5 Biggest Dividend Cuts and Suspensions of 2023

In this article, we discuss 5 biggest dividend cuts and suspensions of 2023. If you want to read our detailed analysis of dividend stocks and their performance this year, go directly to read 12 Biggest Dividend Cuts and Suspensions of 2023. 

5. Algonquin Power & Utilities Corp. (NYSE:AQN)

Number of Hedge Fund Holders: 29

Algonquin Power & Utilities Corp. (NYSE:AQN) is a diversified North American utility company that operates in the utility and renewable energy sectors. In March this year, the company slashed its dividend by 40% to $0.1085 per share. In addition to this, the company also suspended its dividend reinvestment plan. The stock has a dividend yield of 7.23%, as of October 11.

The number of hedge funds holding stakes in Algonquin Power & Utilities Corp. (NYSE:AQN) grew to 29 in Q2 2023, from 27 in the previous quarter. The total value of these stakes is over $524.6 million. With over 34 million shares, Starboard Value LP was the company’s leading stakeholder in Q2.

4. Newell Brands Inc. (NASDAQ:NWL)

Number of Hedge Fund Holders: 31

Newell Brands Inc. (NASDAQ:NWL) is a consumer goods company that designs, manufactures, and markets a wide range of products for consumers and commercial customers. In May this year, the company announced that it would cut its dividend by 70% to $0.07 per share. The stock has a dividend yield of 3.95%, as of October 10.

The number of hedge funds in Insider Monkey’s database owning stakes in Newell Brands Inc. (NASDAQ:NWL) jumped to 31 in Q2 2023, from 21 in the previous quarter. The consolidated value of these stakes is over $830 million. With over 52.4 million shares, Pzena Investment Management was the company’s leading stakeholder in Q2.

3. Paramount Global (NASDAQ:PARA)

Number of Hedge Fund Holders: 39

Paramount Global (NASDAQ:PARA) is a global entertainment and media company that owns and operates a wide range of media networks, television production studios, streaming services, and other content-related businesses. In May this year, the company slashed its dividend by 79% to $0.05 per share. As of October 11, the stock has a dividend yield of 1.65%. It is among the companies that have announced recent dividend stocks.

At the end of the second quarter of 2023, 39 hedge funds in Insider Monkey’s database owned stakes in Paramount Global (NASDAQ:PARA), up from 34 in the previous quarter. The consolidated value of these stakes is roughly $2.2 billion.

2. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 71

Intel Corporation (NASDAQ:INTC) announced one of the biggest recent dividend cuts this year. The global semiconductor company cut its dividend by 65.8% in February this year and pays a quarterly dividend of $0.125 per share. The stock’s dividend yield on October 11 came in at 1.36%.

Intel Corporation (NASDAQ:INTC) was a part of 71 hedge fund portfolios, compared with 68 in the previous quarter, according to Insider Monkey’s database. The stakes owned by these hedge funds have a total value of over $2.55 billion.

ClearBridge Investments mentioned Intel Corporation (NASDAQ:INTC) in its Q3 2023 investor letter. Here is what the firm has to say:

“We also added to our position in Intel Corporation (NASDAQ:INTC) to take advantage of signs that it continues to make progress on its goal of regaining technology leadership. Intel appears to be executing its technology/product roadmap; the company is on track to ramp up PC and server products over the next 12 months on advanced manufacturing nodes that we believe will be more competitive with chief rival Advanced Micro Devices. We also see green shoots in the PC and server markets, with an increasing possibility of a cyclical recovery in both end markets in 2024.”

1. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

Number of Hedge Fund Holders: 121

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) tops our list of companies that have announced recent dividend cuts. The global semiconductor company slashed its dividend by 4.8%. It currently pays a quarterly dividend of $0.489 per share and has a dividend yield of 1.99%, as of October 11.

The number of hedge funds in Insider Monkey’s database owning stakes in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) grew to 121, from 102 in the previous quarter. The consolidated value of these stakes is roughly $9.7 billion.

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