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Dividend Kings of 2023

Get a list of current -- and potential future -- Dividend Kings and learn how to leverage these strong companies to build wealth.

By Jason Hall – Updated Mar 31, 2023 at 12:38PM

What's the most exclusive group of dividend stocks? It might not be what first comes to mind.

Many investors are familiar with Dividend Aristocrats. These stocks are members of the S&P 500 that have increased their dividends for at least 25 consecutive years.

But there's an even more elite group of dividend stocks that doesn't receive as much attention. Dividend Kings don't have to be members of the S&P 500, but they must reach an ultramarathon-like dividend streak -- at least 50 consecutive years of payout growth.

Dividend aristocrats vs dividend kings is a matter of 25 years versus 50 years of increased dividend payments to investors.
Image source: The Motley Fool

Here's what you need to know about the current Dividend Kings and how they can fit into your investment portfolio.

2023 Dividend Kings

Here are the 48 stocks that qualified as Dividend Kings as of Mar. 29, 2023, plus two "unofficial" Dividend Kings that qualify depending on how you interpret dividend growth.

Data sources: Company press releases, presentations, and SEC filings. *Dividends are paid in Canadian dollars and can vary to U.S. investors based on exchange rates. **Pays base $0.09 cash quarterly dividend, plus 3% stock dividend, so "growth" is open to interpretation.
Dividend King Sector Dividend Increase Streak
American States Water (NYSE:AWR) Utilities 68
Dover Corporation (NYSE:DOV) Industrials 67
Northwest Natural Holding (NYSE:NWN) Utilities 67
Genuine Parts (NYSE:GPC) Consumer Goods 67
Procter & Gamble (NYSE:PG) Consumer Goods 66
Parker Hannifin (NYSE:PH) Industrials 66
Emerson Electric (NYSE:EMR) Industrials 66
3M (NYSE:MMM) Industrials 65
Cincinnati Financial (NASDAQ:CINF) Financials 62
Coca-Cola (NYSE:KO) Consumer Goods 61
Johnson & Johnson (NYSE:JNJ) Healthcare 60
Lancaster Colony (NASDAQ:LANC) Consumer Goods 60
Colgate-Palmolive (NYSE:CL) Consumer Goods 60
Nordson (NASDAQ:NDSN) Industrials 59
Farmers & Merchants Bancorp (OTH:FMCB) Financials 57
Hormel Foods (NYSE:HRL) Consumer Goods 57
ABM Industries (NYSE:ABM) Industrials 56
California Water Service Group (NYSE:CWT) Utilities 56
Stanley Black & Decker (NYSE:SWK) Industrials 55
Stepan Company (NYSE:SCL) Industrials 55
Federal Realty Investment Trust (NYSE:FRT) Real Estate 55
Commerce Bancshares (NASDAQ:CBSH) Financials 55
SJW Group (NYSE:SJW) Utilities 55
Sysco (NYSE:SYY) Consumer Goods 55
MSA Safety (NYSE:MSA) Industrials 53
H.B. Fuller (NYSE:FUL) Materials 53
Altria Group (NYSE:MO) Consumer Goods 53
National Fuel Gas (NYSE:NFG) Energy 52
Universal Corporation (NYSE:UVV) Consumer Goods 52
Black Hills Corp. (NYSE:BKH) Utilities 52
Illinois Tool Works (NYSE:ITW) Industrials 52
W.W. Grainger (NYSE:GWW) Industrials 51
Target (NYSE:TGT) Consumer Goods 51
Leggett & Platt (NYSE:LEG) Industrials 51
PPG Industries (NYSE:PPG) Industrials 51
Computer Services, Inc. (OTV:CSVI) Technology 51
Becton, Dickinson & Co. (NYSE:BDX) Healthcare 51
AbbVie (NYSE:ABBV) Healthcare 51
Abbott Labs (NYSE:ABT) Healthcare 51
Tennant (NYSE:TNC) Industrials 51
Kimberly Clark (NYSE:KMB) Consumer Goods 51
Canadian Utilities (OTV:CDUAF)* Utilities 51
PepsiCo (NASDAQ:PEP) Consumer Goods 50
Nucor (NYSE:NUE) Industrials 50
S&P Global (NYSE:SPGI) Financials 50
Tootsie Roll Industries (NYSE:TR)** Consumer Goods 50+
WalMart Inc (NYSE:WMT) Consumer Goods 50
The Gorman-Rupp Company (NYSE:GRC) Industrials 50
Middlesex Water Utilities 50
ADM (NYSE:ADM) Industrials 50

Two sectors make up a significant portion of the Dividend Kings list, with 14 consumer goods and 17 industrials companies comprising more than half the list. There were also four healthcare stocks, four financials stocks, and seven utility stocks in the group. This shouldn't be a surprise. Companies in these sectors tend to pay dividends and raise their prices with inflation, and many have also been in operation for a long time.

