2024 Dividend Aristocrats List | Updated Daily

Article updated on January 2nd, 2024 by Bob Ciura
Spreadsheet data updated daily

The Dividend Aristocrats are a select group of 68 S&P 500 stocks with 25+ years of consecutive dividend increases.

They are the ‘best of the best’ dividend growth stocks. The Dividend Aristocrats have a long history of outperforming the market.

The requirements to be a Dividend Aristocrat are:

• Be in the S&P 500
• Have 25+ consecutive years of dividend increases
• Meet certain minimum size & liquidity requirements

There are currently 68 Dividend Aristocrats. You can download an Excel spreadsheet of all 68 (with metrics that matter such as dividend yields and price-to-earnings ratios) by clicking the link below:

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

Note 1: On January 24th, 2023 CH Robinson Worldwide (CHRW), Nordson (NDSN), and J.M. Smucker (SJM) were officially added to the Dividend Aristocrats with no deletions.

Note 2: On February 7th, V.F. Corp. (VFC) announced a dividend cut. VFC is officially out of the Dividend Aristocrats Index, reducing the index count to 67 as of March 1st, 2023.

Note 3: On March 13th, Kenvue (KVUE) was officially added to the Dividend Aristocrats. There are now 68 Dividend Aristocrats.

Source: S&P News Releases.

You can see detailed analysis on all 68 further below in this article, in our Dividend Aristocrats In Focus Series. Analysis includes valuation, growth, and competitive advantage(s).

Step 1: Download the list, and open it.

Step 2: Apply a filter function to each column in the spreadsheet.

Step 3: Click on the small gray down arrow next to ‘Trailing P/E Ratio’, and then sort smallest to largest.

Step 4: Review the highest ranked Dividend Aristocrats before investing. You can see detailed analysis on every Dividend Aristocrat found below in this article.

That’s it; you can follow the same procedure to sort by any other metric in the spreadsheet.

Performance Of The Dividend Aristocrats

In December 2023, the Dividend Aristocrats, as measured by the Dividend Aristocrats ETF (NOBL), registered a positive return of 4.6%. It underperformed the SPDR S&P 500 ETF (SPY) for the month.

• NOBL generated positive returns of 4.6% in December 2023
• SPY generated positive returns of 5.2% in December 2023

Short-term performance is mostly noise. Performance should be measured over a minimum of 3 years, and preferably longer periods of time.

The Dividend Aristocrats Index has slightly underperformed the broader market index over the last decade, with a 10.67% total annual return for the Dividend Aristocrats and a 12.03% total annual return for the S&P 500 Index. But the Dividend Aristocrats have exhibited lower risk than the benchmark, as measured by standard deviation.

Source: S&P Fact Sheet

Higher total returns with lower volatility is the ‘holy grail’ of investing. It is worth exploring the characteristics of the Dividend Aristocrats in detail to determine why they have performed so well.

Note that a good portion of the outperformance relative to the S&P 500 comes during recessions (2000 – 2002, 2008). Dividend Aristocrats have historically seen smaller drawdowns during recessions versus the S&P 500. This makes holding through recessions that much easier. Case-in-point: In 2008 the Dividend Aristocrats Index declined 22%. That same year, the S&P 500 declined 38%.

Great businesses with strong competitive advantages tend to be able to generate stronger cash flows during recessions. This allows them to gain market share while weaker businesses fight to stay alive.

The Dividend Aristocrats Index has beaten the market over the last 28 years…

We believe dividend paying stocks outperform non-dividend paying stocks for three reasons:

1. A company that pays dividends is likely to be generating earnings or cash flows so that it can pay dividends to shareholders. This excludes ‘pre-earnings’ start-ups and failing businesses. In short, it excludes the riskiest stocks.
2. A business that pays consistent dividends must be more selective with the growth projects it takes on because a portion of its cash flows are being paid out as dividends. Scrutinizing over capital allocation decisions likely adds to shareholder value.
3. Stocks that pay dividends are willing to reward shareholders with cash payments. This is a sign that management is shareholder friendly.

In our view, Dividend Aristocrats have historically outperformed the market and other dividend paying stocks because they are, on average, higher-quality businesses.

A high-quality business should outperform a mediocre business over a long period of time, all other things being equal.

For a business to increase its dividends for 25+ consecutive years, it must have or at least had in the very recent past a strong competitive advantage.

