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Top 20 Highest-Yielding Dividend Aristocrats Now | Yields Up To 5.5%


Updated on July 22nd, 2024 by Bob Ciura

At Sure Dividend, we often steer income investors toward the Dividend Aristocrats. Investors looking for high-quality dividend stocks to buy and hold for the long-run, can find many attractive stocks on this prestigious list.

The Dividend Aristocrats are a select group of 68 stocks in the S&P 500 Index, with 25+ consecutive years of dividend increases.

You can download an Excel spreadsheet of all 68 Dividend Aristocrats (with metrics that matter such as dividend yields and price-to-earnings ratios) by clicking the link below:

 

Click here to instantly download your free spreadsheet of all 68 Dividend Aristocrats now, along with important investing metrics.

We typically rank stocks based on their five-year expected annual returns, as stated in the Sure Analysis Research Database.

But for investors primarily interested in income, it is also useful to rank the Dividend Aristocrats according to their dividend yields.

This article will rank the 20 highest-yielding Dividend Aristocrats today.

Table of Contents


High Yield Dividend Aristocrat #20: PepsiCo (PEP)

PepsiCo is a global food and beverage company that generates $89 billion in annual sales. The company’s products include Pepsi, Mountain Dew, Frito-Lay chips, Gatorade, Tropicana orange juice and Quaker foods. The company has more than 20 $1 billion brands in its portfolio.

Its business is split roughly 60-40 in terms of food and beverage revenue. It is also balanced geographically between the U.S. and the rest of the world.

Source: Investor Presentation

On July 11th, 2024, PepsiCo announced second quarter results for the period ending June 30th, 2024. For the quarter, revenue grew 0.8% to $22.5 billion, but this was $100 million less than expected. Adjusted earnings-per-share of $2.28 compared favorably to $2.09 in the prior year and was $0.12 above estimates. Currency exchange reduced revenue and earnings-per-share by ~1%.

Organic sales were up 1.9% for the second quarter and 2.3% year-to-date. Beverage volume was once again flat while snack and convenience foods volume fell 2%. PepsiCo Beverages North America’s revenue grew 1% organically as higher prices more than offset a 3% decline in volume.

Click here to download our most recent Sure Analysis report on PEP (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #19: Johnson & Johnson (JNJ)

Johnson & Johnson is a diversified health care company and a leader in the area of pharmaceuticals (~49% of sales), medical devices (~34% of sales) and consumer products (~17% of sales). The company has annual sales in excess of $93 billion.

On April 16th, 2024, Johnson & Johnson reported first quarter results for the period ending March 31st, 2024.

Source: Investor Presentation

For the quarter, revenue grew 2.3% to $21.4 billion, which was in-line with estimates. Adjusted earnings-per-share of $2.71 compared to $2.68 in the prior year and was $0.06 better than expected.

The company has increased its dividend for 60 consecutive years, making it a Dividend King. The stock is owned by many well-known money managers. For example, J&J is a Kevin O’Leary dividend stock.

Click here to download our most recent Sure Analysis report on JNJ (preview of page 1 of 3 shown below):

High Yield Dividend Aristocrat #18: ExxonMobil Corporation (XOM)

Exxon Mobil is a diversified energy giant with a market capitalization above $300 billion. In 2021, the upstream segment generated 62% of the total earnings of Exxon while the downstream and chemical segments generated 8% and 30% of the total earnings, respectively.

On October 11th, 2023, Exxon agreed to acquire Pioneer Natural Resources (PXD) for $60 billion in an all-stock deal. As Pioneer is the largest oil producer in Permian, Exxon expects to more than double its Permian output, to 2.0 million barrels per day in 2027.

In late April, Exxon reported (4/26/24) financial results for the first quarter of fiscal 2024. Oil prices slightly improved but gas prices plunged due to warm winter weather and refining margins moderated off blowout levels in last year’s quarter. As a result, earnings-per-share fell -27%, from $2.83 to $2.06.

Click here to download our most recent Sure Analysis report on Exxon Mobil (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #17: Kimberly-Clark (KMB)

Kimberly-Clark is a global consumer products company that operates in 175 countries and sells disposable consumer goods, including paper towels, diapers, and tissues.

