Category Monthly Dividend

Updated on March 13th, 2025 by Nathan Parsh

The Dividend Aristocrats are 69 companies in the S&P 500 Index that have raised their dividends for at least 25 years in a row. Over the decades, many of these companies have become huge multi-national corporations.

You can see the full list of all 69 Dividend Aristocrats here.

We created a full list of all Dividend Aristocrats and important financial metrics like price-to-earnings ratios and dividend yields. You can download your copy of the Dividend Aristocrats list by clicking on the link below:

 

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

Kenvue Inc. (KVUE) is a recent addition to the Dividend Aristocrats list, having been spun off from former parent company Johnson & Johnson (JNJ) in 2023.

As a spin-off, Kenvue carries its former parent company’s dividend growth history, and is a Dividend Aristocrat.

This article will analyze Kenvue’s business model, future growth catalysts, and expected returns.

Business Overview

Kenvue operates in the healthcare sector as a consumer products manufacturer. In May 2023, Kenvue was spun off from Johnson & Johnson. Now, Kenvue operates three segments: Self Care, Skin Health & Beauty, and Essential Health.

Self-care’s product portfolio includes cough, cold, allergy, smoking cessation, and pain care products, among others. Skin Health & Beauty holds products for the face, body, hair, and sun.

Essential Health contains products for women’s health, wound care, oral care, and baby care.

Kenvue’s well-known brands include Tylenol, Listerine, Band-Aid, Neutrogena, Nicorette, and Zyrtec.

On February 6th, 2025, Kenvue reported fourth-quarter and full year earnings results.

Source: Investor Presentation

Revenue decreased 0.1% to $3.66 billion, which was was $109 million less than expected. Adjusted earnings-per-share totaled $0.26, which was down from $0.31 in the prior year, but was in-line with estimates.

For the year, revenue grew 0.1% to $15.5 billion while adjusted earnings-per-share of $1.14 compared to $1.29 in 2023.

Organic sales grew 1.7% for the quarter and 1.5% for the year. Pricing and mix added 1% to quarterly sales growth while volume improved 0.7%. Skin Health & Beauty and Self Care were positive for the quarter, but this was offset by weaker results from essential health. The gross profit margin expanded 80 basis points to 56.5%.

Kenvue provided guidance for 2025 as well. The company expects revenue growth to be in a range of -1.0% to 1.0% and adjusted earnings-per-share are projected to be higher by 2%. We anticipate that the company can earn $1.15 per share in 2025.

Growth Prospects

Prior to the spin-off, Johnson & Johnson produced annual earnings growth of 7% from 2013 to 2022, as the company’s diversification allowed it to be one of the more stable companies in the marketplace.

Today, Kenvue consists of just the consumer products businesses, which have often produced the lowest growth rates.

For its part, Kenvue management expects the company to generate organic revenue growth around 3%- 4% per year over the long term. Therefore, we expect Kenvue to grow earnings-per-share by 3% annually through 2030.

Johnson & Johnson’s dividend growth streak of more than six decades is one of the longest in the marketplace. Including the company’s dividend increase announced last summer, Kenvue has a dividend growth streak of 62 years. This qualifies Kenvue as both a Dividend King and a Dividend Aristocrat.

We believe that the penchant for dividend growth is part of Kenvue’s business DNA.

Competitive Advantages & Recession Performance

Kenvue’s former parent company Johnson & Johnson has proven to be one of the most successful companies at navigating recessions.

Though Kenvue no longer benefits from its parent company’s diversification, we believe that it would prove equally effective at handling economic downturns.

Since Kenvue was a subsidiary of Johnson & Johnson during the Great Recession of 2008-2009, there is no data on its earnings-per-share performance during that time.

However, investors can reasonably infer that Kenvue would display a similar degree of resilience during recessions as its former parent company.

The company’s products, such as Band-Aid and Tylenol, are needed regardless of the state of the economy as they directly affect consumers’ health and well-being. As trusted products, they would like to continue to perform well even under adverse conditions.

Overall, Kenvue should continue to raise its dividend for many more years thanks to its low payout ratio, decent recessions resilience, and healthy balance sheet.

Valuation & Expected Returns

We expect Kenvue to generate adjusted earnings-per-share of $1.15 for 2025. Therefore, shares of Kenvue currently trade for a price-to-earnings ratio of 20.

For context, Johnson & Johnson shares have an average price-to-earnings ratio of close to 19 since 2013.

Countering the fact that Kenvue holds some of the industry-leading brands and that its products were lower-margin businesses within the parent company, we have a target price-to-earnings ratio of 14 for the stock.

This implies a future headwind from P/E multiple contraction.

Therefore, if the stock were to reach our target multiple by 2030, valuation could reduce annual returns by 6.9%. EPS growth (estimated at 3% per year) and the dividend yield will generate positive returns.

On July 20th, 2023, Kenvue announced its first-ever quarterly dividend of $0.20 per share. The company raised its dividend 2.5% on July 25th, 2024. The annualized payout of $0.82 per share represents a current yield of 3.6%.

Putting it all together, total returns are expected to be just 0.1% annually through 2030.

Final Thoughts

Kenvue is a relatively new addition to the Dividend Aristocrats list. After decades as part of Johnson & Johnson, Kenvue became an independent entity in 2023.

While we find the legacy business recession-resistant and the high dividend yield attractive for income investors, the total return profile is not high enough for a buy or even a hold recommendation. Due to valuation, we rate KVUE stock as a sell.

Additionally, the following Sure Dividend databases contain the most reliable dividend growers in our investment universe:

• The Dividend Champions: Dividend stocks with 25+ years of dividend increases, including those that may not qualify as Dividend Aristocrats.
• The Best DRIP Stocks: The top 15 Dividend Aristocrats with no-fee dividend reinvestment plans.

