5 Best Large Cap Dividend Growth Stocks To Buy Now

In this article, we discuss 5 best large-cap dividend growth stocks to buy now. If you want to read our detailed analysis of large-cap dividend stocks and their historical performance, go directly to read 14 Best Large Cap Dividend Growth Stocks To Buy Now. 

5. Canadian Natural Resources Limited (NYSE:CNQ)

5-Year Dividend Growth Rate: 22.2%

Canadian Natural Resources Limited (NYSE:CNQ) is a Canada-based oil and natural gas company. On February 29, the company declared a 5% hike in its quarterly dividend to C$1.05 per share. The company has been growing its dividends for the past 25 years and in the past five years, it has raised its payouts at an annual average rate of over 22%. It is among the best dividend stocks on our list. The stock has a dividend yield of 3.95%, as of April 17.

According to Insider Monkey’s database of Q4 2023, 41 hedge funds owned stakes in Canadian Natural Resources Limited (NYSE:CNQ), which remained the same as in the previous quarter. The overall value of these stakes is nearly $2 billion.

4. Morgan Stanley (NYSE:MS)

5-Year Dividend Growth Rate: 23.66%

Morgan Stanley (NYSE:MS) is an American financial services company that offers a wide range of related services to its consumers. It is one of the best dividend stocks on our list as the company has grown its dividends by 23.66% on average in the past five years. Currently, it offers a quarterly dividend of $0.85 per share and has a dividend yield of 3.77%, as of April 17.

At the end of December 2023, 56 hedge funds owned stakes in Morgan Stanley (NYSE:MS), compared with 59 in the previous quarter, as per Insider Monkey’s database. The total worth of these stakes is more than $2.7 billion. With over 20.2 million shares, Fisher Asset Management was the company’s leading stakeholder in Q4.

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

5-Year Dividend Growth Rate: 27.4%

The Goldman Sachs Group, Inc. (NYSE:GS) is next on our list of the best dividend stocks with strong dividend growth. The American financial services company offers a quarterly dividend of $2.75 per share and has a dividend yield of 2.71%, as of April 17. Its 5-year average dividend growth rate comes in at 27.4%.

Insider Monkey’s database of Q4 2023 showed that 69 hedge funds held stakes in The Goldman Sachs Group, Inc. (NYSE:GS), up from 68 in the previous quarter. These stakes are valued at over $6.3 billion in total.

2. Tractor Supply Company (NASDAQ:TSCO)

5-Year Dividend Growth Rate: 27.6%

Tractor Supply Company (NASDAQ:TSCO) is an American retail chain company that offers products related to home improvement, agriculture, livestock, and pet care. The company offers a quarterly dividend of $1.10 per share, having raised it by 6.8% in February this year. Through this increase, the company stretched its dividend growth streak to 15 years, which makes TSCO one of the best dividend stocks on our list. The stock supports a dividend yield of 1.78%, as of April 17.

With a collective stake value of over $545.2 million, 30 hedge funds held positions in Tractor Supply Company (NASDAQ:TSCO), up from 28 in the previous quarter, as per Insider Monkey’s database. With over 1.8 million shares, Select Equity Group was the company’s leading stakeholder in Q4.

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

5-Year Dividend Growth Rate: 33.9%

DICK’S Sporting Goods, Inc. (NYSE:DKS) tops our list of the best dividend stocks. The American sporting goods retailer company has raised its payouts at an annual average rate of roughly 34% in the past five years. On March 14, the company declared a 10% hike in its quarterly dividend to $1.10 per share. This marked the company’s 15th consecutive year of dividend growth. The stock has a dividend yield of 2.22%, as of April 17.

The number of hedge funds tracked by Insider Monkey owning stakes in DICK’S Sporting Goods, Inc. (NYSE:DKS) grew to 32 in Q4 2023, from 25 in the previous quarter. The consolidated value of these stakes is nearly $967 million.

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