Eight Dividend Growth Companies Increasing Dividends Last Week

Dividend growth investing is a simple but effective strategy. It is widely misunderstood too.

As a Dividend Growth Investor, I look for companies with a long history of annual dividend increases.

A long streak of consecutive annual dividend increases is typically an indication of a business with strong competitive advantages, good growth prospects, high returns on invested capital, and strong and recurring cash flows. A long streak of annual dividend increases is typical for companies with wide moats, which have tended to grow earnings per share for decades. As a long-term dividend investor, my goal is to identify such a business early in the game, buy it at an attractive price, and ride the economic trend for as long as possible. In other words, I am after companies that can grow earnings and dividends over time. I buy and hold forever, or in my case, for as long as they do not cut dividends.

Before doing so of course, I always review the company, its fundamentals and check the qualitative aspect of the business as well. Once I initiate a position, I also monitor the company for any major developments. But as part of my risk management process, I keep portfolio weights in check, and I very rarely would sell an existing position. I may not add to it if it stops meeting my entry criteria, which is guaranteeing a low allocation, as I build positions slowly and over time.

One of my favorite monitoring exercises is to check the list of dividend increases every week. That way, I get to see if my existing investments continue raising dividends, and if my thesis is still working. I also get to identify companies for future research through this exercise. In addition, I get to read the press releases and gauge managements sentiment towards the near-term prospects of the business.

My weekly review focuses on companies that have increased distributions for at least ten years in a row. During the past week, the eight companies that raised dividends include:

Altria Group, Inc. (MO) manufactures and sells smokeable and oral tobacco products in the United States.

The company raised quarterly dividends by 4.30% to $0.98/share. This is the 54th consecutive annual dividend increase for this dividend king.

Over the past decade, the company has managed to increase dividends at an annualized rate of 8.10%.

Between 2013 and 2022 the company managed to grow earnings from $2.26/share to $3.19/share.

Altria is expected to earn $5/share in 2023.

The stock sells for 8.74 times forward earnings and yields 9.10%.

Atrion Corporation (ATRI) develops, manufactures, and sells products for fluid delivery, cardiovascular, and ophthalmology applications in the United States, Canada, Europe, and internationally.

The company increased quarterly dividends by 2.30% to $2.20/share. This is the 21st year of consecutive annual dividend increases for this dividend achiever.

Over the past decade, the company has managed to increase dividends at an annualized rate of 14.60%.

The company managed to grow earnings per share from $13.22 in 2013 to $19.59 in 2022.

The company is expected to earn $15.37/share in 2023.

The stock sells for 30.24 times forward earnings and yields 1.89%.

BancFirst Corporation (BANF) operates as the bank holding company for BancFirst that provides a range of commercial banking services to retail customers, and small to medium-sized businesses. The company operates through Metropolitan Banks, Community Banks, Pegasus, Worthington, and Other Financial Services segments.

The company increased quarterly dividends by 7.50% to $0.43/share. This is the 30th year of consecutive annual dividend increases for this dividend champion.

Over the past decade, the company has managed to increase dividends at an annualized rate of 10.40%.

Between 2013 and 2022, the company managed to grow earnings from $1.78/share to $5.89/share.

The company is expected to earn $6.27/share in 2023.

The stock sells for 15.25 times forward earnings and yields 1.67%. 

EastGroup Properties, Inc. (NYSE: EGP) is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. 

The company increased quarterly dividends by 1.60% to $1.27/share. This is the 12th year of consecutive annual dividend increases for this dividend achiever. 

Over the past decade, the company has managed to increase dividends at an annualized rate of 8%.

The REIT increased FFO/share from $3.23 in 2013 to $7 in 2022.

The REIT is expected to generate $7.65/share in FFO in 2023.

The stock sells for 23.25 times FFO and yields 2.81%.

First American Financial Corporation (FAF) provides financial services. It operates through Title Insurance and Services, and Specialty Insurance segments. 

The company raised quarterly dividends by 1.90% to $0.53/share. This is the 13th year of consecutive annual dividend increases for this dividend achiever.

Over the past 5 years, the company has managed to increase dividends at an annualized rate of 7.40%.

The company managed to grow earnings per share from $1.74 in 2013 to $2.46 in 2022.