If you’re looking for stocks with unique dividend characteristics, consider the following Sure Dividend databases:

The major domestic stock market indices are another solid resource for finding investment ideas. Sure Dividend compiles the following stock market databases and updates them monthly:

An index measuring wholesale prices was unchanged in February from January, as falling gas prices and rising egg prices canceled each other out. 

The Producer Price Index stayed flat in February after rising a revised 0.6% in January, as gas prices fell 4.7% and egg prices rose 53.6%. Forecasters had expected a 0.3% increase, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal.

The data shows inflation pressures simmering down faster than expected just before President Donald Trump roiled the inflation outlook in March by imposing, revoking, and promising an array of tariffs against U.S. trading partners that could push up prices if they are actually put into effect. Producer prices influence what consumers pay once products reach the shelves and are considered a leading indicator of consumer price changes.

“The moderation in February conforms with expectations that inflation is set to cool in the coming months before trade tensions start pushing prices upward, though next month’s report will confirm whether February’s softness was a one-off,” Justin Begley, an economist at Moody’s Analytics, wrote in a commentary.

Evidence of cooling inflation could influence officials at the Federal Reserve, who meet next week to set the key fed funds rate, which influences borrowing costs on all kinds of loans.

The Fed has held rates high to discourage spending and stifle inflation but also aims to prevent a severe rise in unemployment. Cooling inflation gives the Fed more leeway to cut rates and boost the economy if Trump’s trade wars start to damage the job market.

Financial markets expect the Fed to hold interest rates steady at the policy committee’s meeting next week, according to the CME Group’s FedWatch tool, which forecasts rate movements based on fed funds futures trading data.

Dollar General (DG) on Thursday reported better-than-expected fourth-quarter sales, but profit missed estimates due to costs from a review of the retailer’s store portfolio.

The chain posted earnings per share (EPS) of $0.87 on revenue of $10.30 billion. Analysts polled by Visible Alpha estimated $1.52 and $10.26 billion, respectively. The retailer said the profit figure included a $0.81-per-share negative impact from an “optimization review” of its stores. After the review, the company “plans to close 96 Dollar General stores and 45 pOpshelf stores, and convert an additional six pOpshelf stores to Dollar General stores in the first quarter.”

“While the number of closings represents less than one percent of our overall store base, we believe this decision better positions us to serve our customers and communities,” CEO Todd Vasos said.

Same-store sales rose 1.2% year-over-year, above analysts’ 0.93% growth projection.

Dollar General expects fiscal 2025 EPS of $5.10 to $5.80, net sales to grow by 3.4% to 4.4%, and same-store sales to increase by 1.2% to 2.2%. Analysts were expecting full-year EPS of $5.94, revenue growth of 3.96%, and same-store sales growth of 1.77%.

Oppenheimer analysts said Tuesday they expected Dollar General’s 2025 projections to come in below consensus, adding they think the company’s ongoing turnaround effort has so far been “masked by both macro and competitive headwinds.”

Shares of the retailer were up 4% immediately following Thursday’s report. They entered the day down more than 50% over the past year.

Intel (INTC) shares soared in extended trading Wednesday after the company named former board member and chip industry veteran Lip-Bu Tan as its new CEO.

Tan, who is the former CEO of chip software company Cadence Design Systems (CDNS), will succeed interim Co-CEOs David Zinsner and Michelle Johnston Holthaus, who have shared the position since Pat Gelsinger retired in December. Tan will assume the roll next Tuesday.

The development follows a report earlier Wednesday that Taiwan Semiconductor Manufacturing Company (TSM) has approached Nvidia (NVDA), Advanced Micro Devices (AMD) and Broadcom (AVGO) about forming a joint venture to own and run Intel’s foundry division — a unit that manufactures chips for third party customers.

Intel shares have lost more than half their value over the past 12 months, weighed down by the company’s inability to capture a greater share of the lucrative AI chip market and months of restructuring and deal rumors. The stock jumped 10% to $22.84 in the after-hours session Wednesday following news of the CEO appointment.

Below, we break down the technicals on Intel’s chart and identify crucial price levels that investors may be watching.

Potential Rangebound Bottom

Since gapping sharply lower in early August last year, Intel shares have remained mostly rangebound, potentially carving out a market bottom. 

More recently, the stock staged a short-lived rally to the closely followed 200-day moving average (MA) before retracing towards its trading floor of the past seven months.

However, the shares moved higher in Wednesday’s regular trading session and look set for further gains on Thursday.

Let’s locate three crucial overhead areas to watch on Intel’s chart amid the potential for a new trend higher and also identify a major support level worth monitoring if the stock retraces to multi-month lows.

Crucial Overhead Areas to Watch

The first overhead area to watch sits around $22. While the stock is currently projected to open above this price on Thursday, it’s worth looking if bulls can hold this level into tomorrow’s close, given its proximity to a horizontal line that links a range of comparable trading action on the chart from August last year to March this year.

A successful close above this level could see the shares rally to the $26 area. Investors who have bought recent lows may look to lock in profits near the prominent November and March peaks.

Buying above this region could propel a move to around $30. This area would likely provide resistance near the psychological round number and the low of a prior trading range on the chart that preceded the early-August gap lower.

Major Support Level Worth Monitoring

Further selling in Intel shares could see the price revisit multi-month lows around $19. Bargain hunters may seek to scoop up shares in this location near a trendline that connects multiple troughs in the stock between August and February.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.

Updated on March 12th, 2025 by Nathan Parsh

When it comes to dividend growth stocks, not many can surpass the Dividend Aristocrats. The Dividend Aristocrats are a group of 69 stocks in the S&P 500 Index that have increased their dividends for 25+ consecutive years. These companies have increased their dividends every year without exception, even during recessions.

The Dividend Aristocrats have a proven ability to raise their dividends even during economic downturns. We have created a full list of all 69 Dividend Aristocrats, along with important metrics such as price-to-earnings ratios and dividend yields.

