The best dividend stocks are not necessarily the ones with the highest dividend yields. In fact, stocks with extremely high yields often also have high payout ratios, and dividends are only as good as the companies paying them.
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When companies run into financial trouble, a dividend cut is often one of the first lines of defense. Companies that are aggressively growing their dividends may not pay the highest yields today, but they could be excellent long-term investments. Here are 10 stocks Morningstar analysts recommend that have more than doubled their dividends in the past 10 years:
| Stock | Forward Yield* | 10-Year Dividend Growth |
| UnitedHealth Group Inc. (ticker: UNH) | 3.1% | 342% |
| Best Buy Co. Inc. (BBY) | 5.6% | 313% |
| American Tower Corp. (AMT) | 3.0% | 286% |
| Mondelez International Inc. (MDLZ) | 2.6% | 213% |
| Nike Inc. (NKE) | 2.2% | 186% |
| Prologis Inc. (PLD) | 3.8% | 181% |
| Extra Space Storage Inc. (EXR) | 4.4% | 175% |
| Hershey Co. (HSY) | 3.2% | 156% |
| United Parcel Service Inc. (UPS) | 6.6% | 125% |
| Target Corp. (TGT) | 4.4% | 115% |
*As of July 17 close.
UnitedHealth Group Inc. (UNH)
UnitedHealth is the largest U.S. managed health care firm, providing health plans and health care services to a wide range of customers. Despite the stock’s poor performance over the past year, UnitedHealth recently raised its dividend by 5.2%, a signal to investors that management remains confident in the company’s financial outlook. Analyst Julie Utterback says investors should be buying the dip in UnitedHealth, a company she says is the strongest managed care organization she covers. Morningstar has a “buy” rating and $530 fair value estimate for UNH stock, which closed at $288.07 on July 17.
Current annual dividend: $8.84 per share, yielding 3.1% Dividend growth since 2015: 342%
Best Buy Co. Inc. (BBY)
Best Buy is a leading North American consumer electronics and entertainment software retailer. Analyst Noah Rohr says Best Buy’s investor sentiment has taken a hit in 2025 due to tariff uncertainty, but the company’s underlying business has been solid. Rohr says Best Buy has made all the right moves to defend its business in the highly competitive consumer electronics market. Those moves include prioritizing operational efficiency, customer service, capital discipline and incremental profit streams. Rohr says Best Buy has also effectively used its stores for fulfillment. Morningstar has a “buy” rating and $87 fair value estimate for BBY stock, which closed at $67.67 on July 17.
Current annual dividend: $3.80 per share, yielding 5.6% Dividend growth since 2015: 313%
American Tower Corp. (AMT)
American Tower is a specialized real estate investment trust (REIT) that operates the world’s largest independent portfolio of wireless communications and broadcast towers. Analyst Samuel Siampaus says American Tower has performed well in 2025, including reporting 4.7% same-tower organic revenue growth (5.5% when excluding Sprint-related cancellations). Siampaus says Africa and Europe have been particularly strong markets, and American Tower is benefiting from its geographically diversified portfolio. Morningstar has a “buy” rating and $243 fair value estimate for AMT stock, which closed at $223.04 on July 17.
Current annual dividend: $6.80 per share, yielding 3% Dividend growth since 2015: 286%
Mondelez International Inc. (MDLZ)
Mondelez is one of the world’s largest snack food companies and is the owner of popular brands such as Cadbury, Oreo and Trident. Analyst Erin Lash says Mondelez’s $9 billion buyback authorization in late 2024 likely indicates the company is prioritizing targeted, bolt-on acquisitions rather than a large transformational buyout target such as Hershey. Lash says buybacks are a prudent use of capital for Mondelez at its current valuation, and near-term sentiment headwinds such as obesity drugs and the “Make America Healthy Again” initiative will eventually pass. Morningstar has a “buy” rating and $75 fair value estimate for MDLZ stock, which closed at $69.80 on July 17.
