raise its dividend in 2021 and was dropped from the list of Dividend Aristocrats in early-2022.

You can look at 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 +2.5% (blue line) as a group compared to (-11.0%) for the S&P 500 Index (red line), as seen in the chart below from Stock Rover*. Over the trailing 5-years, the Dividend Aristocrats have returned +84.3%, and the S&P 500 Index has returned +88.0%.

1-Year Dividend Aristocrat Returns
Source: Stock Rover*

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Historical Performance

As a group, the S&P 500 Dividend Aristocrats have exhibited solid returns with low volatility. For example, over the past ten years, the Dividend Aristocrats had annualized total returns of 13.7% and a standard deviation of 13.01%, while the benchmark (the S&P 500 Index) had annualized total returns of 13.67% and a standard deviation of 13.6%. 

Over the past 5-years, the Dividend Aristocrats had annualized total return of 12.78% with a standard deviation of 15.67%, while the benchmark had annualized total returns of 13.66% and a standard deviation of 16.41%.

SP Dividend Aristocrats 10-year Total Returns

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

SP Dividend Aristocrats Return by Year
Dow Jones Indices

Changes to the Dividend Aristocrats in 2022

On March 239, 2022, the S&P Dow Jones Indices announced changes to the Dividend Aristocrats, effective on April 4, 202. One stock was removed from the list, People’s United Financial (PBCT) because it was acquired.

Changes 2022-03-29

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. The two stocks added to the list were Brown & Brown (BRO) and Church & Dwight (CHD). 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

Leggett & Platt (LEG) was dropped from the S&P 500 Index in December 2021 and thus automatically dropped from the Dividend Aristocrats list.

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 US 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 2022

The Dividend Aristocrats 2022 is a reasonably select list since there are only 64 companies. This number is out of nearly 6,000 companies listed on New York Stock Exchange (NYSE) and NASDAQ in 2022, indicating a success rate of approximately 1.1%.

Dividend Aristocrats Sector Breakdown

The sector with high representation on the Dividend Aristocrats 2022 is Consumer Staples at approximately 22.7%. This point is likely due to these stocks’ relatively stable earnings and cash flow characteristics. In addition, these companies tend to slowly grow earnings over time, permitting annual dividend increases. 

Stocks from the Industrials sector have the second-highest representation on the Dividend Aristocrats 2022 at about 19.6%. 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 11.8%. These companies are similar to Industrial stocks in that they are usually volatile but have low payout ratios.

Combined, these three sectors make up the majority of the Dividend Aristocrats at 52.9%. 

Only Three REITs

There are only three Real Estate Investment Trusts (REITs) 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). 

Sector Breakdown

The sector breakdown for the Dividend Aristocrats 2022 is seen in the chart below. The sector composition has changed with time due to the S&P 500 Index composition changes. 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.

Sector Breakdown

The sector ranking for the Dividend Aristocrats 2022 is unlike the Canadian Dividend Aristocrats, which have Financials, Energy, and Real Estate as the top three sectors.

It is also unlike the UK High Yield Dividend Aristocrats that has Financials, Industrials, and Consumer Staples 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 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 sector percentages are growing with time since the end of 2005. Today, they constitute about 41.1% of the Dividend Aristocrats 2022.

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

Market Size of the S&P 500 Dividend Aristocrats 2022

The largest Dividend Aristocrat by market capitalization is Johnson & Johnson (JNJ), with roughly $463.6 billion market capitalization. The smallest Dividend Aristocrat is Pentair (PNR), with a $7.5 billion market capitalization. Combined, the 64 Dividend Aristocrats have a total market capitalization of over $5.7 trillion.

The one with the highest forward yield is V.F. Corporation (VFC), and the one with the lowest dividend yield is West Pharmaceuticals (WST). 

Dover Corp (DOV), Procter & 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 2022 – Updated November 30, 2022

The Dividend Aristocrat 2022 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.