It operates through two segments that each house many popular brands: Personal Care Segment (Huggies, Pull-Ups, Kotex, Depend, Poise) and the Consumer Tissue segment (Kleenex, Scott, Cottonelle, and Viva), generating nearly $20 billion in annual revenue.

Source: Investor Presentation

Kimberly-Clark posted first quarter earnings on April 23rd, 2024, and results were much better than expected on both the top and bottom lines. Adjusted earnings-per-share came to $2.01, which was 37 cents ahead of estimates. Revenue was off 1% year-over-year at $5.15 billion, but beat expectations by $60 million.

The company also raised guidance based upon expected continued gains from volume and mix favorability. Management also noted strong productivity gains to help optimize margins.

Organic sales were up 6% year-over-year, driven by a 4% gain in pricing, 1% in product mix, and a 1% increase in volumes. Management said pricing increases were necessitated by higher local costs in economies such as Argentina.

Click here to download our most recent Sure Analysis report on Kimberly-Clark (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #16: Essex Property Trust (ESS)

Essex Property Trust was founded in 1971. The trust invests in West Coast multi-family residential proprieties where it engages in development, redevelopment, management and acquisition of apartment communities and a few other select properties.

Essex has ownership interests in several hundred apartment communities consisting of over 60,000 apartment homes. The trust has about 1,800 employees and produces approximately $1.6 billion in annual revenue.

Essex is concentrated on the West Coast of the U.S., including cities like Seattle and San Francisco.

Source: Investor Presentation

On May 1, 2024, Essex Property Trust reported strong first quarter results, reflecting significant growth and strategic advancements. The company announced a notable increase in core Funds from Operations (FFO) per share by 4.9%, which exceeded the initial guidance expectations.

This performance was bolstered by a growth in blended lease rates of 2.2%, with renewal leases rising by 3.9% and new leases by 10 basis points. Regionally, Seattle experienced a 3.6% increase in blended rates, while Northern California saw a 2.1% rise, and Southern California reported a 1.7% increase.

Click here to download our most recent Sure Analysis report on ESS (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #15: Medtronic plc (MDT)

Medtronic is the largest manufacturer of biomedical devices and implantable technologies in the world. It serves physicians, hospitals, and patients in more than 150 countries and has over 90,000 employees.

Medtronic has four operating segments: Cardiovascular, Medical Surgical, Neuroscience and Diabetes. Medtronic has raised its dividend for 46 consecutive years.

In late May, Medtronic reported (5/23/24) financial results for the fourth quarter of fiscal year 2024.

Source: Investor Presentation

Organic revenue grew 5% over the prior year’s quarter thanks to broad-based, mid-single digit growth or higher in all the four segments.

Earnings-per-share decreased -7%, from $1.57 to $1.46, due to a -4% currency headwind and higher R&D costs and selling & administrative costs, but exceeded the analysts’ consensus by $0.01.

Click here to download our most recent Sure Analysis report on MDT (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #14: Consolidated Edison (ED)

Consolidated Edison is a holding company that delivers electricity, natural gas, and steam to its customers in New York City and Westchester County. It has annual revenues of nearly $13 billion.

It operates electric, gas, and steam transmission businesses.

Source: Investor Presentation

On May 2nd, 2024, Consolidated Edison reported first quarter results for the period ending March 31st, 2024. For the quarter, revenue declined 2.8% to $4.28 billion, which was $154 million less than expected. Adjusted earnings of $742 million, or $2.15 per share, compared to adjusted earnings of $645 million, or $1.83 per share, in the previous year. Adjusted earnings-per-share were $0.25 ahead of estimates.

As with prior periods, higher rate bases for gas and electric customers were the primary contributors to results in the CECONY business, which accounts for the vast majority of the company’s assets. Average rate base balances are expected to grow by 6% annually through 2025. Consolidated Edison expects capital investments of nearly $28 billion for the 2024 to 2028 period.

Click here to download our most recent Sure Analysis report on ConEd (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #13: The Clorox Company (CLX)

The Clorox Company is a manufacturer and marketer of consumer and professional products, spanning a wide array of categories from charcoal to cleaning supplies to salad dressing.

