14 Best Large Cap Dividend Growth Stocks To Buy Now

4. Lowe’s Companies, Inc. (NYSE:LOW)

5-Year Average Annual Dividend Growth Rate: 16.39%

Lowe’s Companies, Inc. (NYSE:LOW) is an American home improvement company, based in North Carolina. The company offers a wide range of related products and services including hardware, tools, appliances, building materials, paint, plumbing supplies, and garden equipment. In January, the company announced that it is now accepting project nominations for Lowe’s Hometowns, a five-year initiative with a $100 million commitment to community revitalization. This year, the company plans to allocate $10 million to fund 100 renovation projects and assist with 1,700 more projects chosen by its employees. In addition, Lowe’s has pledged $2 million to support relief and recovery efforts for the Southern California wildfires, further emphasizing its ongoing commitment to aiding communities in times of need.

Lowe’s Companies, Inc. (NYSE:LOW) is supported by three key factors that continue to benefit its business. These include the increase in home prices, personal income growth that surpasses inflation, and the fact that the average age of homes in the US is at its highest ever. These trends are expected to maintain strong demand for the company’s products, as homeowners are likely to keep investing in home improvements and repairs in the long run.

In the past five years, Lowe’s Companies, Inc. (NYSE:LOW) has raised its payouts at an annual average rate of over 16%. Moreover, the company has raised its payouts consistently for 59 years, which makes LOW one of the best dividend stocks on our list. The company offers a quarterly dividend of $1.15 per share and has a dividend yield of 1.84%, as of February 12.