This table was created using Stock Rover* and Portfolio Insight*.

TickerCompany NameNo. YearsDividend Yield (%)Payout Ratio (%)10-yr Dividend Growth Rate (%)P/E RatioMarket Cap
ABBVAbbVie513.7%73.4%n/a21.5$284,980 
ABTAbbott Laboratories501.8%41.6%-0.8%24.3$188,343 
ADMArcher-Daniels Midland471.6%21.6%8.6%13.4$53,559 
ADPAutomatic Data Processing471.9%57.3%10.2%36.6$109,670 
AFLAflac412.3%19.5%8.6%9.2$44,724 
ALBAlbemarle280.6%11.9%7.0%21.1$32,566 
AMCRAmcor454.0%86.2%n/a22.3$18,389 
AOSA.O. Smith292.0%35.3%19.6%19.4$9,279 
APDAir Products & Chemicals402.1%62.6%9.7%30.7$68,813 
ATOAtmos Energy382.5%48.5%7.8%21.5$16,935 
BDXBecton, Dickinson501.5%58.7%6.8%46.4$70,656 
BENFranklin Resources424.3%45.9%12.4%10.6$13,392 
BF.BBrown-Forman381.1%39.8%7.3%39.2$35,124 
BROBrown & Brown280.8%18.5%9.8%27$16,876 
CAHCardinal Health272.5%35.2%7.6%n/a$21,014 
CATCaterpillar292.0%32.7%8.7%17.2$124,802 
CBChubb291.5%22.5%5.4%15.3$91,140 
CHDChurch & Dwight Co261.3%34.3%8.1%27.4$19,972 
CINFCincinnati Financial622.5%39.3%5.4%n/a$17,440 
CLColgate-Palmolive592.4%80.4%4.2%33.9$64,712 
CLXClorox463.2%141.6%6.3%45.4$18,336 
CTASCintas390.9%n/a20.7%38.7$46,891 
CVXChevron353.1%31.7%4.7%10.4$351,771 
DOVDover671.4%n/a3.7%17.6$19,923 
ECLEcolab301.4%51.7%9.8%38.2$42,699 
EDConsolidated Edison483.2%65.8%2.7%20.7$34,790 
EMREmerson Electric652.2%37.9%2.4%17.7$56,637 
ESSEssex Property Trust284.0%157.4%7.2%40$14,264 
EXPDExpeditors International281.2%13.0%9.1%12.3$18,468 
FRTFederal Realty Investment553.9%90.1%4.0%23.4$9,021 
GDGeneral Dynamics312.0%41.0%9.5%21$69,293 
GPCGenuine Parts662.0%41.8%6.1%22$25,878 
GWWW.W. Grainger511.1%23.8%8.0%21.6$30,471 
HRLHormel Foods572.3%55.7%13.2%25.8$25,671 
IBMIBM274.4%466.7%6.9%98.7$134,623 
ITWIllinois Tool Works592.3%56.5%13.2%26$69,875 
JNJJohnson & Johnson602.5%60.1%6.4%24.8$465,377 
KMBKimberly-Clark503.4%87.3%4.6%25.8$45,760 
KOCoca-Cola602.8%76.0%5.6%28.1$275,081 
LINLinde291.4%60.0%7.8%44.7$166,338 
LOWLowe’s Companies612.0%35.6%20.7%20.5$128,528 
MCDMcDonald’s472.2%69.1%7.0%34.6$200,695 
MDTMedtronic453.4%66.2%10.1%24.6$105,055 
MKCMcCormick & Co231.7%56.0%9.1%33.2$22,876 
MMM3M644.7%51.7%9.7%11$69,628 
NEENextEra Energy282.0%85.6%11.0%43.7$166,416 
NUENucor491.3%6.3%3.2%4.7$38,536 
ORealty Income294.7%298.3%5.1%63.9$38,949 
PEPPepsiCo502.5%63.4%7.9%26.5$255,577 
PGProcter & Gamble662.5%59.8%5.0%25.8$353,463 
PNRPentair451.8%25.6%-0.5%14.2$7,528 
PPGPPG Indus511.8%n/a7.7%30.4$31,779 
ROPRoper Technologies290.6%9.0%16.3%43.4$46,505 
SHWSherwin-Williams441.0%31.3%16.5%33.7$64,573 
SPGIS&P Global491.0%27.6%12.8%30.2$114,942 
SWKStanley Black & Decker553.9%n/a5.0%22.3$12,089 
SYYSysco522.3%n/a6.1%30.7$43,839 
TGTTarget552.6%51.3%11.6%22.8$76,903 
TROWT. Rowe Price Gr363.8%53.3%13.4%14.3$27,912 
VFCVF506.2%183.5%10.8%30.4$12,749 
WBAWalgreens Boots Alliance474.6%38.1%5.7%8.3$35,889 
WMTWalmart491.5%44.2%3.5%47$413,703 
WSTWest Pharmaceutical Servs290.3%8.5%7.2%28.5$17,372 
XOMExxon Mobil403.3%n/a4.8%9.1$458,497 
Mean44.22.4%63.6%8.2%27.3 $      93,243 
Median46.52.2%49.9%7.7%25.3 $      45,242 
Source: Data from Portfolio Insight*, Stock Rover*, and S&P 500 Dividend Aristocrats (Data as November 30, 2022)

