16 Dividend Kings for Decades of Dividend Growth

Hormel

• Sector: Consumer staples
• Market value: $25.7 billion
• Consecutive dividend increases: 56
• Dividend yield: 2.2%

Hormel Foods (HRL (opens in new tab), $47.08) is perhaps best known by consumers for its eponymous lunch meats, but it also offers other popular items including Skippy peanut butter, Chi-Chi's salsa and Dinty Moore stew. HRL's strong brand portfolio allows for consistent revenue, as well as steady dividends that have fueled 56 consecutive annual increases to its payout.

Minnesota-based Hormel was founded in 1891, and its stock has a strong long-term track record. Shares have been decidedly resilient in an otherwise rocky 2022, with HRL stock down 5% year-to-date, outperforming the S&P 500 Index by nearly 10 percentage points. And thanks to a number of factors, including foodservice successes and strategic price increases to sidestep inflation, the numbers continue to look good, with projections of about 10.5% revenue growth this fiscal year.

Consumer staples stocks like Hormel are great ways to weather any economic downturn, as people cutting back on spending will eat at home more to save some cash. And with more than 40 brands that are either #1 or #2 in their category, that is sure to benefit the bottom line of one of Wall Street's top Dividend Kings.

Farmers & Merchants Bancorp

• Sector: Financials
• Market value: $740.3 million
• Consecutive dividend increases: 57
• Dividend yield: 1.7%

A few housekeeping notes first: Farmers & Merchants Bancorp (FMCB (opens in new tab), $954.96) is not listed on a major exchange and instead trades "over the counter" in a fairly illiquid fashion. There are only about 600,000 total shares floating out there for trading on public markets and with FMCB priced at roughly $1,000 per share, it's not uncommon for us to see only a hundred or so total shares trade hands worldwide on a given day. This makes it one of the riskier names on this list of Dividend Kings.

That said, the yield is decent and the dividend history is impressive. This roughly $750-million regional bank serves central California through traditional business lines including checking and savings accounts, lending products, farm equipment leases and credit card services

Modest regional banks like FMCB might not seem like safe bets compared with deep-pocketed peers, but Farmers & Merchants Bancorp was founded in 1916 and has a solid 57 years of dividend increases under its belt to prove it has staying power.

Furthermore, while big banks are subject to strict regulatory requirements and sometimes rely on aggressive investment banking operations to turn a profit, Farmers is just concerned with its local community banking. That's ultimately a less explosive but more sustainable model that can provide long-term consistency.

Lancaster Colony

• Sector: Consumer staples
• Market value: $4.7 billion
• Consecutive dividend increases: 59
• Dividend yield: 1.9%

Lancaster Colony (LANC (opens in new tab), $170.49) manufactures food products under a host of familiar consumer brands including Marzetti salad dressings, New York Bakery bread and Sister Schubert's cinnamon rolls, as well as licensed grocery products including Buffalo Wild Wings and Chick-fil-A sauces. The company sells its products directly to restaurants.

It's this foodservice segment that's particularly noteworthy, as it represents a big share of revenue. In fiscal 2022, which ended June 30, Lancaster Colony raked in $1.7 billion in total revenue, with about 45% of sales coming from restaurants and institutional buyers. With the COVID-related closures of the past few years likely behind us, LANC has stabilized and is putting up consistent revenue and profit numbers once more.

It's also a testament to LANC's long-term commitment to dividends that it did not interrupt its 59-year streak of consecutive payout increases during pandemic-related disruptions.

LANC stock has bounced sharply in recent months – up nearly 45% from its mid-June lows – as it continues to build on its recent recovery. And long-term investors have good reason to think that this company will continue to generously share its success with stakeholders going forward.

Nordson

• Sector: Industrials
• Market value: $13.5 billion
• Consecutive dividend increases: 59
• Dividend yield: 1.1%

Nordson (NDSN (opens in new tab), $235.27) isn't the most exciting member of the Dividend Kings. This mid-sized industrial stock is valued at around $13 billion and mainly manufactures adhesives, coatings, polymers and sealants.

But long-term dividend investors aren't always concerned with flash. The bottom line is that Nordson has a rich history of protecting shareholder value since its founding in 1935, with 59 years of consecutive dividend increases.

What's more, things are looking up in the short term, with NDSN posting record revenue in its fiscal third quarter, ended July 31. This came on the heels of strong organic volume growth, and the company reaffirmed its full-year guidance as a result. The analyst community responded with Baird and Davidson both reiterating Buy ratings on the stock as a result.

