These 10 Companies Just Increased Their Dividends By Over 10%

Published February 25, 2022 at 1:00 am EST Updated September 7, 2026 at 2:01 pm EDT

In this article, we discuss 10 companies that just increased their dividends by over 10%.

The S&P 500 is heading into correction territory as the Russian attack on Ukraine has severely impacted market sentiment. Sam Stovall, chief investment strategist at CFRA Research, joined CNBC on February 24, stating that markets will see a deeper correction but that a bear market is not expected. According to Stovall, amid geopolitical instability and a rising interest rate environment, it is important to look out for stocks in beaten down sectors like semiconductors and software, whereas technology and consumer staples would make for a defensive investment approach in this market.

According to Brenda Vingiello, the chief investment officer at Sand Hill Global Advisors, investors should turn the stock market crash into a buying opportunity, investing in high-quality names given that historically, the S&P 500 has always rebounded after periods of instability, which suggests that the market volatility is temporary.

Dan Genter, CEO and chief investment officer of RNC Genter Capital Management, stated that investors need to focus on the long-term and consider the current market situation as an entry point. He pointed to sectors that are poised to succeed as a result of the ongoing market crisis, naming energy, healthcare, and financial stocks as his primary contenders. In addition to that, he mentioned that investors should seek companies paying solid dividends, which indicates strong balance sheets that might help them weather these choppy market conditions.

Dividend paying stocks have long been considered a hedge against inflationary pressure and rising rates, and it is important to look out for companies that are still increasing their payouts even amid the tough market conditions. These stocks include eBay Inc. (NASDAQ:EBAY), The Home Depot, Inc. (NYSE:HD), and Thermo Fisher Scientific Inc. (NYSE:TMO), among others discussed at length below.

Our Methodology

We selected companies that have recently hiked their dividends by over 10%, mentioning important metrics such as latest earnings, analyst ratings, and the hedge fund sentiment around the stocks. All hedge fund data is based on the exclusive group of 900+ funds tracked by Insider Monkey that filed 13Fs for the Q4 2021 reporting period.

These 10 Companies Just Increased Their Dividends By Over 10%

Photo by Vitaly Taranov on Unsplash

These Companies Just Increased Their Dividends By Over 10%

10. Silgan Holdings Inc. (NASDAQ:SLGN)

Number of Hedge Fund Holders: 15

Percentage of Dividend Increase: 14.3%

Silgan Holdings Inc. (NASDAQ:SLGN) is a consumer goods packaging company based in Stamford, Connecticut. On January 25, Silgan Holdings Inc. reported above consensus earnings and revenue for the fourth quarter. The company’s EPS came in at $0.79, while Silgan Holdings Inc.’s revenue for the period was $1.44 billion. The company’s strong cash flow position allows for investments in growth as well as returning some of that surplus cash to shareholders.

On February 23, Silgan Holdings Inc. did just that, declaring a $0.16 per share quarterly dividend, a 14.3% increase from its prior dividend of $0.14. Offering a forward yield of 1.53%, the dividend will be paid on March 31 to shareholders of record on March 17.

RBC Capital analyst Arun Viswanathan raised the firm’s price target on Silgan Holdings Inc. to $57 from $50 on January 27 and kept an ‘Outperform’ rating on the shares after the company’s Q4 earnings beat. The analyst cites the company’s M&A tailwinds and volume growth, adding that despite the near-term headwinds around tough annual comps and cost inflation, he believes Silgan Holdings Inc. is positioned well for growth in FY22/23.

Among the hedge funds tracked by Insider Monkey, 15 funds were bullish on Silgan Holdings Inc. in Q4 2021, with collective stakes amounting to $232.5 million. Cardinal Capital held the largest stake in Silgan Holdings Inc. with 3.5 million shares worth $153.6 million.

In addition to eBay Inc., The Home Depot, Inc., and Thermo Fisher Scientific Inc., Silgan Holdings Inc. recently raised its dividend payout.

9. Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)

Number of Hedge Fund Holders: 20

Percentage of Dividend Increase: 25%

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) is an American conglomerate that operates in the broadcast media, telecommunications, and mass media industries. The company offers services including sports and news programming, broadcast television, television production, digital media, radio, and live event promotion.