Dividend Calendar

This table was created using StockRover*.

TickerCompanyEx-Dividend DateDiv. Record DateDividend Payment DateDividend FrequencyNext Div. Payment Per ShareDividend Per Share
ABBVAbbVie1/12/231/13/232/15/234$1.48 $5.92 
ABTAbbott Laboratories10/13/2210/14/2211/15/224$0.47 $1.88 
ADMArcher-Daniels Midland11/15/2211/16/2212/7/224$0.40 $1.60 
ADPAutomatic Data Processing12/8/2212/9/221/1/234$1.25 $5.00 
AFLAflac2/14/232/15/233/1/234$0.42 $1.68 
ALBAlbemarle12/15/2212/16/221/3/234$0.40 $1.58 
AMCRAmcor11/22/2211/23/2212/13/224$0.12 $0.49 
AOSA.O. Smith10/28/2210/31/2211/15/224$0.30 $1.20 
APDAir Products & Chemicals12/30/221/3/232/13/234$1.62 $6.48 
ATOAtmos Energy11/25/2211/28/2212/12/224$0.74 $2.96 
BDXBecton, Dickinson12/8/2212/9/2212/30/224$0.91 $3.64 
BENFranklin Resources9/29/229/30/2210/14/224$0.29 $1.16 
BF.BBrown-Forman12/1/2212/2/221/3/234$0.21 $0.82 
BROBrown & Brown11/1/2211/2/2211/16/224$0.12 $0.46 
CAHCardinal Health12/30/221/3/231/15/234$0.50 $1.98 
CATCaterpillar10/21/2210/24/2211/18/224$1.20 $4.80 
CBChubb12/15/2212/16/221/6/234$0.83 $3.32 
CHDChurch & Dwight Co11/14/2211/15/2212/1/224$0.26 $1.05 
CINFCincinnati Financial12/15/2212/16/221/13/234$0.69 $2.76 
CLColgate-Palmolive10/20/2210/21/2211/15/224$0.47 $1.88 
CLXClorox1/24/231/25/232/10/234$1.18 $4.72 
CTASCintas11/14/2211/15/2212/15/224$1.15 $4.20 
CVXChevron11/17/2211/18/2212/12/224$1.42 $5.68 
DOVDover11/29/2211/30/2212/15/224$0.50 $2.02 
ECLEcolab9/19/229/20/2210/17/224$0.51 $2.04 
EDConsolidated Edison11/15/2211/16/2212/15/224$0.79 $3.16 
EMREmerson Electric11/9/2211/11/2212/9/224$0.52 $2.08 
ESSEssex Property Trust9/29/229/30/2210/14/224$2.20 $8.80 
EXPDExpeditors International11/30/2212/1/2212/15/222$0.67 $1.34 
FRTFederal Realty Investment12/30/221/3/231/17/234$1.08 $4.32 
GDGeneral Dynamics10/6/2210/7/2211/10/224$1.26 $5.04 
GPCGenuine Parts12/1/2212/2/221/3/234$0.89 $3.58 
GWWW.W. Grainger11/10/2211/14/2212/1/224$1.72 $6.88 
HRLHormel Foods1/13/231/17/232/15/234$0.28 $1.10 
IBMIBM11/9/2211/10/2212/10/224$1.65 $6.60 
ITWIllinois Tool Works12/29/2212/30/221/12/234$1.31 $5.24 
