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Dividend kings: Which stocks continued to increase payouts in 2023?

Dividend kings: Which stocks continued to increase payouts in 2023?

Dividend stocks have always been and will be, among the most compelling choices for investors seeking stable and enduring returns. 

These publicly traded companies not only hold the potential for capital appreciation but also distribute a share of their profits directly to shareholders through regular dividends.

In this light, today on December 19 we delve into an exclusive group of companies known as “dividend kings” — stocks that have been consistently increasing dividends for a remarkable 50 consecutive years and have continued that legacy in 2023.

These dividend kings have the highest yield

As noted earlier, only the stocks that have increased their dividend payouts in the past 5 decades can be considered dividend kings. That means that these companies have raised and paid dividends through some of the worst market downturns, including the oil embargo in 1973-74, the dot-com bubble, the 2008 financial crisis, and the Covid-19 pandemic in 2020-21. 

Below we take a look at the dividend king companies that have the highest annualized forward dividend yield – a gauge that estimates the annual dividend income an investor can expect to receive from holding a particular stock, calculated by taking the latest dividend payout and extrapolating it over the next 12 months.

Based on that, some stocks that sit on top of the list are the American manufacturer Leggett & Platt (NYSE: LEG), industrial and consumer products company 3M Co (NYSE: MMM), and natural gas distribution company NW Natural Holdings (NYSE: NWN). These three companies have an annualized forward dividend yield of 6.92%, 5.64%, and 5.05%, respectively, according to Dividend.com.

This means that NW Natural Holdings, for example, is expected to distribute dividends equivalent to 5.05% of the current stock price over the next 12 months.

Other highest-paying dividend kings include Universal Corporation (NYSE: UVV), Black Hills Corp. (NYSE: BKH), and pharma stock AbbVie (NYSE: ABBV), among many others.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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