10 Dividend Growth Stocks: December 2023

Welcome to the last edition of my monthly series of 10 Dividend Growth Stocks for 2023. In this series, I rank a selection of Dividend Radar stocks and present the 10 top-ranked stocks for further research and possible investment. 

This month,  I screened for stocks that pass stringent criteria for adding new stocks to my portfolio. I rank candidates by quality score and present the ten top-ranked stocks for further research and possible investment. 

These stocks are great candidates for your New Year shopping list!

29 Undervalued Dividend Aristocrats: December 2023

The S&P 500 Dividend Aristocrats Index contains 67 dividend growth stocks called the Dividend Aristocrats. With a few exceptions, the Dividend Aristocrats are S&P 500 companies with higher dividend payouts every year for 25 or more years. 

In this article, I rank the Dividend Aristocrats by quality score and present undervalued stocks for further research and possible investment. 

I consider stocks undervalued if they pass three valuation screens.

WEC Dividend Increase

WEC ($WEC) announced its next dividend of $0.835 per share, a 7.1% increase over the company's previous payout of $0.78.

DivGro's projected annual dividend income will increase by $44.00 to $668.00.

The dividend will be paid on Mar. 1 to shareholders of record on Feb. 14. The ex-dividend date is Feb. 13. 

I own 200 shares of WEC at an average cost basis of $97.97 per share. Following this increase, my yield on cost is 3.41%. (WEC's forward yield is 4.05% at $82.42 per share). 

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COST Special Dividend

On Thursday, Dec. 14, Costco ($COST) announced a special dividend of $15.00 per share. The dividend will be paid on Jan. 12 to shareholders of record on Dec. 28 (ex-dividend date: Dec. 27).

I own 25 shares of COST at an average cost basis of $431.78 per share, so $375.00 will be added to my DivGro portfolio from this special dividend.

PFE Dividend Increase

Pfizer ($PFE) announced its next dividend of $0.42 per share, a 2.44% increase over the company's previous payout of $0.41.

DivGro's projected annual dividend income will increase by $8.00 to $336.00.

The dividend will be paid on Mar. 1 to shareholders of record on Jan. 26. The ex-dividend date is Jan. 25. 

I own 200 shares of PFE at an average cost basis of $36.49 per share. Following this increase, my yield on cost is 4.60%. (PFE's forward yield is 6.31% at $26.63 per share). 

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AMGN Dividend Increase

Amgen ($AMGN) announced its next dividend of $2.25 per share, a 5.6% increase over the company's previous payout of $2.13.

DivGro's projected annual dividend income will increase by $48.00 to $900.00.

The dividend will be paid on Mar. 7 to shareholders of record on Feb. 16. The ex-dividend date is Feb. 15. 

I own only 100 shares of AMGN at an average cost basis of $218.62 per share. Following this increase, my yield on cost is 4.12%. (AMGN's forward yield is 3.27% at $275.59 per share). 

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O Dividend Increase

Realty Income ($O) announced its next dividend of $0.2565 per share, a 0.195% increase over the company's previous payout of $0.2560.

DivGro's projected annual dividend income will increase by $3.00 to $1,539.00.

The dividend will be paid on Jan. 12 to shareholders of record on Jan. 2. The ex-dividend date is Dec. 29.

I own 500 shares of O at an average cost basis of $56.29 per share. Following this increase, my yield on cost is 5.47%. (O's forward yield is 5.60% at $54.95 per share). 

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December 2023 Newsletter

Welcome to the December edition of my DivGro 2.0 newsletter.

In my monthly newsletters, I give a quick market recap and review my DivGro portfolio. I also present four top-10 lists of Dividend Radar stocks. 

In November, DivGro's projected annual dividend income (PADI) increased by about 0.8% and, year over year, by about 4.4%.

In November, I added shares to one existing position and nine DivGro stocks announced dividend increases. The net result of these changes is that DivGro's projected annual dividend income [PADI] increased by about 0.7%. Year over year, PADI increased by 5.2%.

AVGO Dividend Increase

Broadcom ($AVGO) announced its next dividend of $5.25 per share, a 14.13% increase over its previous payout of $4.60.

DivGro's projected annual dividend income will increase by $78.00 to $630.00.