There aren't any exchange-traded funds (ETFs) that focus exclusively on Dividend Kings. However, the ProShares S&P 500 Dividend Aristocrats ETF (NOBL 1.56%) owns shares of all Dividend Aristocrats.

Changes in 2023

While there's some risk that a potential recession in 2023 could upend one or more of these dividend streaks, it's rare for companies that make this list to lose status. There's a tremendous amount of pressure on companies that have increased their dividends for 50-plus years to keep their streak going. No CEO wants to be known as the leader who messed up an impressive dividend track record. Of course, there's no guarantee that these companies will join the ranks of the Dividend Kings. However, the same factors incentivizing the current Dividend Kings to continue increasing their dividends are incentivizing the companies close to making the cut.

We have seen a number of companies recently join the Dividend Kings list in recent months. The most recent additions are:

  • ADM
  • Gorman-Rupp
  • S&P Global
  • WalMart

A note on the two "unofficial" Dividend Kings

We have added Canadian Utilities and Tootsie Roll Industries to this list, as both have characteristics that make them Dividend Kings by some measures. With Canadian Utilities, it's certainly a King if you're a Canadian investor; however the changes in foreign exchange rates have made the effective dividend paid to U.S. investors fall recently. We don't want to short-change the company or our Canadian readers because of this, as the money the company has paid from its coffers every year has indeed increased for five straight decades.

Tootsie Roll is a little more complex. To start, the company has a long history of paying a dividend, but the $0.09 quarterly cash portion of the dividend has remained unchanged for years. Its payout has grown via the 3% stock dividend it also pays every year. So long as the stock price increases in value, the total dividends paid grows. We thought this quirk was worth explaining in detail.

Likely winners in 2023

There are three key factors that could affect many stocks in 2023, including several of the Dividend Kings:

  1. Inflation
  2. Interest rates
  3. Possible recession tied to the two factors above

These factors could benefit some stocks but hurt others. Here are four Dividend Kings that could be winners in 2023:

Target Corp.

The second half of 2022 was not kind to shares of Target. Like many other big-box retailers, the impact of inflation and supply chain challenges left the company with too many of the wrong goods, and rising costs pressuring its cash flows. But despite a big stock decline in 2022, Target the business is in solid shape. It may not be a big growth year, especially if a recession becomes a reality. However, its e-commerce investments and large physical presence will play in its favor if consumers have to tighten their purse strings, whether that means less eating out or less spending, Target is a major supplier of consumer staples, and price-conscious shoppers may favor it over luxury retailers when they're bargain hunting. Trading for a reasonable valuation and paying a safe dividend, Target looks primed for a bounce-back year.


Some investors look at the tobacco giant with disdain; others simply won't buy a company whose products cause so much harm. But if that's not a concern for you, then Altria should be on your list. The company has had a number of missteps in recent years around vaping products, and its ability to crack the cannabis market isn't clear (as is the future of its legality in many of Altria's markets). Yet it continues to generate mountains of cash -- $8.1 billion in free cash over the past four quarters -- and returns much of that -- $6.6 billion -- to shareholders in dividends. It also sells a product that its customers continue to buy across every economic condition, making its sizable dividend safe in every economic environment.

Genuine Parts Co.

The company behind Napa and Motion Industries is in an interesting position for 2023. Its primary business is selling parts and supplies for automotive, food and beverage, and industrial industries. And while it's not immune to the threat of recession, its business is less at risk. This is because the items it sells are things that keep customer cars, trucks, and machines up and running. And, in times of economic weakness, it's not uncommon for both people and businesses to defer new equipment purchases, which means more money spent on repairs and maintenance. That doesn't guarantee a great year for Genuine Parts, but it puts the company in a favorable position in an uncertain time.

Related Investing Topics

Future Dividend Kings

The following well-known companies are very close to joining this august group of stocks:

  • S&P Global (SPGI 1.03%) – 49 years of dividend growth; set to raise its payout in early 2023
  • Lowe's (LOW 3.8%) – 48 years of dividend growth; set to reach 49 years in mid-2023 and join the Dividend Kings in 2024

Why invest in Dividend Kings?

Dividend Kings aren't necessarily a good fit for every investor. Many of these stocks frequently deliver relatively low growth. For example, three of the five Dividend Kings with the longest records of dividend increases have underperformed the S&P 500 over the past 10 years, although all have handily outperformed since 1990.

Dividend Kings can be a great component of retirement portfolios or for investors looking for reliable income. Most of these stocks offer dividend yields that are higher than the average dividend yield of S&P 500 members. Their consistency in paying and increasing dividend payouts also can provide a measure of confidence for anyone depending on income generated by the dividend stocks they own.

Jason Hall has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Abbott Laboratories, Emerson Electric, ProShares Trust - ProShares S&p 500 Dividend Aristocrats ETF, S&P Global, Target, and Walmart. The Motley Fool recommends 3M, Becton, Dickinson And, Johnson & Johnson, Lowe's Companies, and Tennant and recommends the following options: long January 2024 $47.50 calls on Coca-Cola. The Motley Fool has a disclosure policy.

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