Sinclair Broadcast Group, Inc. announced a $0.25 per share quarterly dividend on February 23, a 25% increase from its previous dividend of $0.20. The dividend will be distributed on March 21 to shareholders of record on March 7. The company’s shares offer a dividend yield of 3.88% as of February 24.

HG Vora Capital Management owned the leading stake in Sinclair Broadcast Group, Inc. at the end of Q4 2021, with 4.75 million shares worth $125.5 million. Overall, the Q4 database of Insider Monkey suggested that 20 hedge funds were bullish on the stock.

8. Shutterstock, Inc. (NYSE:SSTK)

Number of Hedge Fund Holders: 21

Percentage of Dividend Increase: 14.3%

Shutterstock, Inc. (NYSE:SSTK) is a New York-based company that provides royalty-free stock images, music, vector graphics, and illustrations to customers across the globe.

On February 10, Shutterstock, Inc. reported its Q4 earnings, posting EPS of $0.77, exceeding estimates by $0.29. Revenue for the period jumped 13.73% year-on-year to $205.78 million, outperforming the market consensus by $3.87 million.

Shutterstock, Inc. declared a per share quarterly dividend of $0.24 on January 25, a 14.3% increase from the prior dividend of $0.21. The dividend will be paid on March 17 to shareholders of record on March 3.

Needham analyst Bernie McTernan lowered his price target on Shutterstock, Inc. to $115 from $145 to reflect a lower target multiple but kept a ‘Buy’ rating on the shares after the company’s Q4 earnings beat.

At the end of 2021, 21 hedge funds were bullish on Shutterstock, Inc., up from 19 funds a quarter earlier. Renaissance Technologies is the biggest stakeholder of Shutterstock, Inc. among that group with 894,501 shares worth over $99 million.

Here is what Bernzott Capital Advisors US Small Cap Value had to say about Shutterstock, Inc. in its Q4 2021 investor letter:

“Shutterstock (SSTK): This market share-gaining provider of stock media posted a string of solid earnings during the year with strong gains in subscriber growth and a rising mix of subscription revenue. It has acquired smaller companies which enhance its product capabilities with tools and data insights and improve customer workflow. It recently announced Creative Flow, a suite of products fostering collaboration. The company’s competitive position is strengthening.”

7. Tronox Holdings plc (NYSE:TROX)

Number of Hedge Fund Holders: 40

Percentage of Dividend Increase: 25%

Tronox Holdings plc (NYSE:TROX) is a chemical manufacturing company that produces titanium dioxide pigment, specialty-grade titanium dioxide products, pure titanium chemicals, and zircon. Tronox Holdings plc (NYSE:TROX)’s Q4 revenue of $884 million outperformed the market consensus by $24.61 million.

On February 23, Tronox Holdings plc (NYSE:TROX) reported a quarterly dividend per share of $0.125, a 25% increase from its prior dividend of $0.10. The dividend will be distributed on April 8 to shareholders of record on March 7.

Barclays analyst Duffy Fischer lifted his price target on Tronox Holdings plc (NYSE:TROX) on February 18 to $27 from $25 and kept an ‘Overweight’ rating on the shares after its fourth quarter results. The analyst said that Tronox Holdings plc (NYSE:TROX) could generate more than half its market cap in free cash flow over the next four years.

According to the database of Insider Monkey, 40 hedge funds held long positions in Tronox Holdings plc (NYSE:TROX) on December 31, up from 38 funds in the preceding quarter. Millennium Management was the largest shareholder with close to 2 million shares worth $46.5 million.

6. Diamondback Energy, Inc. (NASDAQ:FANG)

Number of Hedge Fund Holders: 45

Percentage of Dividend Increase: 20%

Diamondback Energy, Inc. (NASDAQ:FANG) is a Texas-based company supplying petroleum, natural gas, and natural gas liquids. On February 22, the company posted earnings per share of $3.63 and $2.02 billion in revenue, both above the market consensus.

On February 25, RBC Capital analyst Scott Hanold raised his price target on Diamondback Energy, Inc. to $160 from $150 and kept an ‘Outperform’ rating on the shares. The analyst is positive on the company’s commitment to maintenance, production, and “exceptional” cost control, adding that its shareholder return strategy is underpinned by Diamondback Energy, Inc.’s flexibility and discipline.