You can download an Excel spreadsheet with the full list of Dividend Aristocrats by clicking on the link below:

 

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

In this article we are going to look more deeply at healthcare distributor Cardinal Health (CAH).

With 38 consecutive years of dividend increases, the company has clearly proven to be a reliable dividend growth stock, which speaks to the resilience of Cardinal Health’s business model.

Business Overview

Cardinal Health, founded in 1971, is one of the “Big 3” drug distribution companies, along with McKesson (MKC) and AmerisourceBergen (ABC). It serves over 24,000 United States pharmacies and more than 90% of the country’s hospitals.

The company has two operating segments: Pharmaceutical and Specialty Solutions and Global Medical Products and Distribution. The Pharmaceutical and Specialty Solutions segment is by far the largest, representing more than 90% of total revenue.

The Pharmaceutical and Specialty Solutions segment distributes branded and generic drugs and consumer products to hospitals and other healthcare providers.

Meanwhile, the Global Medical Products and Distribution segment distributes medical, surgical, and laboratory products to hospitals, surgery centers, clinical laboratories, and other service centers.

On January 30th, 2025, Cardinal Health released results for the second quarter of fiscal year 2025, which ended December 31st, 2024. Revenue declined 3.7% to $55.3 billion.

On an adjusted basis, the company’s posted earnings of $468 million, or $1.93 per share, compared favorably to earnings of $464 million, or $1.89 per share, in the prior year. Revenue results were $330 million ahead of estimates while adjusted earnings-per-share were $0.17 better than expected.

Source: Investor Presentation

For the quarter, Pharmaceutical and Specialty Solutions sales fell 4% to $50.8 billion, but segment profit grew 7% to $495 million. An expiring contract negatively impacted revenue. Excluding this, revenue was up 17% for the period as this segment continues to benefit from higher sales to existing customers and strength in brand and specialty pharmaceuticals.

Revenue for the Global Medical Products and Distribution segment of $3.2 billion was a 1% improvement year-over-year while segment profit of $18 million compared favorably to $11 million last year. Higher demand from existing customers led to an increase in volume for this segment.

Growth Prospects

Cardinal Health provided updated guidance for fiscal year 2025 as well.

Source: Investor Presentation

The company now expects adjusted earnings-per-share in a range of $7.85 to $8.00 for the fiscal year, up from $7.75 to $7.90 and $7.55 to $7.70 previously. At the midpoint, this would be a 5.3% improvement from the prior year.

Cardinal Health has grown earnings-per-share by an average compound rate of 6.2% and 7.8% over the last ten and five years, respectively. Since fiscal 2015, the dividend has grown at 4.0% annually, but this has slowed to 0.9% for the last five years. Moving forward, we anticipate slightly lower growth rates.

We are forecasting 5% intermediate-term earnings growth based on management’s guidance. Our subdued growth rate view could turn out to be conservative, especially given the company’s penchant for share repurchases. Cardinal Health has reduced its share count by more than 3% annually over the last decade. Dividends are projected to grow by just 1% annually through 2030.

Competitive Advantages & Recession Performance

Cardinal Health’s biggest competitive advantage is its distribution capability, which makes it very difficult for competitors to enter the market successfully.

Cardinal Health distributes its products to roughly 90% of U.S. hospitals. It serves more than 29,000 U.S. pharmacies and over 10,000 specialty physician offices and clinics. It also manufactures and distributes more than 50,000 types of Cardinal Health medical products and procedure kits. The company’s home healthcare business serves over 3.4 million patients, with over 46,000 products.

In addition, Cardinal Health operates in a stable industry with high demand. The company should remain steadily profitable, as pharmaceutical products will always be needed to be distributed.

Here’s a look at Cardinal Health’s earnings-per-share during the Great Recession:

• 2007 earnings-per-share of $3.41
• 2008 earnings-per-share of $3.80 (11.4% increase)
• 2009 earnings-per-share of $2.26 (40.5% decline)
• 2010 earnings-per-share of $2.22 (1.8% decline)

While part of this is recession-related, keep in mind that Cardinal Health’s financial results were materially impacted by its 2009 spinoff of CareFusion Corporation. Despite this spinoff, the company’s segment revenues, segment earnings, and dividends continued to grow.

Since people will always need their medications and healthcare products, regardless of the economic climate, Cardinal Health could be considered more recession-resistant than the average company.

Valuation & Expected Returns

Based on anticipated adjusted earnings-per-share of $7.93 for fiscal 2025, and a share price of ~$124, Cardinal Health is currently trading at a P/E ratio of 15.6.

The stock has traded hands with an average P/E ratio of 13.1 times earnings since 2015. In recognition of our lower anticipated growth rate, we have used a multiple of 11 times earnings as a starting place for fair value.

A declining P/E multiple could reduce annual returns by 6.8% per year over the next five years.

In addition to changes in the valuation multiple, future returns will be generated from earnings growth and dividends. We expect Cardinal Health to grow earnings-per-share by 5% per year, primarily from revenue growth and share repurchases.

Finally, the stock has a current dividend yield of 1.6%. While the pace of dividend growth has slowed, the starting yield is above the average yield for the S&P 500 Index. Again, we note the company’s track record of dividend growth.

As a Dividend Aristocrat, Cardinal Health will likely continue raising its dividend each year. Moreover, the dividend appears secure, with a projected dividend payout ratio of approximately 25% for fiscal 2025.

Putting all the pieces together – average growth and dividend yield offset by a meaningful valuation headwind – our expected total return for Cardinal Health is -0.4% per year over the next five years. The negative expected rate of return qualifies Cardinal Health stock as a sell right now.

Final Thoughts

Cardinal Health is a Dividend Aristocrat that has increased its dividend for nearly 40 years. Excluding an expiring contract, the company continues to grow revenue and segment profit improved in both businesses last quarter. Combined with share repurchases, the company should continue to see positive earnings-per-share growth going forward.

