Dividend Kings Ranked By Yield: Top 25

Published on November 13, 2023 at 2:14 pm by Vardah Gill in Dividend Stocks, Hedge Funds, News

In this article, we discuss 25 dividend kings with the highest dividend yields. You can skip our detailed analysis of dividend-growing stocks and their performance over the years, and go directly to read Dividend Kings Ranked By Yield: Top 10.

Dividend Kings are a select group of publicly traded companies that have consistently increased their dividends for at least 50 consecutive years. While many Dividend Kings may be included in the S&P 500, they are not synonymous or mutually exclusive. Investors have consistently shown interest in companies that consistently increase their dividends. Dividend growers have demonstrated a tendency to outperform in markets that are experiencing declines or stagnation. Moreover, even in robust markets, they have managed to capture a substantial share of the upward movement. Adhering to a dividend growth strategy over an extended period could potentially contribute to the compounding of returns for investors. According to a report by T. Rowe Price, between 1985 and 2022, companies in the Russell 1000 Index that consistently increased their dividends performed better than the overall benchmark. Additionally, these dividend-growing companies showed lower levels of price fluctuation or volatility compared to the broader market index.

Also read: Dividend Aristocrats Ranked By Yield: Top 25

In periods of market upswings, dividend-growing stocks may experience a lag as investor sentiment and a stock’s momentum often outweigh fundamental factors like valuation and business quality. This observation has been particularly evident this year, with dividend stocks trailing the broader market. However, sticking to a long-term plan focused on growing dividends can be beneficial, as advantages build up over time with each increase in payouts. Companies with strong fundamentals and sound financial health typically show the ability to offer growing dividends. Smaller and developing businesses often reinvest their earnings back into their operations. It’s important to note that dividends are not assured. For example, during the coronavirus pandemic, some dividend-paying companies temporarily reduced or suspended dividends due to earnings losses, as explained by Kirsten Cabacungan, an investment strategist at the Chief Investment Office for Merrill and Bank of America Private Bank. Here are some other comments from the analyst:

“Companies that have consistently increased their dividends tend to be more stable, higher quality businesses, which historically have weathered downturns and are more likely to have the ability to pay dividends consistently^.”

AbbVie Inc. (NYSE:ABBV), Target Corporation (NYSE:TGT), and Kimberly-Clark Corporation (NYSE:KMB) are some of the best dividend kings, boasting impressive streaks of consistent dividend growth that span decades. In this article, we will further discuss the highest-yielding dividend stocks.

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Our Methodology:

To create this list, we examined a set of over 50 dividend king companies, recognized for consistently increasing dividends for 50 years or more. From this group, we selected companies with the highest dividend yields as of November 10 and organized them in ascending order based on their yield, from lowest to highest.

25. American States Water Company (NYSE:AWR)

Dividend Yield as of November 10: 2.20%

American States Water Company (NYSE:AWR) is a utility company that primarily focuses on providing water and electric services. The company currently pays a quarterly dividend of $0.43 per share, having raised it by 8.2% in August this year. Through this increase, the company has achieved one of the longest dividend growth streaks in the market, spanning over 69 years. The stock has a dividend yield of 2.20%, as recorded on November 10.

As of the end of June 2023, 20 hedge funds in Insider Monkey’s database held stakes in American States Water Company (NYSE:AWR), up from 18 in the previous quarter. These stakes are collectively valued at $52.8 million.

24. Illinois Tool Works Inc. (NYSE:ITW)

Dividend Yield as of November 10: 2.44%

Illinois Tool Works Inc. (NYSE:ITW) is a diversified industrial company that operates in various segments of the market. On October 26, the company declared a quarterly dividend of $1.40 per share, which was in line with its previous dividend. This year in August, the company stretched its dividend growth streak to 51 years, coming through as one of the best dividend kings on our list. The stock has a dividend yield of 2.44%, as of November 10.

At the end of Q2 2023, 34 hedge funds tracked by Insider Monkey reported having stakes in Illinois Tool Works Inc. (NYSE:ITW), up from 32 in the previous quarter. The overall value of these stakes is over $278.3 million.

23. Emerson Electric Co. (NYSE:EMR)

Dividend Yield as of November 10: 2.45%

Emerson Electric Co. (NYSE:EMR) is an American multinational technology and engineering company that provides a wide range of products and services. On November 7, the company declared a 1% hike to its quarterly dividend to $0.525 per share. This marked the company’s 67th consecutive year of dividend growth. With a dividend yield of 2.45% as of November 10, EMR is one of the best dividend kings on our list.

