10 Best Dividend Growth Stocks to Buy and Hold in 2024

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5. Microchip Technology Incorporated (NASDAQ:MCHP)

3-Year Average Annual Dividend Growth Rate: 29.30%

Microchip Technology Incorporated (NASDAQ:MCHP) is a leading provider of microcontroller and analog semiconductors, as well as related software and tools, for a wide range of applications. The company offers a quarterly dividend of $0.439 per share and has a dividend yield of 2.02%, as of January 27. Since the inception of its dividend policy in 2003, the company has raised its dividends 79 times, which makes MCHP one of the best dividend growth stocks.

The number of hedge funds tracked by Insider Monkey owning stakes in Microchip Technology Incorporated (NASDAQ:MCHP) stood at 42 in Q3 2023. The total value of these stakes is over $912.7 million.

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