This research report examines the 10 best Dividend Aristocrats from our Sure Analysis Research Database with the highest 5-year forward expected total returns.

Dividend Aristocrat #10: Stanley Black & Decker (SWK)

• 5-year Expected Annual Returns: 11.0%

Stanley Black & Decker is a world leader in power tools, hand tools, and related items. The company holds the top global position in tools and storage sales. Stanley Black & Decker is second in the world in the areas of commercial electronic security and engineered fastening.

Source: Investor Presentation

Stanley Works and Black & Decker merged in 2010 to form the current company, thought the company can trace its history back to 1843. Black & Decker was founded in Baltimore, MD in 1910 and manufactured the world’s first portable power tool.

On October 27th, 2023, Stanley Black & Decker reported third quarter results for the period ending September 30th, 2023. For the quarter, revenue decreased 4.1% to $3.95 billion, which was $20 million less than expected. Adjusted earnings-per-share of $1.05 compared favorably to $0.76 in the prior year and was $0.22 above estimates.

Click here to download our most recent Sure Analysis report on SWK (preview of page 1 of 3 shown below):

Dividend Aristocrat #9: Becton, Dickinson & Co. (BDX)

• 5-year Expected Annual Returns: 11.2%

Becton, Dickinson & Co. is a global leader in the medical supply industry. The company was founded in 1897 and has 75,000 employees across 190 countries. The company generates about $19 billion in annual revenue, with approximately 43% of revenues coming from outside of the U.S.

On November 9th, 2023, BD increased its quarterly dividend 4.4% to $0.95, extending the company’s dividend growth streak to 52 consecutive years.

On November 9th, 2023, BD released earnings results for the fourth quarter and fiscal year 2023, which ended on
September 30th, 2023. For the quarter, revenue grew 6.8% to $5.1 billion, which beat estimates by $67 million. On a currency neutral basis, revenue grew 5.9%. Excluding currency exchange and COVID-19 related sales, base revenue increased 6.3%.

Adjusted earnings-per-share of $3.42 compared favorably to $2.75 in the prior year, but was $0.01 below estimates. For the fiscal year, revenue grew 5.1% to $19.4 billion while adjusted earnings-per-share of $12.21 compared to $11.35 in the prior period.

Click here to download our most recent Sure Analysis report on BDX (preview of page 1 of 3 shown below):

Dividend Aristocrat #8: Medtronic plc (MDT)

• 5-year Expected Annual Returns: 11.6%

Medtronic is the largest manufacturer of biomedical devices and implantable technologies in the world. It serves physicians, hospitals, and patients in more than 150 countries and has over 90,000 employees. Medtronic has four operating segments: Cardiovascular, Medical Surgical, Neuroscience and Diabetes. Medtronic has raised its dividend for 46 consecutive years. The company generated $31 billion in revenue in its last fiscal year.

In late November, Medtronic reported (11/21/23) financial results for the second quarter of fiscal year 2024. Organic revenue grew 5% over last year’s quarter thanks to broad-based growth in all the four segments. Earnings-per-share dipped -4%, from $1.30 to $1.25, due to a -6% currency headwind but exceeded the analysts’ consensus by $0.07.

Thanks to improved business momentum, Medtronic raised its guidance for 2024. It expects 4.75% organic revenue growth (vs. 4.5% previously) and earnings-per-share of $5.13-$5.19 (vs. $5.08-$5.16 previously).

Click here to download our most recent Sure Analysis report on MDT (preview of page 1 of 3 shown below):

Dividend Aristocrat #7: NextEra Energy (NEE)

• 5-year Expected Annual Returns: 11.4%

NextEra Energy is an electric utility with two operating segments, Florida Power & Light (“FPL”) and NextEra Energy Resources (“NEER”). FPL is the largest U.S. electric utility by retail megawatt hour sales and customer numbers.

The rate-regulated electric utility serves about 5.8 million customer accounts in Florida. NEER is the largest generator of wind and solar energy in the world. NEE generates roughly 80% of its revenues from FPL.

NextEra Energy reported its Q3 2023 financial results on 10/24/23. The utility continues to deliver stable results, but the stock valuation has come down. For the quarter, the company reported revenues of $7,172 million (up 6.7% year over year), translating to adjusted earnings of $1,920 million (up 14% year over year). On a per-share basis, adjusted earnings climbed 10.6% to $0.94.

