I review the list of dividend increases every week, as part of my portfolio monitoring process. I leverage several of my dividend investing resources for this effort.
I started by reviewing the list of all dividend increases for the week. There were 45 of them. I then narrowed the list down to the companies that have managed to boost dividends for at least ten years in a row. I also focused on companies that had a meaningful combination of yield and dividend growth.
This list is not a recommendation to buy or sell stocks. It is simply a list of companies that raised dividends last week. The companies listed have managed to grow dividends for at least ten years in a row.
The companies for this week’s review include:
CDW Corporation (CDW) provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public.
The company increased quarterly dividends by 5.10% to $0.62/share. This was the 10th consecutive year of annual dividend increases for this newly minted dividend achiever. Over the past 5 years, the company has managed to raise dividends at an annualized rate of 24.80%.
Between 2013 and 2022, the company managed to grow earnings from $0.85/share to $8.24/share.
The company is expected to earn $9.87/share in 2023.
The stock sells for 21.20 times forward earnings and yields 1.18%.
Huntington Ingalls Industries, Inc. (HII) engages in designing, building, overhauling, and repairing military ships in the United States. It operates through three segments: Ingalls, Newport News, and Mission Technologies.
The company increased quarterly dividends by 4.80% to $1.30/share. This was the 11th consecutive year of annual dividend increases for this dividend achiever. Over the past 5 years, the company has managed to raise dividends at an annualized rate of 13.70%.
Between 2013 and 2022, the company managed to grow earnings from $5.25/share to $14.44/share.
The company is expected to earn $14.49/share in 2023.
The stock sells for 16.15 times forward earnings and yields 2.22%.
KLA Corporation (KLAC) designs, manufactures, and markets process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide. It operates through three segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB, Display and Component Inspection.
The company increased quarterly dividends by 11.50% to $1.45/share. This was the 13th consecutive year of annual dividend increases for this dividend achiever. Over the past 5 years, the company has managed to raise dividends at an annualized rate of 15.80%.
Between 2013 and 2022, the company managed to grow earnings from $3.51/share to $24.28/share.
The company is expected to earn $23.67/share in 2023.
The stock sells for 21.10 times forward earnings and yields 1.16%.
Microchip Technology Incorporated (MCHP) develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.
The company increased quarterly dividends by 7.10% to $0.439/share. This is also a year-over-year increase in the dividend of 33.80%, up from the November 2022 dividend of $0.328/share. This was the 21st consecutive year of annual dividend increases for this dividend achiever. Over the past 5 years, the company has managed to raise dividends at an annualized rate of 9.90%.
This represents 85 consecutive quarters of dividend payments for Microchip and reflects confidence in the cash-generating capability of our business, as well as our ongoing commitment to returning capital to our stockholders.
Between 2013 and 2022, the company managed to grow earnings from $1/share to $4.07/share.
The company is expected to earn $5.38/share in 2023.
The stock sells for 14.20 times forward earnings and yields 2.30%.
Regency Centers (REG) is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics.
The REIT increased quarterly dividends by 3.10% to $0.67/share. This was the 10th consecutive year of annual dividend increases for this newly minted dividend achiever. Over the past 5 years, the company has managed to raise dividends at an annualized rate of 3.50%.
The REIT is selling for 15.13 times forward FFO and yields 4.27%.
Snap-on Incorporated (SNA) manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.
The company increased quarterly dividends by 14.80% to $1.86/share. This was the 14th consecutive annual dividend increase for this dividend achiever. Over the past 5 years, the company has managed to raise dividends at an annualized rate of 14.80%.
“This 14th consecutive annual increase in our dividend confirms our commitment to create long-term value for our shareholders and demonstrates our firm belief that Snap-on is well-positioned for the future. Our strong financial position and robust cash generation enable us to reward our shareholders with a consistently increasing cash dividend and to support our ongoing strategic investments, organically and through acquisitions, along our defined runways for both growth and improvement.”
Between 2013 and 2022, the company managed to grow earnings from $6.02/share to $17.14/share.
The company is expected to earn $18.66/share in 2023.
The stock sells for 14.50 times forward earnings and yields 2.75%.
Tennant Company (TNC) designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
The company increased quarterly dividends by 5.70% to $0.28/share. Tennant Company has paid a cash dividend for the past 79 consecutive years and increased the dividend payout for 52 consecutive years. Over the past 5 years, this dividend king has managed to raise dividends at an annualized rate of 3.90%.
“Our strong balance sheet, liquidity position and disciplined capital allocation program allow us to continue to grow our dividend and generate long-term value for our shareholders,” said Tennant Company President and CEO Dave Huml.
Between 2013 and 2022, the company managed to grow earnings from $2.20/share to $3.58/share.
The company is expected to earn $5.90/share in 2023.
The stock sells for 13.95 times forward earnings and yields 1.36%.
Utah Medical Products, Inc. (UTMD) develops, manufactures, and distributes medical devices for the healthcare industry.
The company increased quarterly dividends by 1.70% to $0.30/share. This was the 19th consecutive annual dividend increase for this dividend achiever. Over the past 5 years, the company has managed to raise dividends at an annualized rate of 1.80%.
Between 2013 and 2022, the company managed to grow earnings from $3.06/share to $4.53/share.
The company is expected to earn $4.65/share in 2023.
The stock sells for 17.20 times forward earnings and yields 1.50%.
Relevant Articles:
- Twenty Dividend Growth Stocks Raising Dividends Last Week
- Seven Dividend Growth Stocks Raising Dividends Last Week
- Five Dividend Growth Companies Raising Dividends Last Week