On February 22, Diamondback Energy, Inc. declared a $0.60 per share quarterly dividend, a 20% increase from its earlier dividend of $0.50. The dividend is payable on March 11 to shareholders of record on March 4.

Among the hedge funds tracked by Insider Monkey in the fourth quarter of 2021, 45 funds were bullish on Diamondback Energy, Inc. at the end of December, down from 51 funds in the prior quarter. Harris Associates is the biggest Diamondback Energy, Inc. shareholder with a $328 million stake.

Diamondback Energy, Inc. is rising in popularity among smart investors, just like eBay Inc., The Home Depot, Inc., and Thermo Fisher Scientific Inc..

Here is what Miller Opportunity Equity had to say about Diamondback Energy, Inc. in its Q4 2021 investor letter:

“Diamondback Energy (FANG) returned 14.4% in the quarter as oil price rose and fell during the quarter ending the period largely in the same place that it started. The company reported strong 3Q results beating on the top and bottom line. The company reported revenue of $1.9B beating consensus of $1.5B with EPS of $2.94 beating expectations for $2.79. The beat was driven by a combination of higher volumes, higher realizations, and efficiency gains. The company increased its total production guidance for the year to 370-372mboe/d1 (up from 363-370mboe/d) while lowering Capital Expenditure (CAPEX) guidance for the second time this year to $1.49-1.53B. The company raised the dividend for the third time this year to $2/share annually while authorizing a new $2B share repurchase program. Starting in 4Q21, the company plans to return 50% of Free Cash Flow to shareholders through the base dividend and a combination of buybacks and special dividends. Finally, the CEO Travis Stice announced plans to reduce methane emissions by 70% as part of the firm’s ESG initiative.”

5. eBay Inc. (NASDAQ:EBAY)

Number of Hedge Fund Holders: 53

Percentage of Dividend Increase: 22.2%

eBay Inc. is a California-based multinational e-commerce corporation that enables C2C and B2B sales transactions via its website. The company expanded its share repurchase authorization by an additional $4 billion on February 23 and declared a $0.22 per share quarterly dividend, a 22.2% increase from its prior dividend of $0.18. The dividend will be paid on March 18 to shareholders of record on March 10.

Publishing its fourth quarter results on February 23, eBay (NASDAQ:EBAY) posted earnings per share of $1.05, exceeding estimates by $0.06. The company’s $2.61 billion in revenue also outperformed the market consensus by $6.31 million.

Benchmark analyst Daniel Kurnos lowered his price target on eBay Inc. to $75 from $85 on February 25 and kept a ‘Buy’ rating on the shares. The analyst observed that eBay (NASDAQ:EBAY) “finished the year on a high note” by exceeding consensus on all metrics in the holiday quarter, but shares traded lower after management discussed a slower recovery/exit growth trajectory. eBay (NASDAQ:EBAY) also signaled impending investment, which may not be ideal in this market. 2022 is now projected to be a down operating margin year, but there is still good value in shares at current levels, the analyst told investors.

A total of 53 hedge funds were bullish on eBay (NASDAQ:EBAY) at the end of Q4 2021, up from 49 funds in the preceding quarter. Nicolai Tangen’s Ako Capital owned the biggest stake in eBay (NASDAQ:EBAY), consisting of 4.9 million shares worth approximately $328 million.

Here is what Steel City Capital had to say about eBay Inc. in its Q4 2020 investor letter:

“eBay (Long): EBAY continues to be a core holding in the Partnership’s long book despite not having any “sexy” attributes or unknown catalysts. I like EBAY because it checks the boxes of being both capital light and priced as a value stock (low multiple of free cash flow), factors which are attractive in a potentially inflationary environment.

In 3Q’20 the company printed $2.6 billion of revenue vs. guidance of $2.4 billion (a $200 million beat) while full year revenue guidance was taken up by $400 million, implying 4Q’20 would be higher by $200 million as well. Free cash flow from continuing ops was guided to $2.3 billion for the full year, slightly above the $2.0 billion the business regularly generated before getting a Covid/stimulus related boost.

