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Highlights:
- Dover has increased dividends for 68 consecutive years, supported by a strong rise in free cash flow and trading below consensus price targets.
- Procter & Gamble continues to grow its North American market share despite challenges, maintaining a strong dividend history with a 2.4% yield.
- Dover's free cash flow nearly doubled in 2023, projecting further dividend growth and trading at a favorable valuation.
Dividend Kings are companies renowned for increasing their dividend payments for at least 50 consecutive years. Their consistent dividend hikes often result in substantial gains for shareholders over time. These companies typically exhibit strong cash flow generation across market cycles and maintain durable competitive advantages, leading to steady profits.
Canadian investors seeking U.S. stocks with a reliable dividend history may consider the following Dividend Kings:
Dover (NYSE:DOV)
Dover, valued at 24 billion USD, specializes in manufacturing and providing solutions, including equipment, parts, and support services. In 2023, Dover nearly doubled its free cash flow to 1.1 billion USD, allowing for an increase in its quarterly dividend. The company's free cash flow is projected to rise by 13% to 15% of revenue in 2024, supporting future dividend increases. Dover has raised dividends for 68 consecutive years and offers a yield of 1.2%. Trading at 19 times forward earnings, Dover is priced below its consensus target estimates.
Procter & Gamble (NYSE:PG)
Procter & Gamble, with a market capitalization of 400 billion USD, is a leading consumer goods company. It offers an annual dividend of 4.03 USD per share, translating to a 2.4% yield. Despite recent challenges, including missed revenue targets and a decline in organic sales in China, Procter & Gamble has continued to grow its market share in North America. The company’s strong dividend history and market position make it a prominent Dividend King.
