10 Best Dividend Growth Stocks to Buy and Hold in 2024

In this article, we discuss 10 best dividend growth stocks to buy and hold in 2024. If you want to read our detailed analysis of dividend growers and their performance over the years, go directly to read 25 Best Dividend Growth Stocks to Buy and Hold in 2024. 

10. Pool Corporation (NASDAQ:POOL)

3-Year Average Annual Dividend Growth Rate: 23.3%

Pool Corporation (NASDAQ:POOL) is a leading distributor of swimming pool supplies, equipment, and related products. The company serves a wide range of customers, including pool professionals such as builders, remodelers, retailers, and service companies. The company offers a quarterly dividend of $1.10 per share, having raised it by 10% in May 2023. It has been growing its dividends for the past 12 years and its 3-year annual average dividend growth rate comes in at 23.3%. This one of the best dividend growth stocks has a dividend yield of 1.17%, as of January 27.

At the end of Q3 2023, 41 hedge funds tracked by Insider Monkey reported having stakes in Pool Corporation (NASDAQ:POOL), compared with 42 in the preceding quarter. The collective value of these stakes is over $1.04 billion.

9. Lowe’s Companies, Inc. (NYSE:LOW)

3-Year Average Annual Dividend Growth Rate: 24.10%

Lowe’s Companies, Inc. (NYSE:LOW) is next on our list of the best dividend growth stocks to buy and hold in 2024. The American home improvement and retail company is a Dividend King with 59 consecutive years of dividend growth under its belt. Moreover, in the past three years, the company raised its payouts at an annual average rate of 24.10%. It currently offers a quarterly dividend of $1.10 per share and has a dividend yield of 2.08%, as of January 27.

As per Insider Monkey’s database of Q3 2023, 63 hedge funds in Insider Monkey’s database reported having stakes in Lowe’s Companies, Inc. (NYSE:LOW), down slightly from 64 in the previous quarter. The overall value of these stakes is over $3.15 billion.

8. Accenture plc (NYSE:ACN)

3-Year Average Annual Dividend Growth Rate: 24.6%

Accenture plc (NYSE:ACN) is a global professional services company that provides a wide range of consulting, technology, and outsourcing services. On December 19, the company declared a quarterly dividend of $1.29 per share, which was in line with its previous dividend. The stock’s dividend yield on January 27 came in at 1.39%. With a 3-year annual average dividend growth rate of 24.6%, ACN is one of the best dividend growth stocks on our list.

At the end of September 2023, 55 hedge funds in Insider Monkey’s database held stakes in Accenture plc (NYSE:ACN), worth over $2 billion in total.

7. The Goldman Sachs Group, Inc. (NYSE:GS)

3-Year Average Annual Dividend Growth Rate: 28.06%

The Goldman Sachs Group, Inc. (NYSE:GS) is a New York-based global investment banking, securities, and investment management firm. The company also offers asset management services, managing investment portfolios for a diverse client base. In the past three years, it has raised its dividends at an annual average rate of 28.06%, which makes GS one of the best dividend growth stocks on our list. At present, the company offers a quarterly dividend of $2.75 per share and has a dividend yield of 2.91%, as of January 27.

Of the 900+ hedge funds tracked by Insider Monkey at the end of Q3 2023, 68 funds held stakes in The Goldman Sachs Group, Inc. (NYSE:GS), compared with 70 in the previous quarter. The collective value of these stakes is over $5.11 billion.

6. Canadian Natural Resources Limited (NYSE:CNQ)

3-Year Average Annual Dividend Growth Rate: 28.91%

Canadian Natural Resources Limited (NYSE:CNQ) is a Canadian independent oil and natural gas exploration, development, and production company. The company pays a quarterly dividend of C$1.00 per share for a dividend yield of 4.57%, as of January 27. With a 25-year streak of consecutive dividend growth, CNQ is one of the best dividend growth stocks on our list.

As of the end of Q3 2023, 41 hedge funds in Insider Monkey’s database owned stakes in Canadian Natural Resources Limited (NYSE:CNQ), growing from 36 in the previous quarter. These stakes are collectively worth nearly $3 billion. With over 20 million shares, GQG Partners was the company’s leading stakeholder in Q3.

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.

4. Target Corporation (NYSE:TGT)

3-Year Average Annual Dividend Growth Rate: 29.66%

Target Corporation (NYSE:TGT) ranks fourth on our list of the best dividend growth stocks to buy and hold in 2024. The retail chain company has raised its dividends for the past 52 consecutive years and its 3-year annual average dividend growth rate comes in at 29.66%. It currently pays a quarterly dividend of $1.10 per share and has a dividend yield of 3.09%, as of January 27.

At the end of Q3 2023, 58 hedge funds tracked by Insider Monkey owned stakes in Target Corporation (NYSE:TGT), up from 45 in the preceding quarter. The collective value of these stakes is over $1.3 billion. Among these hedge funds, Diamond Hill Capital was the company’s leading stakeholder in Q3.

3. Morgan Stanley (NYSE:MS)

3-Year Average Annual Dividend Growth Rate: 32.4%

Morgan Stanley (NYSE:MS) is an American financial services firm that provides a wide range of services to a diverse set of clients, including individuals, institutions, corporations, and governments. The company declared a quarterly dividend of $0.85 per share on January 16, which was consistent with its previous dividend. The stock offers a dividend yield of 3.88%, as of January 27. The company’s 3-year average annual dividend growth comes in at 32.4%, which makes MS one of the best dividend growth stocks on our list.

The number of hedge funds owning stakes in Morgan Stanley (NYSE:MS) grew to 59 in Q3 2023, from 54 in the previous quarter, according to Insider Monkey’s database. The consolidated value of these stakes is over $2.5 billion.

2. Tractor Supply Company (NASDAQ:TSCO)

3-Year Average Annual Dividend Growth Rate: 40.5%

Tractor Supply Company (NASDAQ:TSCO) is a retail chain that focuses on providing a wide range of products for rural lifestyle needs. The company has been rewarding shareholders with growing dividends for the past 14 consecutive years and currently offers a quarterly dividend of $1.03 per share. The stock has a dividend yield of 1.81%, as recorded on January 27.

At the end of September 2023, 28 hedge funds tracked by Insider Monkey reported having stakes in Tractor Supply Company (NASDAQ:TSCO), worth over $415.4 million in total. With nearly 1.5 million shares, Select Equity Group was the company’s leading stakeholder in Q3.

1. DICK’S Sporting Goods, Inc. (NYSE:DKS)

3-Year Average Annual Dividend Growth Rate: 47.3%

DICK’S Sporting Goods, Inc. (NYSE:DKS) tops our list of the best dividend growth stocks with a 3-year annual average dividend growth rate of 47.3%. The American sporting goods retailer currently pays a per-share dividend of $1.00 every quarter for a dividend yield of 2.61%, as of January 27. In addition to its strong annual average dividend growth rate, the company also maintains a 14-year streak of consistent dividend growth.

As of the close of Q3 2023, 25 hedge funds in Insider Monkey’s database owned stakes in DICK’S Sporting Goods, Inc. (NYSE:DKS), valued collectively at $743.7 million.

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