5 Highest-Yielding Dividend Aristocrats for 2022

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

Dividend Yield as of May 6: 4.53%

Number of Hedge Fund Holders: 21

Leggett & Platt, Incorporated (NYSE:LEG) has a reliable dividend history, with 50 years of consistent dividend growth under its belt. The company designs and manufactures engineered components and products, operating via Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products segments. 

On May 2, Leggett & Platt, Incorporated (NYSE:LEG) reported its Q1 2022 financial results. The company announced an EPS of $0.66, topping analysts’ predictions by $0.10. Revenue for the period grew almost 15% year-over-year to $1.32 billion, ahead of market forecasts by $63.78 million. 

Leggett & Platt, Incorporated (NYSE:LEG) declared on February 22 a $0.42 per share quarterly dividend, a 5.0% increase from its prior dividend of $0.40. The dividend was distributed on April 15. Leggett & Platt, Incorporated (NYSE:LEG)’s dividend yield on May 6 came in at 4.53%. 

Raymond James analyst Bobby Griffin downgraded Leggett & Platt, Incorporated (NYSE:LEG) to Market Perform from Outperform without a price target on May 4. The analyst told investors that the downgrade is due to the recent slowdown and uncertainty surrounding home durables demand in 2022, as well as the tight global supply chain. The analyst also does not see a high possibility of material upside to financial results in the short-term as management’s guidance already reflects a reacceleration in sales volume.

In Q4 2021, 21 hedge funds were bullish on Leggett & Platt, Incorporated (NYSE:LEG), up from 16 funds in the earlier quarter. Billionaire Israel Englander’s Millennium Management is the largest shareholder of the company, with 1.16 million shares worth $47.8 million.