I review the list of dividend increases each week, in an effort to monitor the dividend growth investment universe. This exercise helps me monitoring existing positions but also identify new companies for further research.
I do tend to focus on companies with at least a ten year history of annual dividend increases. This helps me identify companies that have been through at least one full economic cycle.
Over the past week, there were seven companies which managed to increase dividends and have a ten year track record of annual dividend increases under their belt. The companies include:
Cummins Inc. (CMI) designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power.
The company increased quarterly dividends by 7% to $1.68/share. Cummins has increased the quarterly common stock dividend to shareholders for 14 consecutive years.
Over the past decade, this company has managed to increase dividends at an annualized rate of 12.90%.
The stock sells for 12.67 times forward earnings and yields 2.65%. Check my analysis of Cummins for more information about the company.
Duke Energy Corporation (DUK) operates as an energy company in the United States. It operates through two segments, Electric Utilities and Infrastructure (EU&I) and Gas Utilities and Infrastructure (GU&I).
The company increased quarterly dividends by 2% to $1.025/share. This is the 19th consecutive annual dividend increase for this dividend achiever. Over the past decade, this company has managed to increase dividends at an annualized rate of 2.80%.
The stock sells for 16.57 times forward earnings and has a dividend yield of 4.40%.
Enterprise Products Partners L.P. (EPD) provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services.
The partnership hiked quarterly distributions by 2% to $0.50/share. This year marks the partnership’s 25th consecutive year of distribution growth for this newly minted dividend champion. Over the past decade, this company has managed to increase distributions at an annualized rate of 4%.
Enterprise Products Partners yields 7.57%.
The J. M. Smucker Company (SJM) manufactures and markets branded food and beverage products worldwide. It operates in three segments: U.S. Retail Pet Foods, U.S. Retail Coffee, and U.S. Retail Consumer Foods.
The company increased quarterly dividends by 3.90% to $1.06/share. This is the 26th consecutive year of annual dividend increases for this dividend champion.
Over the past decade, this company has managed to increase dividends at an annualized rate of 7.20%.
The stock sells for 15.70 times forward earnings and has a dividend yield of 2.86%.
Marsh & McLennan Companies, Inc. (MMC) a professional services company, provides advice and solutions to clients in the areas of risk, strategy, and people worldwide. It operates in two segments, Risk and Insurance Services, and Consulting.
The company increased quarterly dividends by 20.30% to $0.71/share. This is the 17th consecutive annual dividend increase for this dividend achiever. Over the past decade, this company has managed to increase dividends at an annualized rate of 9.60%.
The stock sells for 24.45 times forward earnings and yields 1.52%
National Retail Properties (NNN) invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2023, the company owned 3,449 properties in 49 states with a gross leasable area of approximately 35.3 million square feet and with a weighted average remaining lease term of 10.3 years.
The REIT hiked quarterly dividends by 2.70% to $0.565/share. This marks NNN's 34th consecutive annual dividend increase.
Over the past decade, this REIT has managed to increase dividends at an annualized rate of 3.30%.
The stock sells for 13.46 times forward FFO and has a dividend yield of 5.23%.
Ryder System, Inc. (R) operates as a logistics and transportation company worldwide. It operates through three segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS).
The company increased quarterly dividends by 14.50% to $0.71/share. This is the 19th consecutive annual dividend increase for this dividend achiever. Over the past decade, this company has managed to increase dividends at an annualized rate of 7.20%.
The stock sells for 7.63 times forward earnings and yields 3.31%.
Thank you for reading!
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- How to find companies for my dividend portfolio
- Four Companies Increasing Dividends to Shareholders Last Week