Nordson may not be a household name, that's for sure. But it's a Dividend King worth considering all the same.

Coca-Cola

• Sector: Consumer staples
• Market value: $270.3 billion
• Consecutive dividend increases: 60
• Dividend yield: 2.8%

Weighing in at roughly $270 billion in market value and boasting some of the most powerful consumer brands on the planet, Coca-Cola (KO (opens in new tab), $62.50) is a blue-chip icon and a mainstay in many dividend portfolios.

There are a host of reasons underscoring the stock's stability, including six decades of dividend increases and more than 120 years of successful operations. Additionally, KO has long been a member of the Berkshire Hathaway equity portfolio, with Warren Buffett's investment company currently Coke's largest shareholder. And last but not least, the stable nature of its revenue in tough times makes Coca-Cola a "safe haven" of sorts – as evidenced by the fact it has put up a modest gain in 2022, even as most other stocks on Wall Street have stumbled.

Some have soured on Coca-Cola in recent years over fears that its sugary soft drinks are falling out of favor. However, it's worth noting the company has a wide array of brands that cater to the healthier-living trend, including Smartwater and Vitaminwater.

What's more, the company is tracking for almost double-digit revenue growth this fiscal year and resumed its stock buyback plans in 2022 with a stated goal of repurchasing $500 million in KO shares this year. That adds up to a nice short-term tailwind for this Dividend King, coupled with long-term stability that is unmatched by most other stocks.

Colgate-Palmolive

• Sector: Consumer staples
• Market value: $65.0 billion
• Consecutive dividend increases: 60
• Dividend yield: 2.4%

Colgate-Palmolive (CL (opens in new tab), $77.90) is a mainstay of households around the world, as well as a presence in many dividend investor portfolios. That's because it generates consistent, recession-proof revenue from its wide array of consumer brands that include Colgate and Tom's toothpaste, Speed Stick deodorant, Palmolive soap and Hill's pet food, among others.

CL is a go-to investment for low-risk portfolios thanks to stable operations in any environment. After all, folks will buy toothpaste and cleaning products regardless of whether the economy is up or down. Its long-term commitment to dividend increases makes this an attractive option among Dividend Kings for those looking to buy and hold for the very long term. And with dividends less than two-thirds of total earnings, there is ample headroom for future increases down the road, too.

In 2022, Colgate-Palmolive is sitting on a roughly 9% year-to-date loss, though this is still better than the S&P 500 as a whole.

And in the wake of the company's Q2 earnings at the end of July, we saw Wells Fargo upgrade the stock to Equal Weight – the equivalent of Hold – saying they "just don't see many good reasons to stay negative here." That shows there's some decent short-term momentum for CL right now, on top of its long-term income potential.

Johnson & Johnson

• Sector: Healthcare
• Market value: $434.5 billion
• Consecutive dividend increases: 60
• Dividend yield: 2.7%

Though not a trillion-dollar tech company, healthcare icon Johnson & Johnson (JNJ (opens in new tab), $165.64) is a mega-stock that is one of the top 10 U.S. corporations by market capitalization. This scale gives it unrivaled stability, particularly since many index funds are weighted by market value – and as a result, hold an outsized amount of JNJ shares.

On top of a $435-billion market cap and wide institutional ownership, this Dividend King is also one of just two corporations – Microsoft (MSFT (opens in new tab)) being the other – that gets a vaunted AAA credit rating on its debt.

Johnson & Johnson is the perfect middle ground between a high-margin healthcare firm with branded devices and pharmaceuticals and an ultra-reliable consumer play. The firm has developed branded drugs to treat a variety of conditions such as cancer and HIV, as well as owning massive over-the-counter products like Tylenol and Benadryl.

And to add another layer of stability, healthcare is an incredibly reliable sector, since those who are sick seek out care regardless of whether the market is down or the unemployment rate is up. With unrivaled scale and a business model that is built to last, JNJ stock should be a consistent performer in any portfolio.

Cincinnati Financial

• Sector: Financials
• Market value: $16.3 billion
• Consecutive dividend increases: 62
• Dividend yield: 2.8%

Cincinnati Financial (CINF (opens in new tab), $102.62) is an investment and insurance company based in Ohio, with about 5,000 employees and a market value of around $16 billion.

Unlike high-profile insurance firms like American International Group (AIG (opens in new tab)) that were forced to cut or eliminate dividends during the 2008 financial crisis, CINF has a tremendous track record of consistency. This includes six straight decades of dividend increases. And lately the boosts haven't been just a penny here or there, either. This insurance stock in February boosted its quarterly payment by 10% to 69 cents per share. The current payout is up 72% from where it was 10 years ago.