The company is expected to earn $4.40/share in 2023.

The stock sells for 13.62 times forward earnings and yields 3.48%. 

MGE Energy, Inc. (MGEE) operates as a public utility holding company primarily in Wisconsin. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other segments. 

The company hiked quarterly dividends by 4.90% to $0.4275/share. MGE Energy has increased its dividend annually for the past 48 years and has paid cash dividends for more than 110 years.

Over the past decade, the company has managed to increase dividends at an annualized rate of 4.40%.

This dividend champion managed to grow earnings per share from $2.16 in 2013 to $3.07 in 2022.

The company is expected to earn $3.42/share in 2023.

The stock sells for 21.73 times forward earnings and yields 2.29%.

Peoples Ltd. (PPLL) operates as the holding company for PS Bank that provides various financial services to individuals, small businesses, and corporate customers in Pennsylvania, the United States. 

The company increased quarterly dividends by 3.30% to $0.62/share. The cash dividend represents a 12.81% increase over the cash dividend paid in the third quarter 2022. This is the 11th year of consecutive annual dividend increases for this dividend contender.

The company managed to grow earnings per share from $3.27 in 2013 to $8.97 in 2022.

The stock sells at 7.83 times earnings and has a dividend yield of 3.53%.

United Bancorp, Inc. (UBCP) operates as the bank holding company for Unified Bank that provides commercial and retail banking services in Ohio. 

The company increased quarterly dividends by 1.50% to $0.1675/share. This payment is also 6.3%  over the regular cash dividend paid in the third quarter of the previous year. That's the tenth consecutive annual dividend increase for this newly minted dividend achiever.

Over the past decade, the company has managed to increase dividends at an annualized rate of 11.20%.

The company managed to grow earnings per share from $0.53 in 2013 to $1.51 in 2022.

The company is expected to earn $1.44/share in 2023.

The stock sells for 8.29 times forward earnings and yields 5.40%

Relevant Articles:

- Seven Dividend Growth Stocks Rewarding Shareholders With Raises

- Four Dividend Growth Stocks Rewarding Shareholders With Raises Last Week

- Nine Dividend Growth Stocks Rewarding Shareholders With Raises Last Week

Investing in the Dividend Aristocrats from 2013

 

I obtained the list of Dividend Aristocrats for 2013 and created a test. There were 54 companies on the dividend aristocrats list as of the end of 2012. This is a list that was available for investors to use a little over 10 years ago. You can view the original list below:

Note: Data as of 12/31/2012

I have included the company name and. symbol The P/E ratio, dividend yield, and 5 and 10 year annualized dividend growth are as of 12/31/2012. That's how they appeared at the time to investors.

To make the test, I assumed that a portfolio was equally weighted at the start. I then proceeded to trace how each company did between December 31, 2012 and July 31, 2023.

This presented some challenges, as some companies were acquired, and therefore the listing stopped being active. The companies acquired include Bemis, C.R. Bard, Family Dollar, Sigma-Aldrich. When they were acquired, I assumed that the money is invested in a portfolio of Dividend Aristocrats. I used the Dividend Aristocrats ETF as a proxy for this action, investing in it on the date stock for delisted.

There were three companies that cut dividends - AT&T, V.F. Corp and HCP Inc (now HealthPeak). In my investing strategy, I sell after a dividend cut. For the purposes of this exercise, I assumed that the investor kept holding on to those companies. This is mostly to reduce excess calculations on my part. You will notice that the dividend cutters were the worst performers of the group.

Abbott was split into two companies at the very end of 2012 - Abbott and AbbVie. The data shows information on legacy Abbott, include the P/E, dividend growth, etc. Both Abbott and AbbVie were determined to be dividend aristocrats. Even if they weren't, passive investors would have held on to both.

With that being said, you can see the total returns performance for each company since then:

Note: Results for period 12/31/2012 - 07/31/2023

The best performers are surprising, because they are companies that few Dividend Growth Investors tend to talk about today. SPGI was attractively valued about 10 years ago, and we bought it when it was still called McGraw Hill. But the most discussed companies have average returns over the past decade. 

This definitely reinforces my idea that we don't really know what our best ideas are in advance, despite what we convince ourselves. Hence, it makes sense to diversify widely, and avoid concentrating at the start. 

