10 Best Dividend Kings to Buy for Safe Dividend Growth

2. Nordson Corporation (NASDAQ:NDSN)

5-Year Average Annual Dividend Growth Rate: 14.21%

Nordson Corporation (NASDAQ:NDSN) is an Ohio-based adhesive manufacturing company that mainly designs and manufactures adhesives, sealants, and coatings. On May 9, the company announced a quarterly dividend of $0.68 per share, which was consistent with its previous dividend. It has been rewarding shareholders with growing dividends for the past 60 consecutive years. With a five-year annual average dividend growth of 14.2%, NDSN is one of the best dividend kings on our list. As of June 19, the stock has a dividend yield of 1.17%.

Nordson Corporation (NASDAQ:NDSN) benefits from its global presence, allowing it exposure to a diverse array of industries and markets. The company operates through three core segments: Industrial Precision Solutions, Medical and Fluid Solutions, and Advanced Technology Solutions. In the second quarter of 2024, revenue in the Industrial Precision Solutions and Medical and Fluid Solutions segments increased by 9% and 2%, respectively, while Advanced Technology Solutions experienced a 22% decline in revenue compared to the previous year. Looking ahead, the company anticipates revenue growth of up to 2% for the year, with adjusted earnings per share projected to be between $9.35 and $9.75. The company generated revenue of $650.6 million, which missed consensus estimates by $14.4 million. Its EPS of $2.34 was higher than the expected $2.32.

Street analysts have maintained a Moderate Buy rating on NDSN, with a $274 price target, reflecting an 18% upside potential.

As of the close of Q1 2024, 23 hedge funds tracked by Insider Monkey held stakes in Nordson Corporation (NASDAQ:NDSN), up from 19 in the preceding quarter. The total value of these stakes is over $76.3 million. Among these hedge funds, Millennium Management was the company’s leading stakeholder in Q1.