EBAY will have about $4.6 billion of cash on hand at year end5 and should receive another $2.0 billion in after-tax proceeds this quarter related to the sale of its Classifieds portfolio6 . Additionally, the company will receive 540 million shares from Adevinta which are currently valued at ~$8.3 billion, and also holds a warrant to purchase a 5.0% stake in payment processor Adyen which was last valued at ~$775 million. Additional asset sales are also not out of the question7 . Backing everything out at today’s market cap of $38.2 billion gives a clean market cap for the core marketplace of $22.6 billion. At a minimum, I expect $2.0 billion of free cash flow in FY’21, with the potential for a higher figure to the extent the incoming administration is successful in cutting additional stimulus checks. By FY’22, free cash flow should ramp to $2.3 billion after incorporating a full year’s contribution from the managed payments initiative. This values EBAY at 9.6x free cash flow, or 11.7x excluding stock-based comp.”

4. The TJX Companies, Inc. (NYSE:TJX)

Number of Hedge Fund Holders: 56

Percentage of Dividend Increase: 13.5%

The TJX Companies, Inc. (NYSE:TJX) is an American multinational discount department chain that sells apparel, bedding, furniture, beauty products, and housewares.

On February 23, The TJX Companies, Inc. declared a $0.295 per share quarterly dividend, a 13.5% increase from its prior dividend of $0.260. The dividend is expected to be payable in June 2022. The company also plans to repurchase shares worth approximately $2.25 to $2.50 billion during its fiscal year ending January 28, 2023. The new authorization represents approximately 4% of The TJX Companies, Inc.’s outstanding shares at current prices.

Truist analyst Beth Reed lowered her price target on The TJX Companies, Inc. to $82 from $88 and kept a ‘Buy’ rating on the shares on February 25. The company’s Q4 results missed expectations due to the omicron variant and persistent freight pressures, but the stock’s pullback offers an attractive buying opportunity into a solid long-term growth story the analyst told investors in a bullish thesis.

Alkeon Capital Management is the biggest shareholder of The TJX Companies, Inc. among the funds tracked by Insider Monkey, owning 7.3 million shares worth $560.6 million. Overall, 56 hedge funds held long positions in The TJX Companies, Inc., with collective stakes amounting to more than $2 billion.

Here is what Qualivian Investment Partners had to say about The TJX Companies, Inc. in its Q2 2021 investor letter:

“TJX Companies: While it still outperformed the S&P 500, TJX landed in the bottom three as its stock’s tepid performance reflected the broader underperformance of stocks levered to post-COVID reopening. These were muted in the quarter given the resurgence of COVID cases due to the Delta variant. Its actual results, which it reported on August 18th, were outstanding, beating across the board on both top and bottom lines and showing strong operating leverage in the operating profit line. Same store sales were up an impressive 20% overall. We remain very confident in TJX’s moat in that its treasure hunt format is hard to replicate for the likes of Amazon and Walmart.”

3. The Home Depot, Inc. (NYSE:HD)

Number of Hedge Fund Holders: 68

Percentage of Dividend Increase: 15.2%

The Home Depot, Inc. is an American home improvement retailer that sells construction tools, home appliances, builders hardware, and relevant services. The Home Depot, Inc. declared a $1.90 per share quarterly dividend on February 22, a 15.2% increase from its prior dividend of $1.65, which will be payable on March 24.

Raymond James analyst Bobby Griffin lowered his price target on The Home Depot, Inc. on February 24 to $350 from $420 and kept an ‘Outperform’ rating on the shares to better reflect the compressed valuation multiples for the sector. The Home Depot, Inc. delivered a “solid” Q4 with comps and EPS above the consensus view, the analyst told investors in a research note.

Among the hedge funds tracked by Insider Monkey, 68 funds were bullish on The Home Depot, Inc. at the close of Q4 2021, up from 58 funds a quarter earlier. Fisher Asset Management was the leading shareholder on that list with 7.8 million shares worth $3.2 billion.

Here is what Ensemble Capital Management had to say about The Home Depot, Inc. in its Q4 2021 investor letter:

“On the more positive side, we saw notable performance contribution from Home Depot. In the midst of a housing shortage and rising home prices, Americans turned to home improvement projects with Home Depot’s startlingly fast growth in 2020 continuing throughout 2021. With each quarter that passed showing a continuation of strong growth rather than the slowdown that many investors expected, the stock led the S&P 500 for most of the year and turned in a heady 27% rally in the fourth quarter to close out the year. Notably, while Do It Yourself homeowners did indeed shop at Home Depot less than they did during record setting 2020, almost half of the company’s revenue comes from Pro contractors where strong growth continues.”