High-quality companies like Cardinal Health have withstood difficult periods and will do so again. The company’s history, its dividend history, and its current yield of 1.6% make the stock an interesting choice for income investors. However, total expected returns remain very low, making the stock a sell at the moment.

Additionally, the following Sure Dividend databases contain the most reliable dividend growers in our investment universe:

If you’re looking for stocks with unique dividend characteristics, consider the following Sure Dividend databases:

The major domestic stock market indices are another solid resource for finding investment ideas. Sure Dividend compiles the following stock market databases and updates them monthly:

Updated on March 12th, 2025 by Nathan Parsh

Each year, we review all of the Dividend Aristocrats. Attaining membership to this group is difficult: companies must be of a certain size, belong to the S&P 500 Index, and (most importantly) have at least 25 consecutive years of dividend growth.

There are just 69 Dividend Aristocrats, proving the exclusivity of the list.

You can download an Excel spreadsheet of all 69 Dividend Aristocrats, including important financial metrics such as P/E ratios and dividend yields, by clicking the link below:

 

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

Albemarle Corporation (ALB) joined this exclusive list in 2020. The company is one of the most volatile names among the Dividend Aristocrats, but this makes its dividend growth streak even more impressive.

This article will review Albemarle’s investment prospects.

Business Overview

Albemarle is the largest producer of lithium and second-largest producer of bromine in the world. The two products account for the vast majority of annual sales. Albemarle produces lithium from its salt brine deposits in the U.S. and Chile.

The company has two joint ventures in Australia that also produce lithium. Albemarle’s Chile assets offer a very low-cost source of lithium. The company operates in nearly 100 countries.

Beginning January 1st, 2023, the company reorganized into the following segments: Energy Storage, Specialties, and Ketjen.

Albemarle produces annual sales above $5 billion.

Source: Investor Presentation

On February 12th, 2025, Albemarle announced fourth-quarter and full-year 2024 results. For the quarter, revenue declined 48% to $1.23 billion, which was $110 million less than expected. Adjusted earnings-per-share of -$1.09 compared very unfavorably to $1.85 in the prior year, which was $0.42 below estimates.

For the year, revenue declined 44% to $5.4 billion, while adjusted earnings-per-share were—$2.34 compared to $22.25 in 2023. It should be noted that the company had nearly $10 billion in sales in 2023, helping to illustrate that wide swings in the business can occur rapidly.

Lower lithium prices once again negatively impacted results. For the quarter, revenue for Energy Storage decreased 63.2% to $616.8 million. Volume declined 10%, while prices were down 53%.

Specialties revenues were lower by 2.0% to $332.9 million, as a 3% improvement in volume was offset by a price decrease. Ketjen sales of $245 million were down 17.4% from the prior year, as a slight price increase was more than offset by weakening volume.

Albemarle provided an outlook for 2025 as well, with the company expecting revenue in a range of $4.9 billion to $5.2 billion. The company is expected to produce earnings-per-share of -$0.80 in 2025. We believe that Albemarle has earnings power of $3.50.

Growth Prospects

Results are expected to be well above prior numbers, and Albemarle stands to benefit from the increased sales of electric vehicles, as the company’s lithium is used to provide the batteries.

Lithium is expected to be a growth segment over the next five years due to increasing demand for a wide range of applications, including electric vehicles and consumer electronics.

Source: Investor Presentation

Demand for energy storage tends to fluctuate, but the future looks promising for electric vehicles as more consumers consider making that purchase. By 2035, electric vehicles are projected to account for 26% of all cars on the road in the U.S. Battery size is also expected to grow.

With this growth will come a significant increase in demand for lithium.

Due to its leadership positions in lithium and bromine, we believe the company can grow earnings per share at a rate of 7.5% annually for the next five years.

Competitive Advantages & Recession Performance

Despite being among global leaders in multiple businesses, Albemarle isn’t content to rest on its previous success. The company has been active in acquiring businesses that strengthen its market share.

Albemarle is not a recession-proof company. Listed below are the company’s earnings-per-share during and after the last recession:

• 2007 earnings-per-share of $2.41
• 2008 earnings-per-share of $2.40 (0.4% decrease)
• 2009 earnings-per-share of $1.94 (19% increase)
• 2010 earnings-per-share of $3.51 (45% increase)

The specialty chemical business is heavily reliant on customer demand. Lower demand results in lower pricing, which negatively impacts Albemarle’s performance. The company is likely to face a similar type of slowdown during the next recession.

That said, the company has durable competitive advantages. A key competitive advantage is that it ranks as the largest producer of lithium in the world. The metal is used in batteries for electric cars, pharmaceuticals, airplanes, mining, and other applications.

Albemarle is also a top producer of Bromine, which is used in the electronics, construction, and automotive industries. The company possesses a size and scale that others cannot match.

Investors interested in investing in Albemarle should understand that ownership of the stock comes with risks due to the nature of its industry.

Valuation & Expected Returns

Using our expected earnings power figure of $3.50 for the year, ALB shares have a price-to-earnings ratio of 20.9. Over the last decade, Albemarle has traded with an average price-to-earnings ratio of 21.3.

Our multiple target is 18x earnings, which we feel takes into account the demand for the company’s materials and the high volatility of lithium prices. If the stock were to trade with this target by 2030, then valuation would be a 2.9% headwind to annual returns over this time period.

In addition, the dividend yield of 2.2% will add to shareholder returns. The dividend payout is well-covered, as the projected payout ratio for the year is just 46% of our earnings power estimate.

Given the nature of its business, the company has been successful at prudently managing its dividend. Albemarle has raised its dividend for 29 consecutive years.

Therefore, we project that Albemarle will provide a total annual return of 6.6% over the next five years, stemming from 7.5% earnings growth and a starting yield of 2.2% that are offset by a low single-digit headwind from multiple contraction.

Final Thoughts

Reaching Dividend Aristocrat status is no small feat. Albemarle is the dominant player in the lithium industry. The company benefits from low-cost mines and its leadership position in multiple categories.