Source: Investor Presentation

Clorox posted third quarter earnings on April 30th, 2024, and results were mixed, as the company missed expectations on the top line, but beat on profits. Adjusted earnings-per-share came to $1.71, which was 33 cents ahead of estimates. Revenue was off 5.2% year-over-year to $1.81 billion, missing estimates by $60 million.

Net sales fell due to lower volume from temporary disruptions from the company’s well publicized cyberattack, as well as unfavorable forex rates. These were partially offset by favorable price mix, which helped revenue. Organic sales were up 2% year-over-year.

Click here to download our most recent Sure Analysis report on Clorox (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #12: Hormel Foods (HRL)

Hormel Foods was founded in 1891 in Minnesota. Since that time, the company has grown into a juggernaut in the food products industry with over $12 billion in annual revenue.

Hormel has kept its core competency as a processor of meat products for well over a hundred years but has also grown into other business lines through acquisitions.

The company sells its products in 80 countries worldwide, and its brands include Skippy, SPAM, Applegate, Justin’s, and more than 30 others.

In addition, Hormel is a member of the Dividend Kings, having increased its dividend for 58 consecutive years.

Hormel posted first quarter earnings on May 30th, 2024, and results were somewhat weak.

Source: Investor Presentation

The company posted $0.38 in earnings-per-share, which was two cents ahead of estimates. Revenue declined 3% year-over-year to $2.89 billion, and missed estimates by $80 million.

Gross margin came to 17.5% of revenue, which was 100 basis points better than expected. However, operating margin fell anyway from 9.9% in the year-ago period to 8.7% in Q1.

Click here to download our most recent Sure Analysis report on HRL (preview of page 1 of 3 shown below):

High Yield Dividend Aristocrat #11: AbbVie Inc. (ABBV)

AbbVie Inc. is a pharmaceutical company spun off by Abbott Laboratories (ABT) in 2013. Its most important product is Humira, which is now facing biosimilar competition in Europe, which has had a noticeable impact on the company.

AbbVie is a pharmaceutical products company that is focused on a couple of key treatment areas, including immunology, oncology, and neurological health.

Source: Investor Presentation

AbbVie reported its first quarter earnings results on April 26. The company was able to generate revenues of $12.3 billion during the quarter, which was 1% more than AbbVie’s revenues during the previous year’s quarter. AbbVie generated revenues that were ahead of what the analyst community had forecasted.

AbbVie’s revenues were positively impacted by compelling growth from some of its newer drugs, including Skyrizi and Rinvoq, while Humira sales declined due to the patent expiration, which hurt AbbVie’s revenues meaningfully.

AbbVie earned $2.31 per share during the first quarter, which was 6% less than the company’s earnings-per-share during the previous year’s quarter. AbbVie’s earnings-per-share beat the consensus analyst estimate by $0.05.

Click here to download our most recent Sure Analysis report on AbbVie (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #10: International Business Machines (IBM)

IBM is a global information technology company that provides integrated enterprise solutions for software, hardware, and services. IBM’s focus is running mission critical systems for large, multi-national customers and governments. IBM typically provides end-to-end solutions.

IBM reported mixed results for Q1 2024 on April 24th, 2024. Company-wide revenue rose 3% while diluted adjusted earnings per share climbed 24% to $1.68 from $1.36 on a year-over-year basis. Diluted GAAP earnings per share increased 66% to $1.69 in the quarter from $1.02 in the prior year, which was affected by charges. Also, IBM’s revenue and earnings are being impacted by the strong U.S. dollar causing a 1.5% headwind.

Software revenue increased 5.9% to $5,899M from $5,591M in comparable quarters due to 7% growth in Hybrid Platform & Solutions and a 4% increase in Transaction Processing. Revenue was up 9% for RedHat, 13% for Automation, 1% for Data & AI, and (-3%) for Security.

Click here to download our most recent Sure Analysis report on IBM (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #9: J.M. Smucker (SJM)

The J.M. Smucker company has grown into an international powerhouse of packaged food and beverage products including iconic names like Smucker’s, Jif and Folgers, along with various pet food brands.

Source: Investor Presentation

In early June, Smucker’s reported (6/6/24) results for the fourth quarter of fiscal 2024, which ended on April 30th, 2024. Currency-neutral organic sales grew 3% over the prior year’s quarter, mostly thanks to price hikes.