This is also a testament to the idea of cutting your losses, and letting your profits run. If an investor had sold Cintas and SPGI Global early, they would not have generated above-average the capital gains and dividend growth that these companies delivered. Their returns would have suffered. These companies delivered a majority of total returns, and those returns paid for so many losers and dividend cutters and eliminators.

Selling them would have been a mistake. This mistake would have been further compounded if the investor had added to the losers instead. 

We don't really know what our best ideas are in advance. In addition, we do not really know if the valuation today is cheap or expensive as well. 

The best idea is to equal weight from the start, turn the drip on, and then let the companies do their thing without too much turnover. Turnover is costly in terms of paying capital gains in taxable accounts and potentially a steep opportunity costs.

You can view that investing $100 in each company would have cost $5,400. That investment would be worth $19,688 by July 31, 2023.

You can also view the developments in dividends per share for each company in the Dividend Aristocrats list from 2013. The four companies that were acquired have been excluded, as they are no longer publicly traded and a 2023 comparison cannot be made with 2013. I did include the dividend cutters for illustrative purposes. This mostly shows you that as a company fails, it ends up becoming a miniscule position. The companies that succeed end up commanding a higher weight, and their success more than compensates for any losers that the portfolio holds.

Thank you for reading. This analysis basically reinforces a few points I’ve tried to focus on for a while:

1. Keep losses manageable, but let profits run
2. It’s hard to know who the best performer is going to be.
3. Owning quality in a diverse basket would likely result in good results over time
4. Focus on the long run
5. Maintain diversification
6. Avoid concentration at the start
7. Let portfolio concentrate on its own
8. Selling is usually a mistake
9. Your best ideas would propel portfolio forward, and pay for the worst ideas
10. Valuation is tricky

Seven Dividend Growth Stocks Rewarding Shareholders With Raises

I review the list of dividend increases each week as part of my monitoring process. This exercise helps review existing holdings, and potentially identify companies for further research. Reviewing dividend increases is a good way to keep track of the pulse of Dividend Growth Investing universe.

I focus on consistent dividend growth companies. Therefore, I typically focus my attention on companies that have managed to raise dividends for at least ten years in a row. The companies listed below have managed to increase dividends for at least a decade and announced a dividend increase last week.

I looked at the dividend increase, in relation to historical dividend growth rates. That provides helpful information about the business prospects, and management's assessment of those prospects.

I also like to look at growth in earnings per share over the same period of time, in order to determine if dividend growth is on solid footing. Rising earnings per share provide the fuel behind future dividend increases.

Last but not least, I look at valuation metrics, such as P/E ratio, Dividend Yield in conjunction with growth in dividends and growth in earnings per share. Even the best company in the world is not worth overpaying for. However, valuation is tricky. 

A company with a low P/E may turn out to be more expensive in the long run if those earnings per share are cyclical or in a terminal decline.

A company with a high P/E may turn out to be cheap in the long run if those earnings per share grow and they are counter-cyclical.

Long story short, valuation is not a one sized trick pony. I have an article scheduled on this topic over the next week.

The companies that announced dividend increases last week, AND also had at least a ten year streak of annual dividend increases include:

Badger Meter, Inc. (BMI) manufactures and markets flow measurement, quality, control, and communication solutions in the United States, Asia, Canada, Europe, Mexico, the Middle East, and internationally. 

The company increased quarterly dividends by 20% to $0.27/share. This is the 31st year of consecutive annual dividend increases for this dividend champion.

Badger Meter has managed to increase dividends at an annualized rate of 9.90% over the past decade.

The company managed to grow earnings from $0.86/share in 2013 to $2.28/share in 2022.

The company is expected to earn $3.01/share in 2023.

The stock yields 0.65% and sells for 52.94 times forward earnings. It's pricey today, but may be worth a researching if it drops to a more reasonable valuation.

Cboe Global Markets, Inc. (CBOE) operates as an options exchange worldwide. It operates through six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital.

The company increased quarterly dividends by 10% to $0.55/share. This is the 13th consecutive year Cboe has increased its dividend.

Cboe Global Markets has managed to increase dividends at an annualized rate of 13.80% over the past decade.

The company managed to grow earnings from $1.99/share in 2013 to $2.20/share in 2022.