Albemarle is far from recession-proof and has experienced some significant earnings declines over the last decade, but this makes the company’s dividend growth track record even more impressive.

While the company’s business can be unpredictable, we rate Albemarle’s shares as a hold.

Additionally, the following Sure Dividend databases contain the most reliable dividend growers in our investment universe:

If you’re looking for stocks with unique dividend characteristics, consider the following Sure Dividend databases:

The major domestic stock market indices are another solid resource for finding investment ideas. Sure Dividend compiles the following stock market databases and updates them monthly:

Updated on March 12th, 2025 by Nathan Parsh

The Dividend Aristocrats are a group of stocks in the S&P 500 Index with 25+ years of consecutive dividend increases. These companies have high-quality business models that have stood the test of time and have shown a remarkable ability to raise dividends every year regardless of the economy.

We believe the Dividend Aristocrats are some of the highest-quality stocks to buy and hold for the long term. With that in mind, we created a full list of all 69 Dividend Aristocrats.

You can download the full Dividend Aristocrats list, along with important metrics like dividend yields and price-to-earnings ratios, by clicking on the link below:

 

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

The list of Dividend Aristocrats is diversified across multiple sectors, including consumer goods, financials, industrials, and healthcare.

One group that is surprisingly underrepresented is the utility sector. Only three utility stocks, including Consolidated Edison (ED), are on the list of Dividend Aristocrats.

The fact that just three utilities are on the Dividend Aristocrats list may come as a surprise, especially since utilities are widely regarded as steady dividend stocks. The two other utilities on the list are Atmos Energy (ATO) and NextEra Energy (NEE).

Consolidated Edison is about as consistent a dividend stock as they come. The company has over 100+ years of steady dividends and more than 50 years of annual dividend increases. This article will discuss what makes Consolidated Edison appealing for income investors.

Business Overview

Consolidated Edison is a large-cap utility stock. The company generates approximately $15 billion in annual revenue. The company serves over 3 million electric customers, and another 1 million gas customers, in New York.

It operates electric, gas, and steam transmission businesses.

Source: Investor Presentation

On January 16th, 2025, Consolidated Edison announced that it was raising its quarterly dividend 2.4% to $0.85. This was the company’s 51st annual increase, qualifying Consolidated Edison as a Dividend King.

On February 20th, 2025, Consolidated Edison announced its fourth-quarter and full-year results. Revenue increased 6.5% to $3.7 billion, beating estimates by $36 million.

Adjusted earnings of $340 million, or $0.98 per share, compared to adjusted earnings of $346 million, or $1.00 per share, in the previous year. Adjusted earnings-per-share were $0.02 ahead of expectations.

For the year, revenue of $15.3 billion improved 4% year-over-year. Adjusted earnings of $1.87 billion, or $5.40 per share, compared to adjusted earnings of $1.76 billion, or $5.07 per share, in 2023.

As with prior quarters, higher rate bases for gas and electric customers were the primary contributors to results in the CECONY business, which is accounts for the vast majority of the company’s assets. Average rate base balances are expected to grow by 8.2% annually through 2029 off of 2025 levels. This is up from the company’s prior forecast for growth of 6.4%.

Consolidated Edison is expected to produce earnings-per-share of $5.63 in 2025. The company expects 5% to 7% earnings growth from 2025 through 2029.

Growth Prospects

Earnings growth across the utility industry typically mimics GDP growth, plus a couple of points. Over the next five years, we expect Consolidated Edison to increase earnings-per-share by more than 6% per year, which is in line with the company’s guidance.

New customers and rate increases are Consolidated Edison’s growth drivers. ConEd forecasts 8.2% annual rate base growth through 2029.

Source: Investor Presentation

One potential threat to future growth is high interest rates, which could increase the cost of capital for companies that utilize debt, such as utilities. Fortunately, the market isn’t expecting the Federal Reserve to raise interest rates any further, with the added potential for rate cuts in the future that would lower the company’s cost of capital. Lowering rates helps companies that rely heavily on debt financing, such as utilities.

Consolidated Edison is in strong financial condition. It has an investment-grade credit rating of A-, and a modest capital structure with balanced debt maturities over the next several years.

Competitive Advantages & Recession Performance

Consolidated Edison’s main competitive advantage is the high regulatory hurdles of the utility industry. Electricity and gas services are necessary and vital to society.

As a result, the industry is highly regulated, making it virtually impossible for a new competitor to enter the market. This provides a wide moat for Consolidated Edison.

In addition, the utility business model is highly recession-resistant. While many companies experienced significant earnings declines in 2008 and 2009, Consolidated Edison held up relatively well. Earnings-per-share during the Great Recession are shown below:

• 2007 earnings-per-share of $3.48
• 2008 earnings-per-share of $3.36 (3% decline)
• 2009 earnings-per-share of $3.14 (7% decline)
• 2010 earnings-per-share of $3.47 (11% increase)

Consolidated Edison’s earnings fell in 2008 and 2009, but recovered in 2010. The company still generated healthy profits, even during the worst of the economic downturn. This resilience allowed Consolidated Edison to continue increasing its dividend each year.

The same pattern held up in 2020 when the U.S. economy entered a recession due to the coronavirus pandemic. Last year, ConEd remained highly profitable, which allowed the company to raise its dividend again.

Valuation & Expected Returns

Using the current share price of ~$102 and EPS estimates for 2025, the stock has a price-to-earnings ratio of 18.1. This is just ahead of our fair value estimate of 18.0, which is in line with the 10-year average price-to-earnings ratio for the stock.

As a result, Consolidated Edison shares appear to be slightly overvalued. If the stock valuation retraces to the fair value estimate, the corresponding multiple contractions would reduce annualized returns by 0.1% over the next five years.

Fortunately, the stock could still provide positive returns to shareholders, through earnings growth and dividends. We expect the company to grow earnings by 6% per year over the next five years. In addition, the stock has a current dividend yield of 3.3%.