What's more, profit projections for 2022 should more than cover that dividend twice over – which hints that future increases are well within the budget.

CINF stock is slightly lagging the broader S&P 500 this year. But the company's rock-solid insurance business should continue to rake in the premiums and perform well over the long term. That consistency is the hallmark of a good buy-and-hold income investment, and one with a high likelihood of increased dividends down the road.

3M

• Sector: Industrials
• Market value: $68.8 billion
• Consecutive dividend increases: 64
• Dividend yield: 4.8%

Originally the Minnesota Mining and Manufacturing Company, 3M (MMM (opens in new tab), $124.25) is now a $70-billion chemicals and materials giant. The company has developed some of the leading industrial and consumer products out there – from Scotch tape to Post-It sticky notes to Littmann Stethoscopes.

The current brand portfolio has more than 60,000 products across all manner of industries, from transportation and healthcare to aerospace and household products. This helps ensure the firm is not reliant on a single customer base and can count on consistent revenue in any economic environment.

Admittedly, the Dow Jones stock has a bit of risk behind it right now. This is due to a class action lawsuit involving claims from some 230,000 servicemen that accuse the company of providing ineffective earplugs to protect their hearing during military duty.

But this stock has long-term staying power all the same, given its 60-plus years of dividend increases. And some aggressive investors could consider picking up one of the Dividend Kings at a discount as MMM trades near its 52-week low.

Parker-Hannifin

• Sector: Industrials
• Market value: $36.3 billion
• Consecutive dividend increases: 65
• Dividend yield: 1.9%

Parker-Hannifin (PH (opens in new tab), $282.55) is another low-profile industrial stock with a long-term commitment to dividend increases. The Ohio-based company was founded in 1917, and for more than half of its existence, it has delivered consecutive annual dividend increases to shareholders.

PH manufactures motion and control technologies, thermal shields, fluid control systems, jet engines and other aerospace parts. While a lot of its business is decidedly mundane, providing coatings and hoses and pumps, there is an innovative core to Parker-Hannifin that's looking to play an increasingly important role in the age of climate change.

For instance, privately held Eviation Aircraft recently engaged PH's aerospace division to develop six technology packages for a first-of-its-kind all-electric commuter aircraft. This kind of experimentation might not pay off immediately, but it ensures the solid core business won't be left behind in the decades ahead.

The dividend history of Parker-Hannifin also shows a long-term perspective. Just five short years ago, PH was paying 66 cents per share as its quarterly dividend. Despite the significant disruptions caused by the pandemic, inflation and rising interest rates, the company is now delivering a $1.33 per share dividend – more than double the payday!

This, alongside the six decades of increases, is proof positive that PH is a company committed to paying back its shareholders. And that makes it a solid choice among Dividend Kings to watch going forward.

Emerson Electric

• Sector: Industrials
• Market value: $50.6 billion
• Consecutive dividend increases: 66
• Dividend yield: 2.4%

Like many of the Dividend Kings featured here, the $50-billion Emerson Electric (EMR (opens in new tab), $85.56) is appealing because it's a company that has its fingers in many pies.

EMR provides various automation and measurement solutions around the globe, including products for oil refiners, chemicals companies, life sciences firms and food and beverage producers. It also makes HVAC gear that includes "smart" thermostats and temperature sensors.

These markets have substantial long-term growth potential, particularly the automation line that is helping many industries keep labor costs down and defend their margins in an era of rising inflation. Additionally, the harsh realities of global warming and extreme weather have made modern HVAC systems a mainstay for the growing middle classes in emerging markets.

Emerson was founded back in 1890 in St. Louis, and has a long and proven history of dividend increases across all manner of market environments. And based on sustainable tailwinds for its broader business model, there's a good chance for future paydays to be even bigger down the road.

Genuine Parts

• Sector: Consumer discretionary
• Market value: $23.1 billion
• Consecutive dividend increases: 66
• Dividend yield: 2.3%

Genuine Parts (GPC (opens in new tab), $163.15) is a $22-billion automotive replacement parts dealer and industrial materials supplier that is perhaps best known for its NAPA nameplate.

Its goods are necessary for maintenance of all manner of vehicles from hybrids and electric vehicles (EVs) to trucks to buses to motorcycles and even farm equipment. It also distributes industrial replacement parts and related supplies, such as bearings, mechanical and electrical power transmission products across a wide swath of North America, Europe, Australia and Asia.

