On March 31st, 2020, S&P Dow Jones indices announced changes to the Dividend Aristocrats Index.
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). As a result, Otis Worldwide Corp. and Carrier Global Corp. (NYSE:CARR) will be added to the S&P 500 Dividend Aristocrats Index, bringing the total to 66 Dividend Aristocrats.
See all changes since 2009
Dividend History inherited
United Technologies, added to the index in 2019, had a dividend growth streak of 26 years. The remainder of United Technologies – which included Collins Aerospace Systems and Pratt & Whitney – was merged with Raytheon on April 3rd which had its own history of increasing its dividend for 15 years. The new company was renamed to Raytheon Technologies (RTX).
As a result, all three companies – Raytheon Technologies, Carrier, and Otis – qualify as Dividend Aristocrats according to the S&P Dow Jones rules. All will “inherit” the 26 years of consecutive dividend growth from United Technologies history.