As of the end of Q2 2023, 49 hedge funds in Insider Monkey’s database reported having stakes in Emerson Electric Co. (NYSE:EMR), compared with 47 in the preceding quarter. The consolidated value of these stakes is over $1.77 billion. With over 3.6 million shares, Two Sigma Advisors was the company’s leading stakeholder in Q2.

22. Archer-Daniels-Midland Company (NYSE:ADM)

Dividend Yield as of November 10: 2.49%

Archer-Daniels-Midland Company (NYSE:ADM) is an Illinois-based food processing and commodities trading company. The company pays a per-share dividend of $0.45 every quarter and has been growing its dividends for 50 consecutive years. As of November 10, the stock has a dividend yield of 2.49%.

The number of hedge funds tracked by Insider Monkey owning stakes in Archer-Daniels-Midland Company (NYSE:ADM) stood at 32 in Q2 2023. The total value of these stakes is more than $676 million.

21. The Procter & Gamble Company (NYSE:PG)

Dividend Yield as of November 10: 2.50%

An American multinational consumer goods company, The Procter & Gamble Company (NYSE:PG) is another dividend king on our list with 67 consecutive years of dividend growth. It offers a quarterly dividend of $0.9407 per share and has a dividend yield of 2.50%, as of November 10.

The Procter & Gamble Company (NYSE:PG) was a part of 74 hedge fund portfolios at the end of Q2 2023, compared with 75 in the previous quarter, according to Insider Monkey’s database. The stakes held by these hedge funds have a total value of over $5.3 billion.

20. Colgate-Palmolive Company (NYSE:CL)

Dividend Yield as of November 10: 2.57%

Colgate-Palmolive Company (NYSE:CL) is a global consumer goods company that specializes in the production, distribution, and marketing of a wide range of personal care and household products. The company declared a quarterly dividend of $0.48 per share on September 14, which was consistent with its previous dividend. It has been rewarding shareholders with growing dividends for the past 61 years. The stock’s dividend yield on November 10 came in at 2.57%, which makes it one of the highest-yielding dividend kings on our list.

According to Insider Monkey’s database of Q2 2023, 58 hedge funds held stakes in Colgate-Palmolive Company (NYSE:CL), growing from 55 in the previous quarter. These stakes have a collective value of over $2.6 billion.

19. Genuine Parts Company (NYSE:GPC)

Dividend Yield as of November 10: 2.81%

Genuine Parts Company (NYSE:GPC) is a global distributor of automotive and industrial replacement parts, office products, and electrical materials. The company holds a 66-year streak of consistent dividend growth and it pays a quarterly dividend of $0.95 per share. With a dividend yield of 2.81% as of November 10, GPC is among the best dividend kings on our list.

At the end of the June quarter of 2023, 34 hedge funds tracked by Insider Monkey owned investments in Genuine Parts Company (NYSE:GPC), compared with 39 in the previous quarter. The total value of these stakes is roughly $500 million. Among these hedge funds, Millennium Management was the company’s leading stakeholder in Q2.

18. Sysco Corporation (NYSE:SYY)

Dividend Yield as of November 10: 3.00%

Sysco Corporation (NYSE:SYY) is a global leader in food distribution and services, specializing in supplying a wide range of products to the food service industry. The company has been growing its payouts for 54 years and its quarterly dividend comes in at $0.50 per share. As of November 10, the stock has a dividend yield of 3.00%.

With a collective value of over $703 million, 39 hedge funds in Insider Monkey’s database owned positions in Sysco Corporation (NYSE:SYY) at the end of Q2 2023. This number saw growth from 34 hedge funds owning stakes in the company in the preceding quarter.

17. Cincinnati Financial Corporation (NASDAQ:CINF)

Dividend Yield as of November 10: 3.03%

Cincinnati Financial Corporation (NASDAQ:CINF) is an Ohio-based insurance company that provides a range of property casualty insurance products. The company was a part of 26 hedge fund portfolios at the end of Q2 2023, down from 30 in the previous quarter. The stakes owned by these hedge funds are worth over $280.6 million in total.

Cincinnati Financial Corporation (NASDAQ:CINF), one of the best dividend kings on our list, has been raising its dividends for 62 years. The company pays a quarterly dividend of $0.75 per share and has a dividend yield of 3.03%, as recorded on November 10.