JNJJohnson & Johnson11/21/2211/22/2212/6/224$1.13 $4.52 
KMBKimberly-Clark12/8/2212/9/221/4/234$1.16 $4.64 
KOCoca-Cola11/30/2212/1/2212/15/224$0.44 $1.76 
LINLinde12/1/2212/2/2212/16/224$1.17 $4.68 
LOWLowe’s Companies1/24/231/25/232/8/234$1.05 $4.20 
MCDMcDonald’s11/30/2212/1/2212/15/224$1.52 $6.08 
MDTMedtronic9/22/229/23/2210/14/224$0.68 $2.72 
MKCMcCormick & Co10/7/2210/11/2210/25/224$0.37 $1.48 
MMM3M11/17/2211/18/2212/12/224$1.49 $5.96 
NEENextEra Energy11/23/2211/25/2212/15/224$0.43 $1.70 
NUENucor9/29/229/30/2211/10/224$0.50 $2.00 
ORealty Income11/30/2212/1/2212/15/2212$0.25 $2.98 
PEPPepsiCo12/1/2212/2/221/6/234$1.15 $4.60 
PGProcter & Gamble10/20/2210/21/2211/15/224$0.91 $3.65 
PNRPentair10/20/2210/21/2211/4/224$0.21 $0.84 
PPGPPG Indus11/9/2211/10/2212/12/224$0.62 $2.48 
ROPRoper Technologies1/6/231/9/231/23/234$0.68 $2.73 
SHWSherwin-Williams11/17/2211/18/2212/2/224$0.60 $2.40 
SPGIS&P Global11/25/2211/28/2212/12/224$0.85 $3.40 
SWKStanley Black & Decker11/30/2212/1/2212/20/224$0.80 $3.20 
SYYSysco1/5/231/6/231/27/234$0.49 $1.96 
TGTTarget11/15/2211/16/2212/10/224$1.08 $4.32 
TROWT. Rowe Price Gr12/15/2212/16/2212/29/224$1.20 $4.80 
VFCVF12/9/2212/12/2212/20/224$0.51 $2.04 
WBAWalgreens Boots Alliance11/14/2211/15/2212/12/224$0.48 $1.92 
WMTWalmart12/8/2212/9/221/3/234$0.56 $2.24 
WSTWest Pharmaceutical Servs11/8/2211/9/2211/16/224$0.19 $0.76 
XOMExxon Mobil11/14/2211/15/2212/9/224$0.91 $3.64 
Source: Stock Rover* (as of November 30, 2022)

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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.

4 thoughts on “The List of Dividend Aristocrats 2022

  1. If anyone ever asks me about dividend investing I always point them to the aristocrats list as a starting point for selecting stocks. I think it’s a great list for anyone looking to build a dividend growth portfolio. Of course, there are many other great stocks to choose from when it comes to dividends but this list should be looked at first. That’s how I started building out my portfolio.

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