5 Best Performing Dividend Stocks in 2023

In this article, we discuss 5 best-performing dividend stocks in 2023. If you want to read our detailed analysis of dividend stocks and their performance in the past, go directly to read 12 Best Performing Dividend Stocks in 2023. 

5. West Pharmaceutical Services, Inc. (NYSE:WST)

Year-to-Date Returns as of October 27: 39.6%
Number of Hedge Fund Holders: 39

West Pharmaceutical Services, Inc. (NYSE:WST) develops and manufactures a variety of packaging solutions for pharmaceutical and biotechnology companies. On October 26, the company declared a 5.3% growth in its quarterly dividend to $0.20 per share. This marked the company’s 31st consecutive year of dividend growth. The stock has a dividend yield of 0.25%, as of October 27.

At the end of Q2 2023, 39 hedge funds tracked by Insider Monkey reported having stakes in West Pharmaceutical Services, Inc. (NYSE:WST), up from 37 in the previous quarter. The consolidated value of these stakes is over $1.48 billion. Among these hedge funds, Durable Capital Partners was the company’s leading stakeholder in Q2.

4. Broadcom Inc. (NASDAQ:AVGO)

Year-to-Date Returns as of October 27: 49.3%
Number of Hedge Fund Holders: 72

Broadcom Inc. (NASDAQ:AVGO) is an American global tech company that offers related products and services to its consumers. The company has been raising its dividends consistently for the past 12 years and currently pays a quarterly dividend of $4.60 per share. The stock’s dividend yield on October 27 came in at 2.21%. Since the start of 2023, AVGO has delivered a 49.3% return to shareholders, becoming one of the best-performing stocks this year.

As of the end of Q2 2023, 72 hedge funds in Insider Monkey’s database reported having stakes in Broadcom Inc. (NASDAQ:AVGO), worth collectively nearly $4.2 billion.

3. Eli Lilly and Company (NYSE:LLY)

Year-to-Date Returns as of October 27: 55.6%
Number of Hedge Fund Holders: 87

An American pharmaceutical company, Eli Lilly and Company (NYSE:LLY) is next on our list of the best-performing stocks this year. The stock’s year-to-date returns came in at 55.6% while it generated a 59.07% return in the past 12 months. The company has been paying regular dividends to shareholders for the past 138 years. It offers a quarterly dividend of $1.13 per share and has a dividend yield of 0.80%, as of October 27.

Insider Monkey’s Q2 2023 database indicated that 87 hedge funds owned stakes in Eli Lilly and Company (NYSE:LLY), growing from 72 in the previous quarter. These stakes are collectively worth over $5 billion.

2. General Electric Company (NYSE:GE)

Year-to-Date Returns as of October 27: 64.08%
Number of Hedge Fund Holders: 71

General Electric Company (NYSE:GE) is an American multinational conglomerate that has various business segments and operates in multiple industries. The company currently pays a quarterly dividend of $0.80 per share and has a dividend yield of 0.30%, as of October 27. With a year-to-date return of 64.08%, GE is one of the best-performing stocks on our list.

The number of hedge funds tracked by Insider Monkey having stakes in General Electric Company (NYSE:GE) jumped to 71 in Q2 2023, from 59 in the previous quarter. These stakes have a total value of over $10.1 billion. With over 41.6 million shares, TCI Fund Management was the company’s leading stakeholder in Q2.

1. NVIDIA Corporation (NASDAQ:NVDA)

Year-to-Date Returns as of October 27: 181.7%
Number of Hedge Fund Holders: 175

NVIDIA Corporation (NASDAQ:NVDA) tops our list of the best-performing stocks this year. The multinational tech company currently pays a quarterly dividend of $0.04 per share and has a dividend yield of 0.04%, as of October 27. Though the company does not hold any dividend growth track record, it has been paying regular dividends to shareholders since 2012.

Out of 910 hedge funds in Insider Monkey’s database at the end of Q2 2023, 175 funds held stakes in NVIDIA Corporation (NASDAQ:NVDA), up from 132 in the previous quarter. These stakes have a collective value of nearly $26 billion. GQG Partners was the company’s leading stakeholder in Q2.

You can also take a look at Jim Cramer’s Top 10 Bank Stock Picks This Year and Top 10 Oil and Gas Stocks To Buy

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