The Dividend Aristocrats are a select group of currently 66 S&P 500 stocks with 25+ years of consecutive dividend increases.These 66 are large, US companies that have historically provided (slightly) better performance and (slightly) lower volatility than the S&P 500 as a whole.
S&P 500 applies the following criteria to construct the Dividend Aristocrats list:
- must be members of the S&P 500
- must have increased dividends every year for at least 25 consecutive years
- Market Cap at least USD 3 billion
- Liquidity at least USD 5 million (average daily value traded)
- Diversification, at least 40 constituents and not sector allocation above 30%
On January 24th, 2018, the following stocks were added to the Dividend Aristocrats Index:
- Praxair (PX),
- Roper Technologies (ROP),
- A.O. Smith Corporation (AOS).
C.R. Bard (BCR) was removed from the Index after it was acquired by fellow Dividend Aristocrat Becton-Dickinson (BDX).
On March 31st, 2020, United Technologies (UTX) merged with Raytheon to form Raytheon Technologies, changed its ticker to RTX, and spun off Carrier Global (CARR) and Otis Worldwide (OTIS) to bring the total Dividend Aristocrat from 64 to 66.
Please note that Praxair Inc. is to be acquired by Linde.
See also an overview of all changes since 2009