Utilities like ConEd are prized for their stable dividends and safe payouts. The company’s expected payout ratio for 2025 is 60%, below the 10-year average payout ratio of 67%.

Putting it all together, Consolidated Edison’s total expected returns could look like the following:

• 6% earnings growth
• -0.1% multiple reversion
• 3.3% dividend yield

Consolidated Edison is expected to return 8.6% annually over the next five years. This is a modest rate of return, but not high enough to warrant a buy recommendation at this time.

Income investors may find the yield attractive, as it is meaningfully higher than the yield of the S&P 500 Index.

Final Thoughts

Consolidated Edison can be a valuable holding for income investors, such as retirees, due to its 3%+ dividend yield. The stock offers secure dividend income, and is also a Dividend Aristocrat, meaning it should raise its dividend each year.

Overall, with expected returns of 8.6%, we rate the stock as a hold at today’s current price.

Additionally, the following Sure Dividend databases contain the most reliable dividend growers in our investment universe:

If you’re looking for stocks with unique dividend characteristics, consider the following Sure Dividend databases:

The major domestic stock market indices are another solid resource for finding investment ideas. Sure Dividend compiles the following stock market databases and updates them monthly:

Published on March 12th, 2025 by Bob Ciura

The goal of rational investors is to maximize total return under a given set of constraints.

Most investors are seeking outperformance when buying stocks. One of the most popular measures of investment outperformance is alpha.

Put simply, alpha is a financial metric that compares the performance of a given investment, with a suitable index for that investment.

We created a list of 100 high alpha stocks that have outperformed the S&P 500 Index.

You can download a spreadsheet of the 100 high alpha stocks (along with important financial metrics like price-to-earnings ratios and dividend yields) by clicking on the link below below:

 

This article will explain alpha in greater detail, illustrate the concept with an example, and list the top 10 high alpha stocks in the Sure Analysis Research Database right now.

Table of Contents

You can use the links below to instantly jump to an individual section of the article:

What Is Alpha?

As previously mentioned, Alpha compares the performance of a given investment, with a suitable index for that investment.

In most cases, the index utilized for comparison is the S&P 500 Index, arguably the most well-known stock market index in the world.

If a stock has an alpha value of 1.0, it means the security in question outperformed the chosen index by 1% over whatever time frame is used for comparison.

By contrast, a negative alpha means the stock underperformed the index.

For example, an alpha of -1 means the stock underperformed the index by 1% per year over the specified time period.

Alpha is one of several performance measures that are commonly used to evaluate an investment security or portfolio. Another common performance measure is Beta, which measures a stock’s volatility compared with an index.

Related: Low Beta Stocks List

Alpha and beta are both used to calculate the capital asset pricing model, otherwise known as CAPM, which calculates the required return of an investment to compensate for the level of risk involved.

Expected returns are also important for valuation analysis. The formula for expected total return of a stock is below:

Expected total return = change in earnings-per-share x change in the price-to-earnings ratio

With this, investors can calculate alpha as follows:

The variables are defined as:

• R = Portfolio return
• Rf = Risk-free rate
• βi = Beta of the investment
• Rm = Expected return of market

Additionally, subtracting the risk free rate from the expected return of the market is also known as the market risk premium.

Our analysis uses a 4.3% risk free rate (current 10-year Treasury rate) and a 5.5% market risk premium.

To illustrate, assume a portfolio generated a total return of 20% in a given time period, with a Beta value of 1.1. In this scenario, alpha would be calculated as follows:

• Alpha = (0.20-0.043) – 1.1(0.055)
  =.0965 or 9.65%

Therefore, the alpha in this example would be 9.65%.

The Top 10 High Alpha Stocks

The following 10 stocks have the highest alpha in the Sure Analysis Research Database. Stocks are listed by alpha value, from lowest to highest.

High Alpha Stock #10: Autoliv Inc. (ALV)

Autoliv is a global manufacturer of airbags, seatbelts, and steering wheels for automobile manufacturers all over the globe. The company is the industry leader in a critical and growing segment of the automobile manufacturing process.

Autoliv posted fourth quarter and full-year earnings on January 31st, 2025, and results were mixed. The company saw adjusted earnings-per-share of $3.05, which was 16 cents per share ahead of expectations. Revenue was off 5% year-over-year to $2.62 billion, missing estimates by $90 million.

The company noted a record high for operating profit, operating margin, and earnings despite the fact that sales declined 5% year-over-year due to currency translation and sales mix.

Adjusted operating margin was 13.4% of revenue, which was aided by strict cost controls and labor productivity gains. Headcount declined 9% year-over-year on fewer direct production personnel. Gross margin was 21% of revenue, up 180 basis points year-over-year.

The company has $480 million remaining on its share repurchase program heading into 2025. In Q4, $102 million was spent on repurchases.

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

High Alpha Stock #9: Carters Inc. (CRI)

Carter’s, Inc. is the largest branded retailer of apparel exclusively for babies and young children in North America. It was founded in 1865 by William Carter. The company owns the Carter’s and OshKosh B’gosh brands, two of the most known brands in the children’s apparel space.

Carter’s acquired competitor OshKosh B’gosh for $312 million in 2005. Now, these brands are sold in leading department stores, national chains, and specialty retailers domestically and internationally.

On October 26th, 2024, the company reported third-quarter results for Fiscal Year (FY)2024. The company reported a decline in third-quarter fiscal 2024 results, with net sales down 4.2% to $758 million compared to the previous year’s $792 million.

Source: Investor Presentation

The company’s operating margin decreased to 10.2% from 11.8%, attributed to higher investments in pricing and marketing, despite a lower cost of goods.

Earnings per diluted share (EPS) dropped to $1.62 from $1.78, reflecting softer demand in key segments.

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

High Alpha Stock #8: Virtus Investment Partners Inc. (VRTS)

Virtus Investment Partners, Inc. is a distinctive partnership of boutique investment managers, singularly committed to the long-term success of individual and institutional investors.

