5 Dividend Aristocrats That Slashed Their Dividends

In this article, we discuss 5 dividend aristocrats that slashed their dividends. If you want to read our detailed analysis of dividend aristocrats and their performance over the years, go directly to read 10 Dividend Aristocrats That Slashed Their Dividends. 

5. General Electric Company (NYSE:GE)

Date Removed from S&P Dividend Aristocrats: 2009

General Electric Company (NYSE:GE) is an American diversified multinational conglomerate with operations in various industries. In 2009, the company put an end to its 32-year streak of consistently increasing dividends, marking a deviation from its longstanding pattern of dividend growth. The company currently offers a quarterly dividend of $0.08 per share and has a dividend yield of 0.25%, as of January 15.

The number of hedge funds tracked by Insider Monkey owning stakes in General Electric Company (NYSE:GE) grew to 76 in Q3 2023, from 71 in the previous quarter. The collective value of these stakes is over $10.3 billion. With over 41.6 million shares, TCI Fund Management was the company’s leading stakeholder in Q3.

4. Pfizer Inc. (NYSE:PFE)

Date Removed from S&P Dividend Aristocrats: 2009

An American multinational pharmaceutical industry company, Pfizer Inc. (NYSE:PFE) is next on our list of dividend aristocrats that slashed their dividends. Despite maintaining a steady trend of dividend growth for the last 14 consecutive years, the company was previously recognized as a dividend aristocrat, having achieved an impressive 41-year stretch of consistent dividend increases. However, this longstanding streak came to an end in 2009. The company pays a quarterly dividend of $0.42 per share and has a dividend yield of 5.85%, as of January 15.

Of the 910 hedge funds tracked by Insider Monkey at the end of Q3 2023, 73 funds owned stakes in Pfizer Inc. (NYSE:PFE), the same as in the previous quarter. These stakes have a total value of more than $2.4 billion.

3. Eli Lilly and Company (NYSE:LLY)

Date Removed from S&P Dividend Aristocrats: 2010

Eli Lilly and Company (NYSE:LLY) is an Indiana-based multinational pharmaceutical company and is one of the dividend aristocrats that slashed its dividends. Up until 2010, the company consistently increased its dividends for 43 consecutive years. Remarkably, the company has an even more extensive history, spanning 138 years, of regularly paying dividends to its shareholders. It currently pays a quarterly dividend of $1.30 per share and has a dividend yield of 0.81%, as of January 15.

Eli Lilly and Company (NYSE:LLY) was a part of 102 hedge fund portfolios at the end of Q3 2023, according to Insider Monkey’s database. The collective value of stakes owned by these hedge funds is over $9 billion. In comparison, 87 hedge funds owned stakes in the company in the previous quarter.

2. Pitney Bowes Inc. (NYSE:PBI)

Date Removed from S&P Dividend Aristocrats: 2013

Pitney Bowes Inc. (NYSE:PBI) is an American tech company that specializes in providing various products and services related to mail and document management, logistics, and e-commerce solutions. The company grew its dividends for 31 consecutive years, a streak that was broken in 2013. It offers a quarterly dividend of $0.05 per share and has a dividend yield of 4.80%, as of January 15. It is among dividend aristocrats that slashed their dividends.

At the end of September 2023, 15 hedge funds in Insider Monkey’s database reported having stakes in Pitney Bowes Inc. (NYSE:PBI), compared with 17 in the preceding quarter. The overall value of these stakes is nearly $17 million.

1. Walgreens Boots Alliance, Inc. (NASDAQ:WBA)

Date Removed from S&P Dividend Aristocrats: 2024

Walgreens Boots Alliance, Inc. (NASDAQ:WBA) tops our list of dividend aristocrats that slashed their dividends. The global pharmacy-led health and well-being company significantly reduced its dividend to $0.25 on January 4, nearly cutting it in half. This decision comes after a remarkable track record of consistently increasing dividends for 47 consecutive years. As of January 15, the stock has a dividend yield of 4.30%.

At the end of Q3 2023, 31 hedge funds in Insider Monkey’s database owned stakes in Walgreens Boots Alliance, Inc. (NASDAQ:WBA), worth nearly $460 million.

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