5 Best Dividend Growth Stocks to Buy in August

2. The Clorox Company (NYSE:CLX)

Dividend Yield as of August 7: 3.40%
Years of Consistent Dividend Growth: 50

An American manufacturing company, The Clorox Company (NYSE:CLX) has been raising its dividends consistently for the past 50 years. The company pays a quarterly dividend of $1.18 per share, which was raised 1.7% in July. The stock’s dividend yield stood at 3.40%, as of August 7.

The Clorox Company (NYSE:CLX) has experienced solid earnings over the years, generating $945 million in free cash flow in FY21. The company’s operating cash flow for the fiscal year came in at over $1.27 billion. In its fiscal Q4 2022, the company had $183 million in cash and cash equivalents with total assets of over $6 billion.

In August, Credit Suisse lowered its price target on The Clorox Company (NYSE:CLX) to $130 because the company is faced with supply chain issues due to the ongoing political tensions. However, the firm maintained its Overweight rating on the stock.

As of the end of Q1 2022, 26 hedge funds tracked by Insider Monkey reported owning stakes in The Clorox Company (NYSE:CLX), down from 39 in the previous quarter. The collective value of these stakes is roughly $570 million. Renaissance Technologies was the company’s largest stakeholder in Q1.