dividend aristocrats

The List of Dividend Aristocrats 2024

The Dividend Aristocrats 2024 are U.S. stocks that have increased their dividend for 25+ years. However, this factor alone does not qualify a stock as a Dividend Aristocrat. To be included on the list, a company must meet five 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 only result in one sector comprising up to 30% of the index weight.

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

These stocks are found in the S&P 500 Dividend Aristocrats Index. Currently, there are 67 stocks in the Dividend Aristocrats. 

Investors 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 to search.


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Market Update for the Dividend Aristocrats 2024

The Dividend Aristocrats 2024 yields about 2.52%, and the average forward price-to-earnings ratio is approximately 18.21X. 

The mean market capitalization is roughly $88,241 million, and the median is approximately $45,232 million. The market cap ranges between about $8,304 million and $444,781 million. The total market capitalization is roughly $5,912,169 million.

In 2023, the Dividend Aristocrats provided a total return of 8.44% after a negative return in 2022. The price return was 5.74%. This performance was less than the S&P 500 Index in 2023 at 26.29%. 

In the trailing 1-year, the Dividend Aristocrats 2024 returned +6.0% (blue line) compared to +23.8% for the S&P 500 Index (red line), as seen in the chart below. We used Stock Rover* to create this watchlist and chart. Over the trailing 5-years, the Dividend Aristocrats have returned +80.4%, and the S&P 500 Index has returned +94.3%.

1-Year Dividend Aristocrat Returns
Source: Stock Rover*

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Difference Between Dividend Champions and Aristocrats

A Dividend Aristocrat can also be a Dividend Champion but not vice-versa. For instance, Arrow Financial Corporation (AROW) does not meet all the above criteria; thus, it is not a Dividend Aristocrat. However, Arrow has raised the dividend for 31 years, permitting it to be on the Dividend Champions list. As a result, 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 11.15% over the past decade and a standard deviation of 14.62%. On the other hand, the benchmark (the S&P 500 Index) had annualized total returns of 10.32% and a standard deviation of 15.12%. 

Over the past 5-years, the Dividend Aristocrats had an annualized total return of 10.98% with a standard deviation of 17.9%. The benchmark had an annualized total return of 14.3% and a standard deviation of 18.28%.

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

The table below shows the calendar year’s performance from 2014 to 2023.

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

Changes to the Dividend Aristocrats in 2024

On January 24, 2024, the S&P Dow Jones Indices announced the annual rebalancing for the S&P 500 Dividend Aristocrats. Walgreens Boots Alliance (WBA) was removed from the list. WBA cut its dividend in late 2023. Fastenal (FAST) was added to the list. The company is a distributor of industrial and construction supplies. 

Changes to the Dividend Aristocrats 2024

Other Dividend Stock Lists

Note that a company can be a Dividend Aristocrat and a Dividend King. Dividend Kings have raised dividends for at least 50 consecutive years. The other lists of American 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 2024

The Dividend Aristocrats 2024 is a reasonably select list since there are only 67 companies. This number is out of nearly 6,000 companies listed on the New York Stock Exchange (NYSE) and NASDAQ in 2023, indicating a success rate of approximately 1.12%.

Dividend Aristocrats Sector Breakdown

The sector with the highest representation of the Dividend Aristocrats 2024 is Consumer Staples, approximately 24.6%. 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 2024 at about 23.1%. This class of stocks tends to have more volatile earnings and cash flows, but many have low payout ratios, allowing them to grow their dividends during recessions and economic downturns. 

The third sector on the list is the Materials sector at 12.0%. These companies are like Industrial stocks in that they are usually volatile but have low payout ratios.

These three sectors comprise the majority of the Dividend Aristocrats at 59.7%.

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 2024 is seen in the chart below. Because of the composition changes in the S&P 500 Index, 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 2024 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.

Market Size of the S&P 500 Dividend Aristocrats 2024

The largest Dividend Aristocrat by market capitalization is Walmart (WMT), with roughly $473 billion market capitalization. The smallest Dividend Aristocrat is Federal Realty Trust (FRT), with an $8.25 billion market capitalization. The Dividend Aristocrats have a total market capitalization of over $5 trillion.

The one with the highest forward yield is 3M Company (MMM), and the one with the lowest dividend yield is West Pharmaceuticals (WST). 

Dover Corporation (DOV) is the Dividend Aristocrat with the longest streak of consecutively increasing the dividend at 69 years. It is followed by Genuine Parts Company (GPC), Northwest Natural Holding Company (NWN), and The Procter & Gamble Company (PG)

List of Dividend Aristocrat Stocks in 2024

The Dividend Aristocrat 2024 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.