The company is expected to earn $7.29/share in 2023.

This dividend achiever sells for 20.60 times forward earnings and yields 1.46%.

Dillard's, Inc. (DDS) operates retail department stores in the southeastern, southwestern, and midwestern areas of the United States.

The company hiked quarterly dividends by 25% to $0.25/share. This is the 13th year of consecutive annual dividend increases for this dividend achiever.

Dillard's has managed to increase dividends at an annualized rate of 14.90% over the past decade.

The company managed to grow earnings from $7.10/share in 2013 to $50.81/share in 2022.

The company is expected to earn $41.83/share in 2023.

The stock sells for 8.13 times forward earnings and yields 0.30%.

Muncy Bank Financial, Inc. (MYBF) provides financial services to individuals and businesses in the United States. 

The company hiked quarterly dividends by 2.60% to $0.40/share. This is the 22nd consecutive annual dividend increase for this dividend contender.

Muncy Bank Financial has managed to increase dividends at an annualized rate of 7.80% over the past decade.

The company managed to grow earnings from $2.69/share in 2013 to $3.90/share in 2022.

The stock sells for 10.45 times earnings and yields 4.30%.

NBT Bancorp Inc.(NBTB) provides commercial banking, retail banking, and wealth management services.

The company hiked quarterly dividends by 6.70% to $0.32/share. This is the eleventh annual dividend increase for this dividend contender.

NBT Bancorp has managed to increase dividends at an annualized rate of 3.80% over the past decade.

The company managed to grow earnings from $1.47/share in 2013 to $3.54/share in 2022.

The stock sells for 11.27 times earnings and yields 3.42%.

Stock Yards Bancorp, Inc. (SYBT) operates as a holding company for Stock Yards Bank & Trust Company that provides various financial services for individuals, corporations, and others in the United States. It operates in two segments, Commercial Banking, and WM&T.

The company hiked quarterly dividends by 3.40% to $0.30/share. This is the 14th year of consecutive annual dividend increases for this dividend achiever.

Stock Yards Bancorp has managed to increase dividends at an annualized rate of 8.30% over the past decade.

The company managed to grow earnings from $1.27/share in 2013 to $3.24/share in 2022.

The stock sells for 12.80 times forward earnings and yields 2.56%.

Westlake Corporation (WLK) manufactures and markets performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Italy, Taiwan, and internationally.

The company raised quarterly dividends by 40.10% to $0.50/share. This is the 20th year of consecutive annual dividend increases for this dividend achiever.

Westlake Corporation has managed to increase dividends at an annualized rate of 17.50% over the past decade.

The company managed to grow earnings from $4.56/share in 2013 to $17.46/share in 2022.

The stock yields 1.51% and sells for 14.08 times forward earnings.

Relevant Articles:

- Four Dividend Growth Stocks Rewarding Shareholders With Raises Last Week

- Nine Dividend Growth Stocks Rewarding Shareholders With Raises Last Week

- 16 Dividend Growth Stocks Raising Dividends Last Week

- Five Dividend Growth Companies Raising Dividends Last Week

Warren Buffett Portfolio Holdings

  Berkshire Hathaway is the holding company of super-investor Warren Buffett. He transformed a struggling textile mill into a conglomerate with a significant portfolio of equites and significant interests in railroads, insurance, utilities, industrials etc.

Because of the size of his equity portfolio investments, Berkshire Hathaway has to report its US equity holdings every quarter to the SEC. Some foreign investments are also reported to the corresponding Foreign securities regulator.

You can find the updated portfolio holdings for Berkshire Hathaway (BRK.A)(BRK.B) as of June 30, 2023