The dividend will be paid on 29 December 2023 to shareholders of record on 20 December 2023. The ex-dividend date is 19 December 2023. 

I own only 30 shares of AVGO at an average cost basis of $271.26 per share. Following this increase, my yield on cost is 7.74%. (AVGO's forward yield is 2.22% at $944.30 per share). 

AVGO became DivGro's 39^th Home Run stock in October 2021, when the stock doubled my original capital outlay.

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BMY Dividend Increase

Bristol-Myers ($BMY) announced its next dividend of $0.60 per share, a 5.26% increase over the company's previous payout of $0.57.

 

DivGro's projected annual dividend income will increase by $36.00 to $720.00.

The dividend will be paid on 1 February 2024 to shareholders of record at the close of business on 5 January 2024. The ex-dividend date is 4 January 2024.

I own 300 shares of MA at an average cost basis of $57.95 per share. Following this increase, my yield on cost is 4.14%. (BMY's forward yield is 4.77% at $50.31 per share). 

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MA Dividend Increase

Mastercard ($MA) announced its next dividend of 66¢ per share, a 15.79% increase over the company's previous payout of 57¢.

DivGro's projected annual dividend income will increase by $18.00 to $132.00.

The dividend will be paid on 9 February 2024 to shareholders of record at the close of business on 9 January 2024. The ex-dividend date is 8 January 2024.

I own 50 shares of MA at an average cost basis of $329.29 per share. Following this increase, my yield on cost is 0.80%. (MA's forward yield is 0.64% at $412.16 per share). 

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SYK Dividend Increase

Stryker ($SYK) announced its next dividend of $0.80 per share, a 6.67% increase over the company's previous payout of $0.75.

DivGro's projected dividend income will increase by $2.00 to $32.00 annually. 

The dividend is payable on 31 January 2024 to shareholders of record at the close of business on 29 December 2023. The ex-dividend date is 28 December 2023.

I own only 10 shares of SYK at an average cost basis of $209.80 per share. Following this increase, my yield on cost is 1.53%. (SYK's forward yield is 1.11% at $289.10 per share). 

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NXC Dividend Increase

Nuveen California Select Tax-Free Income Portfolio ($NXC) announced its next monthly distribution of 4.55¢ per share, a 4.60% increase over the funds' previous payout of 4.53¢.

As a result, DivGro's projected annual dividend income [PADI] will increase by $57.60, and NXC's contribution to DivGro's PADI will increase to $1,310.40 annually. 

The distribution is payable on 29 December 2024 to shareholders of record at the close of business on 15 December 2023. The ex-dividend date is 14 December 2023.

I own 2,400 units of NXC at an average cost basis of $13.40 per unit. Following this increase, my yield on cost is 4.08%. In comparison, NXC's forward yield is 4.35% at $12.56 per unit. 

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TD Dividend Increase

The Toronto-Dominion Bank ($TD) announced its next dividend of C$1.02 per share, a 6.25% increase over the company's previous payout of C$0.96.

DivGro's annual dividend income will increase by approximately $34.04 as a result (after accounting for the exchange rate). 

The dividend is payable on 31 January 2024 to shareholders of record at the close of business on 10 January 2024. The ex-dividend date is 9 January 2024.

As with all foreign currency dividends, I'll update DivGro's projected annual dividend income [PADI] when the dividend is paid in January 2024. 

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RY Dividend Increase

Royal Bank of Canada ($RY) announced its next dividend of C$1.38 per share, a 2.22% increase over the company's previous payout of C$1.35.

DivGro's annual dividend income will increase by approximately $9.96 as a result (after accounting for the exchange rate). 

The dividend is payable on 23 February 2024 to shareholders of record at the close of business on 25 January 2024. The ex-dividend date is 24 January 2024.

As with all foreign currency dividends, I'll update DivGro's projected annual dividend income [PADI] when the dividend is paid in February 2024. 

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Home Run Number 48

November's rally lifted many of my DivGro stocks, and I'm happy to celebrate DivGro's 48^th Home Run today, 142 days after celebrating Snap-on (SNA) as my 47^th Home Run.

A Home Run stock is a stock that doubles my original investment in total returns. 

I've been tracking DivGro's Home Runs since 30 October 2014, when General Dynamics (GD) became my first Home Run stock.