Click here to download our most recent Sure Analysis report on NEE (preview of page 1 of 3 shown below):

Dividend Aristocrat #6: Archer Daniels Midland (ADM)

• 5-year Expected Annual Returns: 12.1%

Archer-Daniels-Midland is the largest publicly traded farmland product company in the United States. The company, founded in 1902, trades with a market capitalization of $38.6 billion. Archer-Daniels-Midland’s businesses include processing cereal grains, oilseeds, and agricultural storage and transportation.

Archer-Daniels-Midland reported its third-quarter results for Fiscal Year (FY)2023 on October 24th, 2023. The company delivered robust financial results for Q3 2023 in the face of dynamic market conditions. Juan Luciano, Chair and CEO, highlighted strategic initiatives, including investments in innovation and operational efficiency, to meet evolving customer needs.

The Ag Services & Oilseeds segment excelled, leveraging Brazilian export capabilities and addressing renewable green diesel demand through the Spiritwood production facility. Carbohydrate Solutions posted outstanding results, particularly in ethanol, starches, and sweeteners.

Click here to download our most recent Sure Analysis report on ADM (preview of page 1 of 3 shown below):

Dividend Aristocrat #5: Automatic Data Processing (ADP)

• 5-year Expected Annual Returns: 12.6%

Automatic Data Processing is one of the largest business services outsourcing companies in the world. The company provides payroll services, human resources technology, and other business operations to more than 700,000 corporate customers.

With 48 years of consecutive dividend increases, it is also a member of the prestigious Dividend Aristocrats Index.

ADP posted first quarter earnings on October 25th, 2023, and results were mixed as the company beat on the bottom line, but fractionally missed the top line. Adjusted earnings-per-share came to $2.08, which was six cents better than expected. Revenue was up 7% year-over-year to $4.5 billion, but missed estimates by $10 million.

Employer Services grew 9%, which was driven by strong new business bookings and retention, as well as higher client funds interest revenue. PEO Services revenue rose 3% with new business bookings growth, but margins fell 90 basis points.

Click here to download our most recent Sure Analysis report on ADP (preview of page 1 of 3 shown below):

Dividend Aristocrat #4: Sysco Corporation (SYY)

• 5-year Expected Annual Returns: 12.7%

Sysco Corporation is the largest wholesale food distributor in the United States. The company serves 600,000 locations with food delivery, including restaurants, hospitals, schools, hotels, and other facilities. According to estimates, the company has a 16% market share of total food delivery within the United States.

Source: Investor Presentation

On October 31st, 2023, Sysco reported first-quarter results for Fiscal Year (FY) 2024. In Q1, sales rose to $19.6 billion, a 2.6% increase from the previous year, with gross profit climbing 4.6% to $3.6 billion and gross margin reaching 18.6%. This growth is attributed to higher volumes and effective management of product cost inflation.

Operating expenses increased by 3.3%, but adjusted operating expenses only rose by 2.9%. Operating income saw a significant 9.1% increase to $803.6 million, while adjusted operating income rose to $854.3 million, up by 10.6%.

Click here to download our most recent Sure Analysis report on SYY (preview of page 1 of 3 shown below):

Dividend Aristocrat #3: Walgreens Boots Alliance (WBA)

• 5-year Expected Annual Returns: 13.8%

Walgreens Boots Alliance is the largest retail pharmacy in the United States and Europe. The company has a presence in more than nine countries through its flagship Walgreens business and other business ventures.

Source: Investor Presentation

On October 12th, 2023, Walgreens reported results for the fourth quarter of fiscal 2023. Sales grew 9% but earnings-per-share fell 18% over last year’s quarter, from $0.82 to $0.67, due to high COVID-19 vaccinations and tests in last year’s period. Earnings-per-share missed the analysts’ consensus by $0.02. It was the second earnings miss after 11 quarters of earnings beats in a row.

Click here to download our most recent Sure Analysis report on Walgreens Boots Alliance (preview of page 1 of 3 shown below):

Dividend Aristocrat #2: 3M Company (MMM)

• 5-year Expected Annual Returns: 15.9%

3M is an industrial manufacturer that sells more than 60,000 products used daily in homes, hospitals, office buildings, and schools worldwide. It has about 95,000 employees and serves customers in more than 200 countries.

On October 24th, 2023, 3M reported earnings results for the third quarter.