Name	Symbol	Shares	Ownership Percentage	Market Price	Market Value	Percentage of portfolio
Apple Inc	AAPL	915,560,382	5.90%	$177.87	$162,850,725,146	45.80%
Bank of America Corp	BAC	1,032,852,006	13.00%	$30.02	$31,006,217,220	8.70%
American Express Company	AXP	151,610,700	20.60%	$162.03	$24,565,481,721	6.90%
Coca-Cola Co	KO	400,000,000	9.20%	$60.63	$24,252,000,000	6.80%
Chevron Corporation	CVX	123,120,120	6.50%	$160.09	$19,710,300,011	5.50%
Occidental Petroleum Corp	OXY	224,129,192	25.30%	$63.81	$14,301,683,742	4.00%
Kraft Heinz Co	KHC	325,634,818	26.50%	$33.78	$10,999,944,152	3.10%
Moody’s Corp	MCO	24,669,778	13.40%	$333.59	$8,229,591,243	2.30%
Mitsubishi Corp	8058:TYO	119,497,600	8.30%	$49.27	$5,888,000,106	1.70%
Mitsui & Co	8031:TYO	125,022,300	8.10%	$38.36	$4,795,863,204	1.30%
Itochu Corporation	8001:TYO	118,331,800	7.50%	$39.24	$4,643,303,267	1.30%
HP Inc	HPQ	120,952,818	12.30%	$31.87	$3,854,766,310	1.10%
Davita Inc	DVA	36,095,570	39.50%	$104.73	$3,780,289,046	1.10%
BYD Co. Ltd	BYDDF	98,603,142	9.00%	$29.50	$2,908,792,689	0.80%
Verisign, Inc.	VRSN	12,815,613	12.40%	$206.19	$2,642,451,244	0.70%
Citigroup Inc	C	55,244,797	2.90%	$43.39	$2,397,071,742	0.70%
Kroger Co	KR	50,000,000	7.00%	$47.77	$2,388,500,000	0.70%
Marubeni Corp	8002:TYO	141,000,200	8.30%	$16.69	$2,352,653,028	0.70%
Sumitomo Corp	8053:TYO	101,210,400	8.20%	$20.41	$2,066,065,894	0.60%
Visa Inc	V	8,297,460	0.40%	$240.37	$1,994,460,460	0.60%
Charter Communications Inc	CHTR	3,828,941	2.60%	$427.66	$1,637,484,908	0.50%
Mastercard Inc	MA	3,986,648	0.40%	$395.15	$1,575,323,957	0.40%
Amazon.com, Inc.	AMZN	10,551,000	0.10%	$137.89	$1,454,877,390	0.40%
Paramount Global Class B	PARA	93,730,975	15.40%	$15.39	$1,442,519,705	0.40%
Aon PLC	AON	4,335,000	2.10%	$318.52	$1,380,784,200	0.40%
Capital One Financial Corp.	COF	12,471,030	3.30%	$106.98	$1,334,150,789	0.40%
Activision Blizzard Inc	ATVI	14,658,121	1.90%	$91.00	$1,333,889,011	0.40%
Liberty SiriusXM Series C	LSXMK	43,208,291	19.80%	$23.91	$1,033,110,238	0.30%
Snowflake Inc	SNOW	6,125,376	1.90%	$152.50	$934,119,840	0.30%
Nu Holdings Ltd	NU	107,118,784	2.30%	$7.89	$845,167,206	0.20%
Ally Financial Inc	ALLY	29,000,000	9.60%	$27.55	$798,950,000	0.20%
DR Horton Inc	DHI	5,969,714	1.80%	$126.25	$753,676,393	0.20%
General Motors Co	GM	22,000,000	1.60%	$33.40	$734,800,000	0.20%
T-Mobile Us Inc	TMUS	5,242,000	0.40%	$138.94	$728,323,480	0.20%
Markel Group Inc	MKL	471,661	3.60%	$1,492.72	$704,057,808	0.20%
Celanese Corporation	CE	5,358,535	4.90%	$119.73	$641,577,396	0.20%
Liberty Formula One Series C	FWONK	7,722,451	3.70%	$69.97	$540,339,896	0.20%
Floor & Decor Holdings Inc	FND	4,780,000	4.50%	$104.69	$500,418,200	0.10%
Liberty SiriusXM Series A	LSXMA	20,207,680	20.60%	$23.72	$479,326,170	0.10%
Louisiana-Pacific Corp	LPX	7,044,909	9.80%	$62.36	$439,320,525	0.10%
Globe Life Inc	GL	2,515,574	2.60%	$112.90	$284,008,305	0.10%
StoneCo Ltd	STNE	10,695,448	3.40%	$13.33	$142,570,322	0.00%
NVR Inc	NVR	11,112	0.30%	$6,175.00	$68,616,600	0.00%
Johnson & Johnson	JNJ	327,100	0.00%	$174.06	$56,935,026	0.00%
Procter & Gamble Co	PG	315,400	0.00%	$155.34	$48,994,236	0.00%
MONDELEZ INTERNATIONAL INC Common Stock	MDLZ	578,000	0.00%	$72.60	$41,962,800	0.00%
Diageo plc	DEO	227,750	0.00%	$171.40	$39,036,350	0.00%
Liberty Latin America Ltd Class A	LILA	2,630,792	5.90%	$9.30	$24,466,366	0.00%
Lennar Corp	LEN	152,572	0.10%	$125.70	$19,178,300	0.00%
Vanguard 500 Index Fund ETF	VOO	43,000	0.00%	$407.95	$17,541,850	0.00%
SPDR S&P 500 ETF Trust	SPY	39,400	0.00%	$443.99	$17,493,206	0.00%
Jefferies Financial Group Inc	JEF	433,558	0.20%	$34.31	$14,875,375	0.00%
Liberty Latin America Ltd Class C	LILAK	1,284,020	0.80%	$9.22	$11,838,664	0.00%
United Parcel Service, Inc.	UPS	59,400	0.00%	$173.39	$10,299,366	0.00%
Liberty Live Series A	LLYVA	5,051,920	19.70%
Liberty Live Series C	LLYVK	11,132,594	17.50%
TOTAL					$355,718,194,104	100.00%