The strong volumes amid price hikes are testaments to the strength of the brands of the company. Adjusted earnings-per-share grew 1%, from $2.64 to $2.66, and exceeded the analysts’ estimates by $0.33.

Smucker’s provided decent guidance for fiscal 2025. It expects comparable sales growth of 9.5%-10.5% and adjusted earnings-per-share of $9.80-$10.20.

Click here to download our most recent Sure Analysis report on SJM (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #8: Stanley Black & Decker (SWK)

Stanley Black & Decker is a world leader in power tools, hand tools, and related items. The company holds the top global position in tools and storage sales.

Stanley Black & Decker is second in the world in the areas of commercial electronic security and engineered fastening. It has steadily grown into one of the world’s largest industrial product manufacturers.

Source: Investor Presentation

On May 2nd, 2024, Stanley Black & Decker reported first quarter results for the period ending March 31st, 2024. For the quarter, revenue declined 1.5% to $3.87 billion, but this topped estimates by $40 million. Adjusted earnings-per-share of $0.56 compared favorably to -$0.10 in the prior year and was $0.01 better than expected.

Companywide organic growth declined 1%, but this was a deacceleration from preceding quarters. Organic sales for Tools & Outdoor, the largest segment within the company, decreased 1% as gains in the rest of the world were more than offset by weaker results in North America and Europe.

Click here to download our most recent Sure Analysis report on SWK (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #7: Federal Realty Investment Trust (FRT)

Federal Realty was founded in 1962. As a Real Estate Investment Trust, Federal Realty’s business model is to own and rent out real estate properties. It uses a significant portion of its rental income, as well as external financing, to acquire new properties.

On May 2, 2024, Federal Realty Investment Trust (FRT) reported a robust first quarter with significant achievements in leasing and revenue growth. The company recorded earnings of $1.64 per share and noted a 3.8% increase in same center revenue.

It achieved a record 567,000 square feet of retail space leasing and also leased 190,000 square feet of office space in mixed-use properties. The quarter saw the revision of the FFO guidance for 2024 to $6.77 per share, reflecting strong operational performance and strategic acquisitions aimed at redevelopment and growth potential.

Click here to download our most recent Sure Analysis report on Federal Realty (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #6: Chevron Corporation (CVX)

Chevron is the fourth-largest oil major in the world based on market cap. Chevron prices some natural gas volumes based on the oil price, meaning nearly 75% of its output is priced based on the oil price. As a result, Chevron is more leveraged to the oil price than the other oil majors.

In late April, Chevron reported (4/26/24) financial results for the first quarter of fiscal 2024. The price of oil improved while Chevron grew its production 12% thanks to its acquisition of PDC Energy, but gas prices decreased due to warm winter weather.

As a result, earnings-per-share dipped -17% over the prior year’s quarter, from $3.55 to $2.93, though this exceeded the analysts’ consensus by $0.03.

Chevron will post strong production growth this year thanks to its recent acquisition of PDC Energy and its pending acquisition of Hess.

Click here to download our most recent Sure Analysis report on CVX (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #5: T. Rowe Price Group (TROW)

T. Rowe Price Group is one of the largest publicly traded asset managers. The company provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans and financial intermediaries.

On April 26th, 2024, T. Rowe Price reported first quarter results for the period ending March 31st, 2024. For the quarter, revenue increased 13.6% to $1.75 billion, which was $50 million above estimates. Adjusted earnings-per-share of $2.38 compared to $1.69 in the prior year, which was $0.36 better than expected.

During the quarter, assets under management (AUM) improved $97.7 billion, or 6.8%, to $1.54 trillion. Market appreciation of $105.7 billion was partially offset by $8 billion of net client outflows. Operating expenses of $1.16 billion increased 10.5% year-over-year, but decreased 7.3% on a sequential basis.

Click here to download our most recent Sure Analysis report on TROW (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #4: Kenvue Inc. (KVUE)

Kenvue (KVUE) is a consumer healthcare company that was spun off from Johnson & Johnson in 2023. It has three segments, including Self Care, Skin Health and Beauty, and Essential Health.

Well-known brands in Kenvue’s product line up include Tylenol, Listerine, Band-Aid, Neutrogena, Nicorette, and Zyrtec.