TickerCompanyDividend YieldDividend 10-Year Avg (%)Price / EarningsCap ($M USD)
ABBVAbbVie3.50%14.50%64.5$310,293
ABTAbbott Laboratories1.90%9.60%35.8$202,391
ADMArcher-Daniels Midland3.80%7.60%7.4$28,482
ADPAutomatic Data Processing2.20%11.30%29.4$103,921
AFLAflac2.50%10.50%10.1$45,572
ALBAlbemarle1.40%5.20%8.6$13,480
AMCRAmcor5.50%n/a20.6$13,181
AOSA.O. Smith1.60%15.60%21.6$11,722
APDAir Products & Chemicals3.10%9.40%21.8$50,704
ATOAtmos Energy2.80%8.10%18.2$17,148
BDXBecton Dickinson1.60%5.70%55.3$68,660
BENFranklin Resources4.60%10.00%14.3$14,269
BF.BBrown-Forman1.50%6.50%36.1$28,087
BROBrown & Brown0.60%10.00%27.1$23,575
CAHCardinal Health1.90%5.20%41.8$25,629
CATCaterpillar1.70%8.00%15.6$156,674
CBChubb1.40%5.40%11.5$102,205
CHDChurch & Dwight Co1.20%6.20%32.2$23,902
CHRWC.H. Robinson Worldwide3.40%5.70%26.3$8,374
CINFCincinnati Financial2.90%6.00%9.5$17,417
CLColgate-Palmolive2.30%3.50%30.6$69,646
CLXClorox3.20%5.40%243.9$18,893
CTASCintas0.90%20.30%44.6$62,347
CVXChevron4.00%5.00%13.6$285,053
DOVDover1.30%3.10%21.3$22,394
ECLEcolab1.10%7.60%45.3$61,701
EDConsolidated Edison3.80%2.80%12.2$30,259
EMREmerson Electric2.00%2.00%30.8$59,914
ESSEssex Property Trust4.00%6.70%36.9$14,926
EXPDExpeditors Intl1.20%8.70%23$16,802
FASTFastenal2.20%12.10%34.7$40,110
FRTFederal Realty Investment4.40%3.40%35.5$8,250
GDGeneral Dynamics2.00%9.00%22.4$73,370
GPCGenuine Parts2.80%5.90%15.5$20,136
GWWW.W. Grainger0.80%7.20%25.8$46,415
HRLHormel Foods3.80%10.90%20.3$16,098
IBMIBM3.60%5.70%22.5$167,502
ITWIllinois Tool Works2.20%12.80%26.3$76,373
JNJJohnson & Johnson3.00%6.10%30.4$380,247
KMBKimberly-Clark4.10%3.80%22.9$40,139
KOCoca-Cola3.20%5.10%24.6$261,460
KVUEKenvue4.20%n/a21.2$36,499
LINLinde1.20%7.80%34.6$211,392
LOWLowe's Companies2.00%19.80%17.3$130,345
MCDMcDonald's2.30%7.50%25.3$211,334
MDTMedtronic3.20%9.40%27.3$114,150
MKCMcCormick & Co2.50%8.50%27$18,244
MMM3M6.60%5.90%n/a$50,748
NDSNNordson1.00%14.20%31.3$15,123
NEENextEra Energy3.60%11.00%15.7$116,188
NUENucor1.20%3.90%10.2$45,231
ORealty Income5.90%3.50%41.7$45,183
PEPPepsiCo3.00%8.30%25.7$240,398
PGProcter & Gamble2.40%4.60%26.5$372,977
PNRPentair1.20%-0.80%19.9$12,332
PPGPPG Indus1.80%7.90%26.4$33,208
ROPRoper Techs0.60%14.10%42.7$58,145
SHWSherwin-Williams0.90%13.80%33.7$79,672
SJMJM Smucker3.40%6.20%n/a$13,361
SPGIS&P Global0.90%12.40%51.8$133,809
SWKStanley Black & Decker3.70%4.90%n/a$13,561
SYYSysco2.50%5.60%19.3$39,363
TGTTarget2.90%9.80%19.1$69,198
TROWT. Rowe Price Gr4.50%12.40%14.1$24,476
WMTWalmart1.40%1.90%30.7$473,456
WSTWest Pharmaceutical Servs0.20%7.20%44.4$25,909
XOMExxon Mobil3.70%4.20%11.6$408,020

Dividend Calendar

This table was created using StockRover*.