The firm offers a diverse range of investment strategies across asset classes, including equity, fixed income, multi-asset, as well as alternative investments.

These strategies are available in multiple product forms, such as open-end mutual funds, closed-end funds, ETFs, retail separate accounts, and institutional accounts.

Virtus operates through a multi-manager model, partnering with affiliated managers and select unaffiliated sub-advisers, each maintaining distinct investment philosophies and processes.

This structure allows Virtus to offer clients access to specialized expertise and a broad array of solutions tailored to meet various financial objectives.

On January 31st, 2025, Virtus reported its Q4 and full-year results for the period ending December 31st, 2024. Total AUM fell by 5% sequentially to $175.0 billion due to net outflows in institutional accounts and U.S. retail funds, and negative market performance, partially offset by inflows in ETFs, global funds, and retail separate accounts.

Net outflows of ($4.8) billion worsened from ($1.7) billion in Q3, primarily due to a $3.3 billion lower-fee partial redemption of an institutional mandate.

However, adjusted EPS rose 8% to $7.50, driven by higher investment management fees and a soft increase in operating expenses. For FY2025, we expect adjusted EPS of $26.81.

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

High Alpha Stock #7: Shoe Carnival Inc. (SCVL)

Shoe Carnival, Inc. is a leading U.S.-based retailer specializing in family footwear and accessories. The company operates a large network of stores, offering a wide variety of athletic, casual, and dress shoes for men, women, and children.

With over 400 stores across the U.S. under the Shoe Carnival, Shoe Station, and Rogan’s Shoes brands, the company has steadily expanded its market presence.

In addition to its brick-and mortar locations, Shoe Carnival has a growing e-commerce platform, supporting its omnichannel strategy.

On November 21st, 2024, Shoe Carnival reported third quarter Fiscal 2024 results. The company reported GAAP EPS of $0.70 and Adjusted EPS of $0.71, meeting expectations.

While third-quarter net sales fell to $306.9 million from $319.9 million in 2023 due to a retail calendar shift, adjusted figures showed a 2.2% year-over-year increase.

Year-to-date, net sales rose 4.9%, with strong Back-to-School sales and contributions from the Rogan’s Shoes acquisition driving performance.

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

High Alpha Stock #6: Hyster Yale Inc. (HY)

Hyster-Yale Materials Handling operates in the materials handling industry. The company designs, manufactures, and sells a comprehensive range of lift trucks and aftermarket parts, serving diverse customers across various sectors, including manufacturing, warehousing, and logistics.

HY maintains a strong competitive position with a significant market share due to its reputable brands, Hyster and Yale. The company segments its revenue primarily into three categories: new equipment sales, parts sales, and service revenues. In 2023, HY reported robust financials, demonstrating consistent growth and a diversified revenue stream.

On November 5th, 2024, the company announced results for the third quarter of 2024. The company reported Q3 non GAAP EPS of $0.97, missing estimates by $1.00 and produced revenue of $1.02 billion, which was up 2.0% year-over year.

The company generated $70 million in operating cash flow but faced a 44% decline in operating profit, reaching $33.1 million, as ongoing cost pressures and lower volumes in EMEA and JAPIC weighed on margins. Net income dropped to $17.2 million from $35.8 million in Q3 2023, while diluted EPS fell 53% to $0.97.

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

High Alpha Stock #5: ASML Holding NV (ASML)

ASML Holding is one of the largest manufacturers of chip-making equipment in the world. The company’s customers include a wide variety of industries, and ASML is present in 16 countries with about 31,000 employees.

ASML has a current market capitalization of ~$275 billion and produces more than $30 billion in annual revenue.

ASML posted fourth quarter and full-year results on January 29th, 2025, and results were strong once again. The company noted revenue was 28% higher year-on-year to $9.6 billion, and beat estimates by more than $200 million.

Earnings-per-share came to $7.10, which beat estimates by 12 cents. Quarterly net booking were $7.4 billion, of which $3.1 billion was EUV.

China accounted for total net system sales of 27%, while the US was still the largest segment at 28%. It is unclear as of yet how export controls may play a part in this going forward.

For this year, guidance was initiated with a very wide range of ~$31 billion to ~$36 billion in sales, with gross margins expected to be 51% to 53% of revenue. Q1 gross margins are expected to be 52% to 53%, implying the possibility of deterioration for the remaining three quarters.

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

High Alpha Stock #4: Alphabet Inc. (GOOG)(GOOGL)

Alphabet is a technology conglomerate that operates several businesses such as Google search, Android, Chrome, YouTube, Nest, Gmail, Maps, and many more. Alphabet is a leader in many of the areas of technology that it operates.

On February 4th, 2025, Alphabet announced fourth quarter and full year results for the period ending December 31st, 2024. For the quarter, revenue grew 11.8% to $96.5 billion, but this was $170 million less than expected.

Adjusted earnings-per-share of $2.15 compared very favorably to $1.64 in the prior year and was $0.02 above estimates. For the year, revenue grew 14% to $350 billion while adjusted earnings-per-share of $8.04 compared to $5.80 in 2023.

Most businesses performed well during the period. For the quarter, revenue for Google Search, the largest contributor to results, grew 12.5% to $54 billion. YouTube ads increased 13.8% to $10.5 billion while Google Network declined 4.1% to just under $8 billion.

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

High Alpha Stock #3: Shutterstock, Inc. (SSTK)

Shutterstock sells high-quality creative content for brands, digital media and marketing companies through its global creative platform.

Its platform hosts the most extensive and diverse collection of high-quality 3D models, videos, music, photographs, vectors and illustrations for licensing. The company reported $935 million in revenues last year.

On January 7th, 2025, Shutterstock announced it entered a merger agreement with Getty Images through a merger of equals. The combined company will retain the name Getty Images Holdings, Inc and trade on the NYSE under ticker GETY.

