10 Top Performing Dividend Stocks in 2024

4. Garmin Ltd. (NYSE:GRMN)

Year-to-Date Return as of December 25: 66.7%

Garmin Ltd. (NYSE:GRMN) is a multinational technology company. With over 35 years of history, the company is a recognized leader in integrating GPS technology into a wide range of consumer and commercial products. Initially focused on creating specialized instrumentation for aircraft cockpits, it achieved global success by expanding into automotive and marine navigation systems, as well as pioneering GPS-enabled wearables for health and fitness tracking. In recent years, Garmin has made significant strides with the growing trend among major automobile manufacturers to incorporate advanced infotainment systems that not only offer navigation but also include features like driver monitoring and augmented reality heads-up displays. The stock is up by nearly 67% in 2024, which makes it one of the best performing stocks in 2024.

In the third quarter of 2024, Garmin Ltd. (NYSE:GRMN) reported revenue of $1.6 billion, which showed a 24% growth from the same period last year. The revenue also beat analysts’ estimates by over $142 million. The company saw an increase in both gross and operating margins, reaching 60.0% and 27.6%, respectively. Operating income amounted to $437 million, reflecting a 62% year-over-year growth compared to the previous quarter.

Garmin Ltd. (NYSE:GRMN)’s cash position also came in strong in Q3 2024. The company generated $258 million in operating cash flow and its free cash flow came in at $219 million. The company also distributed a generous amount of $144 million to shareholders in dividends. It has been making regular dividend payments to shareholders for the past 22 years. The company currently pays a quarterly dividend of $0.75 per share and has a dividend yield of 1.42%, as of December 25.

According to Insider Monkey’s database of Q3 2024, 30 hedge funds held stakes in Garmin Ltd. (NYSE:GRMN), compared with 31 in the previous quarter. These stakes have a total value of over $785.3 million. With over 1.5 million shares, Select Equity Group was the company’s leading stakeholder in Q3.