You can see that Apple (AAPL) accounts for over 45% of the equity portfolio as of June 30, 2023. This position has generated over $100 billion in profits for Buffett's Berkshire Hathaway.

Buffett has managed to accumulate the position between 2016 and 2018 at a total cost of approximately $36 billion. He did sell about $11 billion worth of Apple stock in 2020. In addition, Apple sends $820 million in dividends each year to Berkshire Hathaway.

He did make large investments in Apple, Bank of America, Coca-Cola, American Express and Kraft Heinz. His portfolio is concentrated mostly as a result of letting winners run, and not selling prematurely. 

You can view the dividend contribution from each of his portfolio holdings from the table below. Berkshire Hathaway is generating almost $5.50 billion in annual dividend income from his portfolio.

Note this doesn't include dividends received from privately owned businesses such as See's Candies or Burlington Northern Santa Fe. Nor does it include $760 Million in annual dividends from Berkshire Hathaway's investment in Occidental Petroleum Preferred stock.

Name	Symbol	Shares	Market Value	Dividend Income
Bank of America Corp	BAC	1,032,852,006	$31,006,217,220	$      991,537,925.76
Apple Inc	AAPL	915,560,382	$162,850,725,146	$      878,937,966.72
Chevron Corporation	CVX	123,120,120	$19,710,300,011	$      743,645,524.80
Coca-Cola Co	KO	400,000,000	$24,252,000,000	$      736,000,000.00
Kraft Heinz Co	KHC	325,634,818	$10,999,944,152	$      521,015,708.80
American Express Company	AXP	151,610,700	$24,565,481,721	$      363,865,680.00
Mitsubishi Corp	8058:TYO	119,497,600	$5,888,000,106	$      164,224,008.80
Occidental Petroleum Corp	OXY	224,129,192	$14,301,683,742	$      161,373,018.24
Itochu Corporation	8001:TYO	118,331,800	$4,643,303,267	$      130,097,491.93
Mitsui & Co	8031:TYO	125,022,300	$4,795,863,204	$      128,862,399.51
HP Inc	HPQ	120,952,818	$3,854,766,310	$      127,000,458.90
Citigroup Inc	C	55,244,797	$2,397,071,742	$      117,118,969.64
Sumitomo Corp	8053:TYO	101,210,400	$2,066,065,894	$        83,455,287.57
Moody’s Corp	MCO	24,669,778	$8,229,591,243	$        75,982,916.24
Marubeni Corp	8002:TYO	141,000,200	$2,352,653,028	$        75,572,154.20
Kroger Co	KR	50,000,000	$2,388,500,000	$        58,000,000.00
Ally Financial Inc	ALLY	29,000,000	$798,950,000	$        34,800,000.00
Capital One Financial Corp.	COF	12,471,030	$1,334,150,789	$        29,930,472.00
Paramount Global Class B	PARA	93,730,975	$1,442,519,705	$        18,746,195.00
BYD Co. Ltd	BYDDF	98,603,142	$2,908,792,689	$        15,776,502.72
Celanese Corporation	CE	5,358,535	$641,577,396	$        15,003,898.00
Visa Inc	V	8,297,460	$1,994,460,460	$        14,935,428.00
Activision Blizzard Inc	ATVI	14,658,121	$1,333,889,011	$        14,511,539.79
Aon PLC	AON	4,335,000	$1,380,784,200	$        10,664,100.00
Mastercard Inc	MA	3,986,648	$1,575,323,957	$           9,089,557.44
Louisiana-Pacific Corp	LPX	7,044,909	$439,320,525	$           6,763,112.64
DR Horton Inc	DHI	5,969,714	$753,676,393	$           5,969,714.00
Globe Life Inc	GL	2,515,574	$284,008,305	$           2,264,016.60
Johnson & Johnson	JNJ	327,100	$56,935,026	$           1,556,996.00