Source: Investor Presentation

On May 7th, 2024, Kenvue reported first quarter earnings results for the period ending March 31st, 2024. Revenue increased 1.1% to $3.9 billion and was $110 million better than expected. Adjusted earnings-per-share totaled $0.28, beating estimates by $0.03.

Organic sales grew 1.9% for the quarter, which follows an 11.2% increase in the prior year. For the quarter, pricing added 5.0% to results, which was offset by a 3.1% decrease in volume. Results were up against a tough comparable period where retailer inventory re-builds were especially strong.

Click here to download our most recent Sure Analysis report on KVUE (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #3: Amcor plc (AMCR)

Amcor is one of the world’s most prominent designers and manufacturers of packaging for food, pharmaceutical, medical, and other consumer products. The company is headquartered in the U.K.

It consists of two main business segments: Flexible Packaging and Rigid Packaging.

Source: Investor Presentation

Amcor reported its third quarter results for Fiscal Year (FY) 2024 on April 30th, 2024. GAAP diluted EPS reached 12.9 cents, with GAAP net income hitting $187 million. Adjusted EBIT rose by 3% to $397 million on a comparable constant currency basis, while adjusted EPS saw a 1% increase to 17.8 cents.

For the nine months ending March 31, 2024, net sales totaled $10,105 million, with GAAP net income of $473 million and a GAAP diluted EPS of 32.7 cents. Adjusted EPS stood at 49.1 cents, with Adjusted EBIT reaching $1,106 million.

The outlook for Adjusted EPS for fiscal 2024 was raised to 68.5-71 cents per share, with Adjusted Free Cash Flow expected to range from $850-950 million.

Click here to download our most recent Sure Analysis report on Amcor (preview of page 1 of 3 shown below):


High Yield Dividend Aristocrat #2: Franklin Resources (BEN)

Franklin Resources is a global asset manager with a long and successful history. The company offers investment management (which makes up the bulk of fees the company collects) and related services to its customers, including sales, distribution, and shareholder servicing.

As of March 31st, 2024, assets under management (AUM) totaled $1.645 trillion.

On April 29th, 2024, Franklin Resources reported second quarter 2024 results. Total assets under management equaled $1.645 trillion, up $189.2 billion compared to last quarter.

AUM growth was a result of $148.3 billion from the Putnam Investments acquisition, $38.8 billion of net market change, distributions, and $6.9 billion of long-term net inflows, partly offset by $4.8 billion of cash management net outflows.

Click here to download our most recent Sure Analysis report on Franklin Resources (preview of page 1 of 3 shown below):

High Yield Dividend Aristocrat #1: Realty Income (O)

Realty Income is a real estate investment trust, or REIT, that operates more than 11,100 properties. The trust’s properties are standalone, which makes Realty Income’s locations appealing to a wide variety of tenants, including government services, healthcare services, and entertainment.

Realty Income had long been focused primarily on the U.S., but the trust has recently expanded its operations internationally, with a presence now in both the U.K. and Spain. The trust’s tenants are spread out over more than 70 different industries.

Source: Investor Presentation

Realty Income exceeded revenue expectations in the first quarter of 2023, reporting $1.26 billion in revenue following $598 million in investment volume. Its earnings slightly surpassed predictions, with normalized FFO per share reaching $1.05, a penny higher than the analyst estimate.

Realty Income has increased its dividend for 27 years, and is on the exclusive list of Dividend Aristocrats.

Click here to download our most recent Sure Analysis report on Realty Income (O) (preview of page 1 of 3 shown below):

Final Thoughts

High dividend yields are hard to find in today’s investing climate. The average dividend yield of the S&P 500 Index has steadily fallen over the past decade, and is now just 1.3%.

Investors can find significantly higher yields, but many extreme high-dividend stocks have questionable business fundamentals. Investors should be wary of stocks with yields above 10%.

Fortunately, investors do not have to sacrifice quality in the search for yield. These 20 Dividend Aristocrats have market-beating dividend yields. But they also have high-quality business models, durable competitive advantages, and long-term growth potential.

If you are interested in finding high-quality dividend growth stocks and/or other high-yield securities and income securities, the following Sure Dividend resources will be useful:

High-Yield Individual Security Research

Other Sure Dividend Resources

Thanks for reading this article. Please send any feedback, corrections, or questions to support@suredividend.com.



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