5 Best Dividend Aristocrats With Over 3% Yield

2. Leggett & Platt, Incorporated (NYSE:LEG)

Dividend Yield as of October 16: 5.52%

Leggett & Platt, Incorporated (NYSE:LEG) is a diversified manufacturer of various engineered components that are mainly found in homes and automobiles. The company is one of the best dividend stocks on our list as it reported a strong cash position in Q2 2022. It posted an operating cash flow of $90 million, up from $50.1 million in the prior-year quarter. The company’s free cash flow for the quarter stood at $67.7 million, compared with $23.3 million during the same period last year. For FY22, the company expects to pay $230 million in dividends to shareholders.

Leggett & Platt, Incorporated (NYSE:LEG) currently pays a quarterly dividend of $0.44 per share and has a dividend yield of 5.52%, as of October 16. The company has been raising its dividends consistently for the past 51 years.

In October, Truist maintained a Hold rating on Leggett & Platt, Incorporated (NYSE:LEG) with a $35 price target, expressing concerns about the company’s sales in the upcoming quarters.

At the end of Q2 2022, 12 hedge funds tracked by Insider Monkey owned stakes in Leggett & Platt, Incorporated (NYSE:LEG), worth over $48.3 million. In the previous quarter, 15 hedge funds had investments in the manufacturing company, with a total value of $102 million.