Procter & Gamble Co	PG	315,400	$48,994,236	$           1,186,787.12
MONDELEZ INTERNATIONAL INC Common Stock	MDLZ	578,000	$41,962,800	$              982,600.00
Diageo plc	DEO	227,750	$39,036,350	$              829,010.00
Jefferies Financial Group Inc	JEF	433,558	$14,875,375	$              520,269.60
United Parcel Service, Inc.	UPS	59,400	$10,299,366	$              384,912.00
Vanguard 500 Index Fund ETF	VOO	43,000	$17,541,850	$              266,600.00
SPDR S&P 500 ETF Trust	SPY	39,400	$17,493,206	$              256,888.00
Lennar Corp	LEN	152,572	$19,178,300	$              228,858.00
Davita Inc	DVA	36,095,570	$3,780,289,046	$                                -
Verisign, Inc.	VRSN	12,815,613	$2,642,451,244	$                                -
Charter Communications Inc	CHTR	3,828,941	$1,637,484,908	$                                -
Amazon.com, Inc.	AMZN	10,551,000	$1,454,877,390	$                                -
Liberty SiriusXM Series C	LSXMK	43,208,291	$1,033,110,238	$                                -
Snowflake Inc	SNOW	6,125,376	$934,119,840	$                                -
Nu Holdings Ltd	NU	107,118,784	$845,167,206	$                                -
General Motors Co	GM	22,000,000	$734,800,000	$                                -
T-Mobile Us Inc	TMUS	5,242,000	$728,323,480	$                                -
Markel Group Inc	MKL	471,661	$704,057,808	$                                -
Liberty Formula One Series C	FWONK	7,722,451	$540,339,896	$                                -
Floor & Decor Holdings Inc	FND	4,780,000	$500,418,200	$                                -
Liberty SiriusXM Series A	LSXMA	20,207,680	$479,326,170	$                                -
StoneCo Ltd	STNE	10,695,448	$142,570,322	$                                -
NVR Inc	NVR	11,112	$68,616,600	$                                -
Liberty Latin America Ltd Class A	LILA	2,630,792	$24,466,366	$                                -
Liberty Latin America Ltd Class C	LILAK	1,284,020	$11,838,664	$                                -
Liberty Live Series A	LLYVA	5,051,920		$                                -
Liberty Live Series C	LLYVK	11,132,594		$                                -
TOTAL			$355,718,194,104	$  5,541,356,968.00

The total portfolio value was roughly $355 Billion dollars as of last night. It is on track to generate $5.54 Billion in annual dividend income. Approximately $339 Billion of value is related to dividend paying stocks. Only $16 Billion out of the whole $355 Billion is invested in non-dividend paying companies.

For the quarter ended on June 30, 2023, Warren Buffett and his lieutenants Todd and Ted added to the following existing positions:

Buffett seems to be a big fan of Oil and Gas companies as of recently, with his large investments in Occidental Petroleum. He also seems to be investing in financials such as Capital One Financial. The investments in homebuilders were likely from one of his top lieutenants Todd Combes or Ted Weschler.

They reduced ownership in the following companies:

Looks like he sold out of a lot of companies that Dividend Growth Investors own. For example  Chevron, McKesson and Marsh & McLennan.