These 5 Dow Stocks Will Boost Their Dividends Soon

In this article, we discuss 5 Dow stocks that will boost their dividends soon. If you want to read our detailed analysis of dividend stocks and their performance over the years, go directly to read These Dow Stocks Will Boost Their Dividends Soon. 

5. The Coca-Cola Company (NYSE:KO)

Expected Month for Dividend Increase: February 2024

The Coca-Cola Company (NYSE:KO) is a global beverage corporation primarily focused on the production, marketing, and distribution of non-alcoholic beverages. The company currently pays a quarterly dividend of $0.46 per share and has been growing its dividends for the past 61 years. It has consistently increased its dividend during the month of February over the last few years. Based on this observed trend from previous years, there’s an anticipation that this Dow stock will boost its dividend soon. As of January 5, the stock has a dividend yield of 3.08%.

At the end of September 2023, 57 hedge funds tracked by Insider Monkey owned stakes in The Coca-Cola Company (NYSE:KO), with a collective value of over $57 billion. Warren Buffett’s Berkshire Hathaway was the company’s leading stakeholder in Q3.

4. The Home Depot, Inc. (NYSE:HD)

Expected Month for Dividend Increase: February 2024

The Home Depot, Inc. (NYSE:HD) is next on our list of the Dow stocks that will boost their dividends soon. The American home improvement company last raised its dividend in February 2023 by 10% to $2.09 per share. Based on the consistent pattern established over the past few years, there’s an expectation that the company will continue this trend and announce a dividend raise in the upcoming February. The stock has a dividend yield of 2.44%, as of January 5.

The number of hedge funds tracked by Insider Monkey owning stakes in The Home Depot, Inc. (NYSE:HD) grew to 76 in the third quarter 2023, from 68 in the previous quarter. The overall value of these stakes is nearly $5.2 billion.

3. Cisco Systems, Inc. (NASDAQ:CSCO)

Expected Month for Dividend Increase: February 2024

Cisco Systems, Inc. (NASDAQ:CSCO) is an American multinational technology conglomerate primarily focused on networking hardware, software, and related services. On November 15, the company declared a quarterly dividend of $0.39 per share, which was in line with its previous dividend. Over the last several years, the company has consistently chosen the month of February to augment its dividend and is expected to do the same this coming February. As of January 5, the stock offers a dividend yield of 3.11%.

Insider Monkey’s database of Q3 2023 showed that 64 hedge funds owned stakes in Cisco Systems, Inc. (NASDAQ:CSCO), growing from 55 in the previous quarter. These stakes are collectively valued at over $1.6 billion. Among these hedge funds, AQR Capital Management was the company’s leading stakeholder in Q3.

2. Walmart Inc. (NYSE:WMT)

Expected Month for Dividend Increase: February 2024

An American retail giant, Walmart Inc. (NYSE:WMT) is one of the Dow stocks that will boost their dividends soon. The company last raised its dividend in February 2023 for the 50th consecutive year. It currently pays a quarterly dividend of $0.57 per share and has a dividend yield of 1.45%, as of January 5.

At the end of the third quarter of 2023, 80 hedge funds tracked by Insider Monkey reported having stakes in Walmart Inc. (NYSE:WMT), worth collectively nearly $6 billion.

1. American Express Company (NYSE:AXP)

Expected Month for Dividend Increase: March 2024

American Express Company (NYSE:AXP) is a global financial services corporation primarily known for its charge card, credit card, and traveler’s cheque services. It tops our list of the Dow stocks that will boost their dividends soon. The company offers a quarterly dividend of $0.60 per share and has a dividend yield of 1.27%, as of January 5. In the last two years, the company increased its dividends in March and is likely to do the same this March.

Of the 910 hedge funds tracked by Insider Monkey at the end of Q3 2023, 74 funds owned stakes in American Express Company (NYSE:AXP), compared with 73 in the preceding quarter. These stakes are worth over $25.6 billion in total.

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