10 Dividend Growth Stocks For August 2023

Top 10 text on notebook in hand businesswoomen.

Inna Kot

In my monthly series, 10 Dividend Growth Stocks, I rank a selection of Dividend Radar stocks and present the ten top-ranked stocks for further research and possible investment. Dividend Radar is a weekly automatically generated spreadsheet of dividend


  • Ticker: highlighted for stocks I own in my DivGro portfolio

  • Qual: see this article for the color scheme

  • Fwd Yield: green if Fwd Yield5-Avg Yield

  • 5-YOC: green if 5-YOC ≥ 4.0%, yellow if 5-YOC ≥ 2.5% (but less than 4.0%), and red if 5-YOC < 2.5%

  • Price: green if PriceBuy Below

Rank Company (Ticker) Sector Supersector
1 Johnson & Johnson (JNJ) Health Care Defensive
2 The Procter & Gamble Company (PG) Consumer Staples Defensive
3 Walmart Inc. (WMT) Consumer Staples Defensive
4 Microsoft Corporation (MSFT) Information Technology Sensitive
5 Visa Inc. (V) Financials Cyclical
6 Costco Wholesale Corporation (COST) Consumer Staples Defensive
7 NIKE, Inc. (NKE) Consumer Discretionary Cyclical
8 Automatic Data Processing, Inc. (ADP) Industrials Sensitive
9 The Hershey Company (HSY) Consumer Staples Defensive
10 Cisco Systems, Inc. (CSCO) Information Technology Sensitive

  1. Stock Quality: Quality scores ≥ 21 (Exceptional, Excellent, or Fine ratings)
  2. Stock Valuation: Price ≤ Buy Below price (trades below my risk-adjusted Buy Below price)
  3. Growth Outlook: Qualifying ACNs (likely to deliver annualized returns of 8%)
  4. Income Outlook: 5-year YoC ≥ 4.00% (likely to have high YoCs after 5 years of ownership)
  5. Dividend Quality: A+ or A Dividend Quality Grades

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