GPC is admittedly a bit more cyclical than some of the other Dividend Kings on this list. However, with the average age of a vehicle on U.S. roads now up to a stunning 12 years old, according to research from S&P Global Mobility, it's clear that repairs and maintenance are a necessary part of transportation for households – regardless of the ups and downs of the broader economy.

Genuine Parts was incorporated almost 100 years ago, and has weathered plenty of storms along the way. However, one thing it has never given up on regardless of the economic challenges is its six-decade commitment to dividend increases.

Northwest Natural

• Sector: Utilities
• Market value: $1.7 billion
• Consecutive dividend increases: 66
• Dividend yield: 4.1%

Northwest Natural Holding (NWN (opens in new tab), $49.73) is a regulated natural gas utility valued at just under $2 billion. NWN serves about 800,000 customers in Oregon and southwest Washington. It also provides about 33,000 water and wastewater connections in the Pacific Northwest and Texas, though the gas business is its bread and butter.

Thanks to rising natural gas prices, NWN is also seeing better results – even with its highly regulated nature. Oregon recently approved a general rate increase of nearly 10% for the company, and Northwest Natural applied for another double-digit rate increase to take effect this November on top of that. Even if it doesn't get the whole allotment, it's a clear sign that the company is locking in higher rates – and projecting revenue increases in the high single-digits both this fiscal year and next as a result.

Northwest Natural was founded in 1859 and has deep roots in the region. This Dividend King also has a long-term commitment to sharing the wealth with its stakeholders, as evidenced by more than six decades of consecutive dividend hikes.

Procter & Gamble

• Sector: Consumer staples
• Market value: $336.6 billion
• Consecutive dividend increases: 66
• Dividend yield: 2.6%

Procter & Gamble (PG (opens in new tab), $141.10) is perhaps one of the best-known dividend stocks on Wall Street. It is also one of the most consistent when it comes to increasing those payouts over time. The nearly $340-billion consumer giant has some of the biggest brands in the world, and that adds up to large and reliable revenue streams that are hard for other companies to match.

PG's wide product portfolio includes Pampers diapers, Tide laundry detergent, Charmin toilet paper and a host of other goods that are mainstays of consumers worldwide. These also are recession-proof expenses that don't get carved out of family budgets when times get a bit tight, so there's no risk of a steep and unexpected pullback as you might see in more cyclical stocks.

P&G just ended its fiscal year in July, tallying net earnings per share of $5.81. Considering annual dividends total just $3.65 per share, or less than two-thirds of those earnings, there's a good chance of continuing dividend increases going forward as the company prospers.

Dover

• Sector: Industrials
• Market value: $18.3 billion
• Consecutive dividend increases: 67
• Dividend yield: 1.6%

You might not recognize this stock immediately, but at more than $18 billion in market value, Dover (DOV (opens in new tab), $130.48) is actually in the top 350 or so U.S. corporations when ranked by size. The industrial stock is focused on specialty machinery, including after-market vehicle exhaust systems, precision bar coding and logistics solutions, refrigeration systems and industrial winches.

The wide array of products lends some diversification to Dover's top line. And while some corporations are struggling with supply-chain disruptions, it's worth noting that DOV is projecting a modest increase in revenue in both this fiscal year and next.

What's really impressive is the uptrend in profits, as earnings per share are expected to jump to $8.49 in fiscal 2022 from $7.63 in 2021. And in fiscal 2023, they're expected to reach $9.13. Those figures represent annual increases of 11% and 7%, respectively.

The company has a track record of 67 straight years of dividend boosts – one of the best among the Dividend Kings. And based on those improving fundamentals, investors can depend on more payout increases going forward, too.

American States Water

• Sector: Utilities
• Market value: $3.2 billion
• Consecutive dividend increases: 68
• Dividend yield: 1.9%

When it comes to reliability and income, utility stocks are the kind of investments that many dividend investors take to the bank. American States Water (AWR (opens in new tab), $86.24) might not be the first name that you think of when you think of utilities, but given its tremendous track record of dividend increases, this stock is certainly worth a look.

Unlike power companies, AWR provides water and wastewater services to municipalities and military bases. All told, its connections give it access to more than 260,000 customers located throughout 10 counties in California. It also has a very small electricity generation business serving about 25,000 customers in the San Bernardino County mountain communities, but the water business is what really drives the bottom line.

Water is as much a necessity as electricity, and as a result, American States has tremendous reliability in its revenue – and consistent increases to its dividends, too. This is based on its best-in-class history of an amazing 68 years of consecutive hikes – the most of any of the Dividend Kings featured here.