Current annual dividend: $1.88 per share, yielding 2.6% Dividend growth since 2015: 213%
Nike Inc. (NKE)
Nike is the world’s leading designer and producer of high-quality athletic footwear, as well as athletic apparel and accessories. Analyst David Swartz says Nike CEO Elliott Hill’s turnaround strategy for the company includes focusing on strong wholesale partnerships with Amazon and other dealers, prioritizing sports products and innovating to create unique offerings. Swartz says China has been a particularly difficult market recently, but he believes China remains a significant long-term opportunity for Nike. He anticipates Nike will gain market share and reduce discounting in fiscal 2026. Morningstar has a “buy” rating and $112 fair value estimate for NKE stock, which closed at $72.98 on July 17.
Current annual dividend: $1.60 per share, yielding 2.2% Dividend growth since 2015: 186%
[Read: 7 Dividend Stocks to Buy and Hold Forever]
Prologis Inc. (PLD)
Prologis is an industrial REIT that specializes in logistics real estate. Analyst Suryansh Sharma says Prologis’ properties are valuable assets located in attractive markets that have growing consumption, high population densities and difficult barriers to entry for competitors. He says these markets also typically have extensive transportation infrastructure. In fact, Sharma estimates Prologis’ properties can support roughly $37 billion in new development projects in the coming years. Finally, he says the company’s strategic capital segment generates significant high-margin fee revenue from property and asset management services. Morningstar has a “buy” rating and $125 fair value estimate for PLD stock, which closed at $106.43 on July 17.
Current annual dividend: $4.04 per share, yielding 3.8% Dividend growth since 2015: 181%
Extra Space Storage Inc. (EXR)
Extra Space Storage is one of the largest publicly traded self-storage REITs. Sharma says the self-storage industry remains challenged in 2025, but Extra Space has unique attributes that can help it outperform its peer group. The company’s insurance business is very profitable, and its third-party management business is the largest in the U.S. Sharma says these non-core businesses have allowed Extra Space to expand its footprint and improve its data sophistication without investing a significant amount of capital. The self-storage industry has also historically been recession-resistant. Morningstar has a “buy” rating and $165 fair value estimate for EXR stock, which closed at $147.27 on July 17.
Current annual dividend: $6.48 per share, yielding 4.4% Dividend growth since 2015: 175%
Hershey Co. (HSY)
Hershey is a global confectionary leader known for its chocolates, but the company also produces mints, gums, and other snacks and sweets. Lash says Hershey CEO Michele Buck has done an excellent job navigating profitability challenges tied to rising cocoa prices and tariff-related disruptions. Hershey has also reduced its international exposure, focusing on its leading U.S. position. Buck says the company’s capacity expansion and investments in digital sales and supply chain improvements have helped position Hershey as an excellent long-term dividend investment. Morningstar has a “buy” rating and $209 fair value estimate for HSY stock, which closed at $171.23 on July 17.
Current annual dividend: $5.48 per share, yielding 3.2% Dividend growth since 2015: 156%
United Parcel Service Inc. (UPS)
United Parcel Service is the global leader in package delivery, including ancillary transport services such as air and ocean forwarding and customs brokerage. UPS has a 6.6% dividend, the highest yield of any stock on this list. Analyst Matthew Young says UPS has consistently generated operating margins higher than its major competitors, even with its unionized workforce. Young says UPS benefits from its ability to handle both express and ground packages in a single network. He says e-commerce growth will continue to be a long-term tailwind. Morningstar has a “buy” rating and $145 fair value estimate for UPS stock, which closed at $99.50 on July 17.
Current annual dividend: $6.56 per share, yielding 6.6% Dividend growth since 2015: 125%
Target Corp. (TGT)
Target is one of the largest U.S. discount retailers. Not only has it doubled its dividend in the past 10 years, Target is an S&P 500 Dividend Aristocrat. The Dividend Aristocrats are an exclusive club of stocks that have raised their dividends for at least 25 consecutive years, and Target more than meets that threshold with an impressive 53-year dividend hike streak. Rohr says fiscal 2025 may be tumultuous for Target, but he forecasts same-store sales growth in the low-single-digit range in the long term. Morningstar has a “buy” rating and $135 fair value estimate for TGT stock, which closed at $103.65 on July 17.
Current annual dividend: $4.56 per share, yielding 4.4% Dividend growth since 2015: 115%
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10 Stocks That Have Doubled Their Dividends in 10 Years originally appeared on usnews.com
Update 07/18/25: This story was previously published at an earlier date and has been updated with new information.