In this article, we will take a look at the Dividend Kings and Aristocrats List: 32 Biggest Stocks.

CNBC reported on March 25 that investors looking for protection during market volatility often turn to dividend-paying stocks. These days, they are also moving into small- and mid-cap dividend names.

The markets have been churning all year. This picked up after the start of the Iran war on February 28 and the rally in crude oil prices. On March 25, stocks moved higher after reports said the United States sent Iran a plan to end the conflict. Still, the S&P 500 is down about 4% year to date. The small-cap focused Russell 2000 is slightly positive in 2026.

Bank of America expects small- and mid-cap stocks to outperform mega caps this year, helped by faster earnings growth. The firm has been bullish on small caps since last summer. Higher oil prices are also a modest positive for earnings, according to Jill Carey Hall, head of US small- and mid-cap strategy at Bank of America.

Dividend stocks are also outperforming the broader market this year as investors look for steady income to ride through uneven markets. These companies are generally seen as defensive and tend to be less volatile than the broader market. Combining dividends with small- and mid-cap exposure could be a useful approach for investors focusing on quality names. Carey Hall, in her note, stated the following:

“Within small caps, high quality stocks and those returning cash to shareholders have historically been the best performing styles amid a rising VIX.”

Given this, we will take a look at some of the best dividend aristocrat stocks.

Our Methodology:

For this list, we screened for Dividend Kings and Aristocrats, companies that have raised their payouts for 50 and 25 consecutive years, respectively. From that group, we picked companies with market caps above $2 billion and limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

32. MGE Energy, Inc. (NASDAQ:MGEE)

Market Cap as of March 24: $2.80 Billion

On March 23, Morgan Stanley raised its price recommendation on MGE Energy, Inc. (NASDAQ:MGEE) to $79 from $77. It reiterated an Underweight rating on the shares. The analyst said the firm is updating price targets across regulated and diversified utilities and IPPs in North America under its coverage. In February, utilities outperformed the S&P’s return. The firm also noted that recent conversations in the sector were broadly constructive. Companies pointed to growth opportunities, showed optimism around load growth, and talked about signing deals with data centers.

Madison Gas and Electric, the subsidiary of MGEE, is working toward a more sustainable future for its investors, employees, customers, and the wider community. The company is aiming for net-zero carbon electricity by 2050. It has already been moving in that direction. Earlier, it set a goal to cut carbon emissions by at least 80% by 2050 compared to 2005 levels.

The Intergovernmental Panel on Climate Change’s October 2018 Special Report on limiting global warming to 1.5°C focuses on reducing emissions from electricity generation, improving energy efficiency, and shifting other energy uses, including transportation, toward electrification. These are the same areas MGE is focusing on as it works toward its net-zero target.

MGE Energy, Inc. (NASDAQ:MGEE) operates as a public utility holding company. Its business includes regulated electric and gas utilities, nonregulated energy operations, transmission investments, and other related activities.

31. H.B. Fuller Company (NYSE:FUL)

Market Cap as of March 24: $2.9 Billion

On March 19, H.B. Fuller Company (NYSE:FUL) announced that it would increase its prices across all of its product lines worldwide. The company pointed to the need to keep supply reliable and service consistent as the global materials environment shifts. Lately, the petrochemical sector has been under strain. Supplies have tightened, and input costs have moved higher across the chain.

H.B. Fuller said it has taken steps to deal with these pressures and keep deliveries steady. It also stressed that maintaining product quality and service levels remains a priority. Starting April 1, 2026, the company will implement a minimum 10% price increase across all product lines globally. Some categories and regions will face higher increases. The company said the pricing move supports continuity of supply and service, while it continues to invest in capabilities tied to customer innovation, long-term growth, and operational stability.

H.B. Fuller Company (NYSE:FUL) operates as a pure-play adhesives business. It formulates, manufactures, and markets adhesives, sealants, and other specialty chemical products.

30. The Marzetti Company (NASDAQ:MZTI)

Market Cap as of March 24: $3.8 Billion

On March 16, DA Davidson lowered its price recommendation on The Marzetti Company (NASDAQ:MZTI) to $168 from $184. It reiterated a Neutral rating on the shares. The analyst said the firm sees potential value creation from Bachan’s and believes the company has levers to improve margins. At the same time, the firm noted some pressure points. The consumer remains cautious, food consumption is slowing, and Marzetti’s share growth has started to ease.

Earlier in February, the company said it had entered into a definitive agreement to acquire Bachan’s, Inc. Bachan’s is a fast-growing Japanese Barbecue Sauce brand known for its authentic, clean-label products. The company said the deal strengthens its position in the sauce category and opens up more growth opportunities through its retail and foodservice network, supply chain capabilities, and marketing and culinary expertise. Bachan’s generated about $87 million in net sales for the twelve months ended December 31, 2025.

The purchase price is $400 million, subject to customary adjustments. The company plans to fund the deal using cash on hand, along with additional financing. The transaction is expected to close before the fiscal year ends on June 30, 2026, pending regulatory approvals and other standard conditions.

The Marzetti Company (NASDAQ:MZTI), formerly Lancaster Colony Corporation, produces and sells specialty food products. Its portfolio includes brands such as Marzetti, New York Bakery, and Sister Schubert’s, along with Olive Garden dressings, Chick-fil-A sauces and dressings, Buffalo Wild Wings sauces, Arby’s sauces, Subway sauces, Texas Roadhouse steak sauces, and frozen rolls.