16. PepsiCo, Inc. (NASDAQ:PEP)

Dividend Yield as of November 10: 3.04%

PepsiCo, Inc. (NASDAQ:PEP) is a global food and beverage company that operates in various segments of the related industries. The company offers a quarterly dividend of $1.265 per share and has a dividend yield of 3.04%, as of November 10. It is one of the best dividend kings on our list with 51 consecutive years of dividend growth under its belt.

Of the 910 hedge funds in Insider Monkey’s database, 68 funds owned stakes in PepsiCo, Inc. (NASDAQ:PEP) at the end of Q2 2023, compared with 70 in the previous quarter. These stakes are collectively valued at over $3.5 billion.

15. Johnson & Johnson (NYSE:JNJ)

Dividend Yield as of November 10: 3.24%

Johnson & Johnson (NYSE:JNJ) is an American multinational company that is engaged in the healthcare and pharmaceutical sectors. On October 19, the company announced a quarterly dividend of $1.19 per share, which fell in line with its previous dividend. The company has raised its dividends every year for the past 61 years. The stock has a dividend yield of 3.24%, as of November 10.

Of the 910 hedge funds tracked by Insider Monkey at the end of Q2 2023, 88 funds held stakes in Johnson & Johnson (NYSE:JNJ), up from 86 a quarter earlier. These stakes have a total value of more than $4.1 billion.

14. The Coca-Cola Company (NYSE:KO)

Dividend Yield as of November 10: 3.27%

Georgia-based dring industry company, The Coca-Cola Company (NYSE:KO) is next on our list of the best dividend kings according to dividend yields. The company offers a quarterly dividend of $0.46 per share and has a dividend yield of 3.27%, as recorded on November 10. The company has maintained a 61-year streak of consistent dividend growth.

As of the end of the June quarter of 2023, 61 hedge funds tracked by Insider Monkey reported having stakes in The Coca-Cola Company (NYSE:KO), with a collective value of over $27.2 billion.

13. Hormel Foods Corporation (NYSE:HRL)

Dividend Yield as of November 10: 3.39%

Hormel Foods Corporation (NYSE:HRL) is a multinational food company that operates in the production and marketing of a variety of consumer-branded food and meat products. The company pays a per-share dividend of $0.275 every quarter and has a dividend yield of 3.39%, as of November 10. Impressively, the company has maintained a 57-year record of continuous dividend growth.

According to Insider Monkey’s database of Q2 2023, 24 hedge funds in Insider Monkey’s database reported having stakes in Hormel Foods Corporation (NYSE:HRL). The total value of these stakes is over $267.2 million. Among these hedge funds, Michael Larson, Cliff Asness, and Noam Gottesman were some of the company’s leading stakeholders in Q2.

12. Stanley Black & Decker, Inc. (NYSE:SWK)

Dividend Yield as of November 10: 3.82%

Stanley Black & Decker, Inc. (NYSE:SWK) is a Connecticut-based provider of hand tools, power tools, and related accessories, as well as products and services for various industrial applications. The company has a 146-year run of paying regular dividends to shareholders and it also maintains a 56-year track of increasing its payouts. The company currently pays a quarterly dividend of $0.81 per share and has a dividend yield of 3.82%, as of November 10.

At the end of the second quarter of 2023, 19 hedge funds tracked by Insider Monkey held stakes in Stanley Black & Decker, Inc. (NYSE:SWK), with a collective value of roughly $200 million.

11. National Fuel Gas Company (NYSE:NFG)

Dividend Yield as of November 10: 3.92%

National Fuel Gas Company (NYSE:NFG) is a diversified energy company with operations in the exploration, production, gathering, transportation, and distribution of natural gas. The company offers a quarterly dividend of $0.495 per share, having raised it by 4.2% in June this year. This was the company’s 53rd consecutive year of dividend growth, which makes it one of the best dividend kings on our list. As of November 10, the stock has a dividend yield of 3.92%.

The number of hedge funds tracked by Insider Monkey owning stakes in National Fuel Gas Company (NYSE:NFG) stood at 26 in Q2 2023, which remained unchanged from the previous quarter. These stakes are collectively valued at over $187.4 million.

Click to continue reading and see Dividend Kings Ranked By Yield: Top 10.

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Published on May 1, 2024 at by Inan Dogan, PhD

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