5 Dividend Growth Stocks with Over 3% Yield

In this article, we will discuss 5 dividend growth stocks with over 3% yield. If you want to read our detailed analysis of dividend growth stocks and their performance over the years, go directly to read 10 Dividend Growth Stocks with over 3% Yield. 

5. Philip Morris International Inc. (NYSE:PM)

Dividend Yield as of May 11: 5.22%

Philip Morris International Inc. (NYSE:PM) is a Connecticut-based tobacco company that also specializes in other nicotine products. The company offers a quarterly dividend of $1.30 per share and has a dividend yield of 5.22%, as of May 11. It is one of the best dividend growth stocks as the company has raised its dividends for the past 14 years in a row.

At the end of Q4 2023, 68 hedge funds tracked by Insider Monkey held stakes in Philip Morris International Inc. (NYSE:PM), growing from 62 in the previous quarter. The consolidated value of these stakes is over $5.5 billion. With over 15 million shares, Fundsmith LLP was the company’s leading stakeholder in Q4.

4. Pfizer Inc. (NYSE:PFE)

Dividend Yield as of May 11: 6.01%

Pfizer Inc. (NYSE:PFE) is a New York-based pharmaceutical company that specializes in developing innovative medicines. The company declared a quarterly dividend of $0.42 per share on April 24, which fell in line with its previous dividend. Overall, it has been growing its dividends for the past 14 years, which makes PFE one of the best dividend growth stocks on our list.

The number of hedge funds tracked by Insider Monkey owning stakes in Pfizer Inc. (NYSE:PFE) grew to 79 in Q4 2023, from 73 in the previous quarter. The total value of these stakes is over $2.2 billion.

3. 3M Company (NYSE:MMM)

Dividend Yield as of May 11: 6.11%

3M Company (NYSE:MMM) is next on our list of the best dividend growth stocks with high yields. The American multinational conglomerate maintains a 66-year track record of consistent dividend growth. It currently offers a quarterly dividend of $1.51 per share and has a dividend yield of 6.11%, as of May 11. In FY23, the company returned $3.3 billion to shareholders through dividends.

3M Company (NYSE:MMM) was a part of 62 hedge fund portfolios at the end of Q4 2023, up from 54 in the previous quarter, as per Insider Monkey’s database. The stakes owned by these hedge funds have a collective value of over $1.75 billion. With over 3.1 million shares, Balyasny Asset Management was the company’s leading stakeholder in Q4.

2. Verizon Communications Inc. (NYSE:VZ)

Dividend Yield as of May 11: 6.58%

Verizon Communications Inc. (NYSE:VZ) is an American multinational telecommunications, based in New York. The company’s quarterly dividend currently comes in at $0.665 per share for a dividend yield of 6.58%, as of May 11. With a dividend growth streak of 17 years, VZ is one of the best dividend growth stocks with high yields.

Insider Monkey’s database of Q4 2023 showed that 63 hedge funds owned stakes in Verizon Communications Inc. (NYSE:VZ), up from 61 in the previous quarter. These stakes have a total value of more than $2.6 billion.

1. Altria Group, Inc. (NYSE:MO)

Dividend Yield as of May 11: 8.73%

Altria Group, Inc. (NYSE:MO) tops our list of the best dividend growth stocks with high yields. The company currently offers a quarterly dividend of $0.98 per share and has a dividend yield of 8.73%, as recorded on May 11. It maintains a 54-year track record of consistent dividend growth.

At the end of the fourth quarter of 2023, 42 hedge funds in Insider Monkey’s database reported having stakes in Altria Group, Inc. (NYSE:MO), growing from 40 in the previous quarter. The collective value of these stakes is over $1.08 billion.

You can also take a look at 12 Best Gig Economy Stocks To Buy and Wall Street Analysts See Upside Potential for 10 Stocks with Rising Price Targets