Even though Thanksgiving week was a short trading week, there were still plenty of companies that raised their dividends -- from food companies to water companies to medical companies.
Stockpickr has reviewed all the recent dividend declarations and compiled a list of the top dividend increasers for Thanksgiving week.
One of the top dividend raisers was medical devices manufacturer Becton, Dickinson and Company (BDX). (Jim Cramer discussed the company in a video on TheStreet.com TV called "How to Spot the Next Winners".) Becton Dickenson boosted their quarterly dividend by 15.8% to 33 cents per share. They also authorized additional share purchases. In September, they were downgraded at Credit Suisse from Outperform to Neutral.The stock has a P/E ratio of 14, which is below the industry average of 16, a respectable PEG ratio of 1.04 and pays a dividend yield of 2.1%.
Becton Dickenson is favored by Al Gore's hedge fund Generation Investment Management, which he founded with David Blood, a former Goldman Sachs executive. They have over $1 billion under management. Generation also owns Johnson Controls (JCI) with a yield of 2.9%, AFLAC (AFL) with a yield of 2.4% and General Electric (GE) -- one of the top most-searched stocks on TheStreet.com -- with a yield of 7.2%.
Another dividend increaser is Hormel Foods (HRL). The marketer of meat and food products bumped up its dividend by 2.7% to 19 cents a share per quarter, its 43rd consecutive annual dividend increase. Although their fiscal fourth-quarter profit dropped by 33%, their results still beat Wall Street expectations. The stock has a P/E of 13, a PEG of 1.41 and a yield of 2.9%.
Hormel is owned by SEI U.S. Managed Volatility Fund, which has a five-star rating by Morningstar and is managed by Theodore Aronson. This capital appreciation fund also owns General Mills (GIS, yield: 2.7%), Newmont Mining (NEM, yield: 1.2%) and Exxon Mobil (XOM, yield: 2%). Exxon Mobil is a also stock that Cramer would break into the 80's).
Natural gas utility South Jersey Industries (SJI) also raised its dividend, boosting it by 10% to 29.75 cents per share. SJI has a P/E ratio of 16, a PEG of 2.38 and a yield of 3.1%.
For a list of all the top dividend increasers for Thanksgiving week, go to Dividend Increasers for the Week Ending 11-29-08 on Stockpickr.com.
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