2. Danaher Corporation (NYSE:DHR)

Number of Hedge Fund Holders: 87

Percentage of Dividend Increase: 19%

Danaher Corporation (NYSE:DHR) is a Washington-based conglomerate that designs and markets professional, medical, industrial, and commercial products. The three main segments at Danaher Corporation are Life Sciences, Diagnostics, and Environmental and Applied Solutions.

Danaher Corporation reported a $0.25 per share quarterly dividend on February 23, a 19% increase from its previous dividend of $0.21. The dividend will be paid on April 29 to shareholders of record on March 25.

On January 27, Danaher Corporation announced its Q4 results, posting EPS of $2.69, beating estimates by $0.15. The company’s revenue for the period jumped 20.53% year-on-year to $8.15 billion, exceeding consensus estimates by $162.62 million.

Wells Fargo analyst Dan Leonard lowered the firm’s price target on Danaher Corporation to $330 from $350 on January 28 but kept an ‘Overweight’ rating on the shares, reflecting a view that its core growth algorithm and COVID-19 soft landing are underappreciated.

Dan Loeb’s Third Point is a significant stakeholder of Danaher Corporation as of the end of 2021, owning 2.90 million shares worth over $954 million. Overall, 87 hedge funds were bullish on Danaher Corporation at that time, up from 74 funds in the previous quarter.

Here is what ClearBridge Sustainability Leaders Strategy had to say about Danaher Corporation in its Q3 2021 investor letter:

“Diversified health care company Danaher, a top contributor in the second quarter, had a strong third quarter as well, posting a strong beat-and-raise driven by COVID-19 testing, a rebound for in-person activity and no impact from variants/renewed shutdowns.”

1. Thermo Fisher Scientific Inc. (NYSE:TMO)

Number of Hedge Fund Holders: 95

Percentage of Dividend Increase: 15%

Based in Waltham, Massachusetts, Thermo Fisher Scientific Inc. supplies analytical equipment and instruments, laboratory reagents, consumables, science software, and technical services.

On February 23, Thermo Fisher Scientific Inc. reported a $0.30 per share quarterly dividend, a 15% increase from its earlier dividend of $0.26. The dividend will be distributed on April 14 to shareholders of record on March 16.

Thermo Fisher Scientific Inc. announced exceptional Q4 results on February 2. The company posted earnings per share of $6.54, topping estimates by $1.27. Revenue for the period was $10.70 billion, surpassing the market consensus by $1.45 billion.

Nonetheless, Wells Fargo analyst Dan Leonard lowered his price target on Thermo Fisher Scientific Inc. to $605 from $700 on February 3, though he did keep an ‘Equal Weight’ rating on the shares. The rating comes in the wake of strong quarterly results and high post-pandemic expectations.

According to the Q4 database of Insider Monkey, 95 hedge funds held long positions in Thermo Fisher Scientific Inc. on December 31, up from 94 funds three months earlier. David Blood and Al Gore’s Generation Investment Management is a prominent shareholder of the company, with 1.20 million shares worth $803 million.

Here is what L1 Capital had to say about Thermo Fisher Scientific Inc. in its Q3 2021 investor letter:

“Included in these adjustments, in early July 2021, we divested our remaining small investment in Thermo Fisher Scientific (Thermo Fisher), the world leader in the provision of equipment, consumables, and services to the Life Sciences industry. Thermo Fisher has benefited from elevated demand for its products and services associated with COVID-19 and we sold our residual investment at a gain of more than 70% compared to our average investment cost. Thermo Fisher subsequently held an Investor Day and positively surprised many people, including us, with very strong medium-term growth targets, notwithstanding a headwind from normalization of COVID-19-related business. Thermo Fisher is a high-quality business and remains on our ‘Bench’ for potential reinvestment.”

For more compelling stock picks, check out Viking Global’s Top 10 Stocks and 10 Best Telecom Dividend Stocks To Buy for 2022.

Follow Insider Monkey on Twitter