10 Best Dividend Aristocrats with Over 3% Yield

4. Amcor plc (NYSE:AMCR)

Dividend Yield as of July 17: 4.84%

Amcor plc (NYSE:AMCR) is a global multinational packaging company that offers a wide range of related products for different industries. The company’s revenue declined by 7% YoY in fiscal Q3 2024 at $3.41 billion. The decrease in revenue includes a 1% favorable impact from foreign exchange rate movements, but this was offset by a 2% unfavorable impact due to lower raw material costs, which amounted to approximately $60 million being passed through. Year-to-date, its net income of $710 million also declined by 12% year-over-year. Though these results are not encouraging for investors, these challenges are temporary.

Amcor plc (NYSE:AMCR) has showcased its resilience on a global scale over the years. The company was originally founded in the 1860s as Australian Paper Manufacturers. Over time, it has undergone significant transformations. In 2000, it divested its paper goods operations, marking a strategic shift. Subsequently, through a series of strategic acquisitions, including the $7 billion purchase of Bemis in 2019, the company solidified its position as a global leader in packaging.

Amcor plc (NYSE:AMCR) has been reassuring income investors with strong free cash flow generation. In the first nine months of FY24, it reported an adjusted free cash flow of $115 million, a significant increase from $14 million during the same period last year. This improvement aligns with the company’s expectations and is mainly due to better working capital management. Management still expects adjusted free cash flow to range between $850 million to $950 million for the fiscal year.

On May 1, Amcor plc (NYSE:AMCR) declared a quarterly dividend of $0.125 per share, which was in line with its previous quarter. In the first nine months of the year, the company returned $570 million to shareholders in dividends and share repurchases. It is one of the best dividend aristocrat stocks on our list as the company has been growing its dividends consistently for the past 40 consecutive years. The stock has a dividend yield of 4.84%, as of July 17.

Of the 920 hedge funds tracked by Insider Monkey at the end of Q1 2024, 17 funds owned stakes in Amcor plc (NYSE:AMCR), down from 21 in the previous quarter. These stakes are collectively valued at over $65.6 million. Among these hedge funds, Ken Griffin’s Citadel Investment Group was the company’s leading stakeholder in Q1.