Billionaire Ken Fisher’s Top 5 Dividend Growth Stock Picks

2. Caterpillar Inc. (NYSE:CAT)

Fisher Asset Management’s Stake Value: $1,770,496,000
Dividend Yield as of February 16: 1.93%
Consecutive Years of Dividend Growth: 28

Caterpillar Inc. (NYSE:CAT) is a Texas-based company that specializes in the production of construction equipment. At the end of Q4 2022, Fisher Asset Management owned over 7 million shares, worth over $1.7 billion. The company represented 1.19% of the firm’s 13F portfolio.

Caterpillar Inc. (NYSE:CAT) is one of the top dividend growth stock picks of Ken Fisher as the company has been raising its payouts continuously for the past 28 years. It offers a quarterly dividend of $1.20 per share and has a dividend yield of 1.93%, as of February 16.

At the end of Q3 2022, 43 hedge funds tracked by Insider Monkey owned stakes in Caterpillar Inc. (NYSE:CAT), compared with 45 in the previous quarter. These stakes are valued at over $2.8 billion collectively. Among these hedge funds, Bill & Melinda Gates Foundation Trust was the company’s leading stakeholder in Q3.

Diamond Hill Capital mentioned Caterpillar Inc. (NYSE:CAT) in its Q4 2022 investor letter. Here is what the firm has to say:

“In the case of Caterpillar Inc. (NYSE:CAT), the company reported a better-than-expected Q3 as demand in mining, non-residential construction and energy remained healthy through the year even as recession fears grew. Caterpillar showed strong pricing power and operating efficiency in the face of supply chain constraints and labor shortages, which in turn contributed to better-than-expected share price performance.”