Getty Images shareholders will own roughly 54.6% of the entity and Shutterstock shareholders will own the remaining 45.3%. Shareholders of SSTK will receive $28.84870 of cash, or 9.17 shares of Getty Images plus $9.50 in cash per share.

The combined company would have revenue between $1,979 million and $1,993 million, 46% of it being subscription revenue. About $175 million of annual cost savings is forecast by the third year, with most of this expected after 1 to 2 years.

On January 27th, 2025, Shutterstock announced a $0.33 quarterly dividend, a 10% increase over the prior year.

On February 25th, 2025, Shutterstock published its fourth quarter results for the period ending December 31, 2024. While quarterly revenue grew by a solid 15% year-on-year, it missed analyst estimates by nearly $4 million.

Adjusted EPS of $0.67 decreased by 7%, and also missed analyst estimates by $0.18.

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

High Alpha Stock #2: AES Corp. (AES)

The AES (Applied Energy Services) Corporation was founded in 1981 as an energy consulting company. The corporation now has businesses in 14 countries and a portfolio of approximately 160 generation facilities.

AES produces power through various fuel types, such as gas, renewables, coal, and oil/diesel. The company has more than 36,000 Gross MW in operation. In 2024, AES produced $12.3 billion in revenues.

AES Corporation reported fourth quarter results on February 28th, 2025, for the period ending December 31, 2024. Adjusted EPS decreased 26% to $0.54 for Q4 2024, but this still beat analyst estimates by $0.19.

For the full year, AES’ adjusted EPS rose 22% to $2.14 from $1.76 in 2023. The company constructed and acquired 3 GW of renewable energy in 2024, as well as constructed a 670 MW combined cycle gas plant in Panama.

Leadership initiated its 2025 guidance, expecting adjusted EPS of $2.10 to $2.26 for the full fiscal year. Additionally, the company reaffirms its expectation it can grow EPS on average 7% to 9% through 2025 from a base year of 2020. It also expects annual EPS growth of 7% to 9% from 2023 through 2027.

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

High Alpha Stock #1: Eli Lilly & Co. (LLY)

Eli Lilly develops, manufactures, and sells pharmaceuticals around the world, and has about 43,000 employees globally. Eli Lilly has annual revenue of $59 billion.

On December 9th, 2024, Eli Lilly raised its quarterly dividend 15.4% to $1.50, extending the company’s dividend growth streak to 11 years.

On February 6th, 2025, Eli Lilly announced fourth quarter and full year results for the period ending December 31st, 2024. For the quarter, revenue surged 44.7%% to $13.5 billion, which beat estimates by $100 million.

Source: Investor Presentation

Adjusted earnings-per-share of $5.32 compared very favorably to adjusted earnings-per-share of $2.49 in the prior year and was $0.24 ahead of expectations.

For the year, revenue grew 32% $45 billion while adjusted earnings-per-share of $12.99 compared to $6.32 in 2023. Volumes company-wide were up 48% for the quarter, but pricing was down 4%.

U.S. revenue grew 40% to $9.03 billion, as volume was up 45% while pricing fell 5%. International revenues were up 55% to $4.5 billion as volumes improved 56%.

Revenue for Mounjaro, which helps patients with weight management and is the company’s top gross product, totaled $3.53 billion, compared to $2.21 billion a year ago.

Demand remains incredibly high for the product. Zepbound, which is also used to treat patients with obesity, had revenue of $1.91 billion for the quarter and $4.9 billion for the year.

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

Further Reading

If you are interested in finding high-quality dividend growth stocks suitable for long-term investment, the following Sure Dividend databases will be useful:

Tech giants including Amazon (AMZN), Meta Platforms (META), and Alphabet’s (GOOGL) Google have signed on to a nuclear industry pledge to support tripling nuclear power capacity by 2050.

Alongside an energy conference in Houston this week, the tech firms joined dozens of other financial institutions, countries, and companies from the nuclear industry that have signed the pledge.

The World Nuclear Association said the pledge “recognizes nuclear’s potential to expand beyond traditional grid electricity, providing abundant, continuous energy to support successful and cost-competitive operations for energy users.” The organization said 439 active nuclear reactors currently provide about 9% of the world’s energy.

The tech heavyweights joining the pledge follows a trend of the companies looking to the nuclear industry as a promising power source for their expanding data center footprints to power artificial intelligence products.

That shift has also boosted a number of nuclear companies, as analysts have upgraded the stocks because of their potential to increase revenue as data centers continue to expand. Shares of Constellation Energy Group (CEG), Vistra (VST), Oklo (OKLO), NuScale Power (SMR), and GE Vernova (GEV) were all up in premarket trading.

Alphabet, Meta, and Amazon shares were also each rising Wednesday morning.

Shares of Intel (INTC) are jumping more than 7% in premarket trading Wednesday following a report that Taiwan Semiconductor Manufacturing Company (TSM) has approached U.S. chip designers Nvidia (NVDA), Advanced Micro Devices (AMD), and Broadcom (AVGO) about forming a joint venture to own and run the U.S. chipmaker’s foundry division.

“Qualcomm (QCOM) has also been pitched by TSMC, according to one of the sources and a separate source,” said the report, which cited “four sources familiar with the matter.”

According to Reuters, TSMC, the world’s largest contract chipmaker, has floated running the foundry division, which makes custom chips for other companies. The report, which noted that the talks are at an early stage, said TSMC wouldn’t own more than 50% of the JV. 

Reuters added that the Trump administration has asked TSMC for help in turning around Intel. Intel’s foundry business has been in the spotlight as a potential beneficiary of the Trump administration’s stated goal of ensuring artificial intelligence chips are designed and manufactured domestically.

Intel, TSMC, Nvidia, AMD, Broadcom, and Qualcomm didn’t immediately respond to Investopedia requests for comment.

Intel shares have lost about 55% of their value in the past 12 months entering Wednesday.