TickerCompanyEx-Dividend DateDividend Record DateDividend Payment DateDividend FrequencyNext Dividend Payment Per ShareDividend Per Share
ABBVAbbVie4/12/244/15/245/15/244$1.55 $6.20
ABTAbbott Laboratories4/12/244/15/245/15/244$0.55 $2.20
ADMArcher-Daniels Midland2/7/242/8/242/29/244$0.50 $2.00
ADPAutomatic Data Processing3/7/243/8/244/1/244$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
AMCRAmcor2/27/242/28/243/19/244$0.12 $0.50
AOSA.O. Smith1/30/241/31/242/15/244$0.32 $1.28
APDAir Products & Chemicals3/28/244/1/245/13/244$1.77 $7.02
ATOAtmos Energy2/23/242/26/243/11/244$0.81 $3.22
BDXBecton Dickinson3/7/243/8/243/29/244$0.95 $3.80
BENFranklin Resources3/27/243/28/244/12/244$0.31 $1.24
BF.BBrown-Forman3/7/243/8/244/1/244$0.22 $0.87
BROBrown & Brown2/1/242/2/242/14/244$0.13 $0.52
CAHCardinal Health3/28/244/1/244/15/244$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 Co2/14/242/15/243/1/244$0.28 $1.13
CHRWC.H. Robinson Worldwide2/29/243/1/244/1/244$0.61 $2.44
CINFCincinnati Financial3/18/243/19/244/15/244$0.81 $3.24
CLColgate-Palmolive1/19/241/22/242/15/244$0.48 $1.92
CLXClorox1/23/241/24/242/9/244$1.20 $4.80
CTASCintas2/14/242/15/243/15/244$1.35 $5.40
CVXChevron2/15/242/16/243/11/244$1.63 $6.16
DOVDover2/28/242/29/243/15/244$0.51 $2.04
ECLEcolab12/18/2312/19/231/16/244$0.57 $2.28
EDConsolidated Edison2/13/242/14/243/15/244$0.83 $3.32
EMREmerson Electric2/15/242/16/243/11/244$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
FASTFastenal1/31/242/1/242/29/244$0.39 $1.56
FRTFederal Realty Investment3/12/243/13/244/15/244$1.09 $4.36
GDGeneral Dynamics1/18/241/19/242/9/244$1.32 $5.28
GPCGenuine Parts2/29/243/1/244/1/244$1.00 $4.00
GWWW.W. Grainger2/9/242/12/243/1/244$1.86 $7.44
HRLHormel Foods1/12/241/16/242/15/244$0.28 $1.13
IBMIBM2/8/242/9/243/9/244$1.66 $6.64
ITWIllinois Tool Works3/27/243/29/244/11/244$1.40 $5.60
JNJJohnson & Johnson2/16/242/20/243/5/244$1.19 $4.76
KMBKimberly-Clark3/7/243/8/244/2/244$1.22 $4.88
KOCoca-Cola3/14/243/15/244/1/244$0.49 $1.94
KVUEKenvue2/13/242/14/242/28/244$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's2/29/243/1/243/15/244$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
MMM3M2/15/242/16/243/12/244$1.51 $6.04
NDSNNordson2/16/242/20/243/5/244$0.68 $2.72
NEENextEra Energy2/26/242/27/243/15/244$0.51 $2.06
NUENucor3/27/243/28/245/10/244$0.54 $2.16
ORealty Income2/29/243/1/243/15/2412$0.26 $3.08
PEPPepsiCo2/29/243/1/244/1/244$1.26 $5.06
PGProcter & Gamble1/18/241/19/242/15/244$0.94 $3.76
PNRPentair4/18/244/19/245/3/244$0.23 $0.92
PPGPPG Indus2/15/242/16/243/12/244$0.65 $2.57
ROPRoper Techs1/8/241/9/241/23/244$0.75 $3.00
SHWSherwin-Williams2/23/242/26/243/8/244$0.71 $2.86
SJMJM Smucker2/15/242/16/243/1/244$1.06 $4.24
SPGIS&P Global2/26/242/27/243/12/244$0.91 $3.64
SWKStanley Black & Decker11/30/2312/1/2312/19/234$0.81 $3.24
SYYSysco1/4/241/5/241/26/244$0.50 $2.00
TGTTarget2/20/242/21/243/10/244$1.10 $4.40
TROWT. Rowe Price Gr3/14/243/15/243/28/244$1.24 $4.96
WMTWalmart3/14/243/15/244/1/244$0.62 $2.49
WSTWest Pharmaceutical Servs4/23/244/24/245/1/244$0.20 $0.80
XOMExxon Mobil2/13/242/14/243/11/244$0.95 $3.80

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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.

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