10 Best Consumer Staples Dividend Stocks To Invest In

3. Colgate-Palmolive Company (NYSE:CL)

Number of Hedge Fund Holders: 62

Colgate-Palmolive Company (NYSE:CL) is a New York-based multinational consumer products company that is recognized for its products in Oral Care, Personal Care, Home Care, and Pet Nutrition. The company continues to enhance its operational efficiency while placing greater focus on sustainability and expanding its product offerings. Its goal of making all packaging recyclable by 2025 highlights its response to increasing environmental concerns from both consumers and regulators. In addition, by partnering on renewable energy projects, the company is adjusting its operations to align with shifting market trends and regulatory expectations. The stock has surged by nearly 5% in the past 12 months.

In its latest FY24 earnings report, Colgate-Palmolive Company (NYSE:CL) posted revenue of $20 billion for the first time, reflecting a 4% increase from the previous year. This marked the sixth consecutive year of organic sales growth within or surpassing its target range of 3% to 5%. Strong sales performance, along with operating leverage, drove a robust bottom-line result, with both net income and earnings per share achieving double-digit growth compared to 2023.

Colgate-Palmolive Company (NYSE:CL) currently pays a quarterly dividend of $0.50 per share and has a dividend yield of 2.22%, as of February 24. It is one of the best dividend stocks on our list as the company has raised its payouts for 62 years in a row. This dividend growth is supported by its solid cash position. In FY24, the company generated over $4 billion in operating cash flow, reflecting a 10% increase from 2023. Free cash flow exceeded $3.5 billion, up from $3 billion in the previous year. Maintaining its commitment to shareholders, the company returned $3.4 billion through dividends and share repurchases during the fiscal year.