Source: Investor Presentation

For the quarter, revenue declined 3.6% to $8.3 billion, but this was $280 million above estimates. Adjusted earnings-per share of $2.68 compared to $2.69 in the prior year, but was $0.33 more than projected.

Adjusted organic growth fell 3.1% for the period. Health Care had organic growth of 2.4%, while Transportation & Electronics, Consumer, and Safety & Industrial were down 1.8%, 7.2%, and 5.8%, respectively.

Click here to download our most recent Sure Analysis report on 3M Company (preview of page 1 of 3 shown below):

Dividend Aristocrat #1: Albemarle Corporation (ALB)

• 5-year Expected Annual Returns: 19.6%

Albemarle is the largest producer of lithium and second largest producer of bromine in the world. The two products account for nearly two-thirds of annual sales. Albemarle produces lithium from its salt brine deposits in the U.S. and Chile. The company has two joint ventures in Australia that also produce lithium.

Related: 2023 Lithium Stocks List

Source: Investor Presentation

On November 1st, 2023, Albemarle reported third quarter results for the period ending September 30th, 2023. For the quarter, revenue grew 10.5% to $2.31 billion, but missed estimates by $220 million. Adjusted earnings-per-share of $2.74 compared very unfavorably to $7.50 in the prior year and was $1.00 below estimates.

Results were negatively impacted by lower prices for lithium. For the quarter, revenue for Energy Storage grew 20% to $1.7 billion. A 40% increase in volume was offset by lower prices. Revenues for Specialties fell 20.2% to $352.7 million as volumes were down 7% and realized prices declined 13%. Ketjen sales of $260.7 million were a 10.6% increase from the prior year, again due to higher prices.

Click here to download our most recent Sure Analysis report on Albemarle (preview of page 1 of 3 shown below):

This information was compiled from the following sources:

Frequently Asked Questions

This section will address some of most common questions investors have regarding the Dividend Aristocrats.

1. What is the highest-paying Dividend Aristocrat?

Answer: WBA currently yields 7.4%.

2. What is the difference between the Dividend Aristocrats and the Dividend Kings?

Answer: The Dividend Aristocrats must be constituents of the S&P 500 Index, have raised their dividends for at least 25 consecutive years, and satisfy a number of liquidity requirements. The Dividend Kings only need to have raised their dividends for at least 50 consecutive years.

3. Is there an ETF that tracks the Dividend Aristocrats?

Answer: Yes, the Dividend Aristocrats ETF (NOBL) is an exchange-traded fund that specifically holds the Dividend Aristocrats.

4. What is the difference between the Dividend Aristocrats and the Dividend Champions?

Answer: The Dividend Aristocrats and Dividend Champions share one requirement, which is that a company must have raised its dividend for at least 25 consecutive years.

But like the Dividend Kings, the Dividend Champions do not need to be in the S&P 500 Index, nor satisfy the various liquidity requirements.

5. Which Dividend Aristocrat has the longest active streak of annual dividend increases?

Currently, there are 4 Dividend Aristocrats tied at 67 years: Procter & Gamble, Genuine Parts, 3M Company, and Dover Corporation.

6. What is the average dividend yield of the Dividend Aristocrats?

Right now, the average dividend yield of the Dividend Aristocrats is 2.6%.

7. Are the Dividend Aristocrats safe investments?

While there are never any guarantees when it comes to the stock market, we believe the Dividend Aristocrats are among the safest dividend stocks when it comes to the sustainability of their dividend payouts.

The Dividend Aristocrats have durable competitive advantages that allow them to raise their dividends each year, even during a recession.

Other Dividend Lists & Final Thoughts

The Dividend Aristocrats list is not the only way to quickly screen for stocks that regularly pay rising dividends.

• The Dividend Kings List is even more exclusive than the Dividend Aristocrats. It is comprised of 50 stocks with 50+ years of consecutive dividend increases.
• The Blue Chip Stocks List: stocks that qualify as Dividend Achievers, Dividend Aristocrats, and/or Dividend Kings
• The High Dividend Stocks List: stocks that appeal to investors interested in the highest yields of 5% or more.
• The Monthly Dividend Stocks List: stocks that pay dividends every month, for 12 dividend payments per year.

There is nothing magical about the Dividend Aristocrats. They are ‘just’ a collection of high-quality shareholder friendly stocks that have strong competitive advantages.

Purchasing these types of stocks at fair or better prices and holding for the long-run will likely result in favorable long-term performance.