Investors have enjoyed many years of cheering for dividend hikes. Now there is some belief that after a seven and a half year bull market run that many companies will have a hard time raising their dividends with as much vigor (or at all) in the years ahead. Roughly half of all total returns through time come from dividends, so investors who want a solid dividend strategy ahead are much more likely to prefer those companies that have a history of raising their dividends year after year — and that can keep raising dividends ahead.

24/7 Wall St. has gone through the stocks that fall into the Dividend Aristocrats category. These are the companies inside the S&P 500 Index with a history of raising their dividends for 25 years or more. We have already featured seven Dow stocks as dividend aristocrats, and now we have screened out 14 companies in the S&P 500 index that also fall in the 25-year dividend hike group and that likely can keep raising their dividends ahead.

Many investors are wondering if the bull market can continue into and after a presidential regime change into 2017 and beyond. That means that if they want dividend growth they are likely to look at companies that have more predictable earnings and solid payout ratios to make sure the dividends are protected. Stocks are also not cheap at all by historic standards.

In an effort to keep investors from just chasing dividends blindly, 24/7 Wall St. screened out the dividend aristocrats which seem more likely to have a hard time hiking those dividends year after year ahead. After all, some companies just cannot maintain their pace of hikes indefinitely.

Investors should keep in mind that not even one-third of the current 30 Dow stocks have a history of 25 consecutive years of dividend hikes. We have included direct commentary about each company’s dividend hike history in this review. In an effort to make sure that dividend growth was likely to continue, the consensus dividend estimates or the dividend growth rates from Thomson Reuters were used for the year or years ahead.

These are 14 companies in the S&P 500 Index that have at least a 25 year history of dividend hikes and that seem likely to keep increasing their dividends in the coming years. We have also included trading data and valuations for additional relative data.

1. AT&T
> Telecom
> Yield: 4.6%

In December 2015, AT&T Inc. (NYSE: T) increased its dividend for the 32nd consecutive year. As a reminder, the Dow Jones Industrial Average no longer includes AT&T. Still, this would actually be the highest yielding Dow stock had it remained — and the DirecTV merger may have even given AT&T better dividend coverage. The consensus estimate from Thomson Reuters shows that earnings per share will grow by 5% or so per year, while dividend growth is expected to be closer to 2%, which should imply a growing dividend coverage and payout ratio in the years ahead.

Shares of AT&T closed most recently at $40.85, with a consensus analyst price target of $42.83 and a 52-week trading range of $32.17 to $43.89. The company has a market cap of $251 billion.

2. Abbott Labs
> Health Care
> Yield: 2.5%

As of 2016, Abbott Laboratories (NYSE: ABT) has paid a dividend every quarter since 1924. Did we need any more proof that health care, medical devices and medicine is lucrative through all periods? Abbott Labs also has increased the dividend payout for 44 consecutive years. Analysts see the dividend rising from $1.04 in 2016 to $1.14 and $1.24, respectively, for the next two years.

Shares of Abbot Labs closed at $42.29, with a consensus price target of $7.42 and a 52-week range of $36.00 to $46.38. The market cap is $62 billion.

3. Aflac
> Financial/Insurance
> Yield: 2.3%

Aflac Inc. (NYSE: AFL) raised its payout in October 2015. That marked the 33rd consecutive year of increasing its cash dividend, many years longer than any of us have known the Aflac duck. Aflac’s analysts following the company see the dividend rising roughly 6% for each of the next two years.

Aflac shares closed at $72.47. The consensus price target is $72.00, and the 52-week range is $54.57 to $74.50. The market cap is nearly $30 billion.

4. ADP
> Business Services
> Yield: 2.4%

Automatic Data Processing Inc. (NASDAQ: ADP) saw a hike in November 2015, noting that it had increased its cash dividend for its 41st consecutive year. With the announcement of the spin-off of CDK Global in 2014, ADP stated its intention to continue its track record of annual dividend increases with a pre-separation target dividend payout ratio of 55% to 60%. That $2.12 annualized dividend payout is expected to grow to $2.45 per share by 2019.

Shares were last seen at $87.45. The consensus price target is $93.08, and the 52-week range is $76.65 to $96.00. The market cap is less than $40 billion.

5. Becton Dickinson
> Health Care
> Yield: 1.5%

Becton, Dickinson and Co. (NYSE: BDX) announced in late 2015 that it had completed the largest acquisition in its history, but it was also the 44th consecutive fiscal year in which it had raised the dividend. Earnings growth is projected to be 10% or so 2016, and dividend per share growth is expected to be 9% to 10% this year and next.

Its shares closed at $179.17, with a consensus price target of $183.04 and a 52-week range of $129.50 to $181.76. The market cap is $38 billion.

6. Clorox
> Consumer Products
> Yield: 2.5%

Clorox Co. (NYSE: CLX) last hiked its dividend in May 2016, up 4% to $0.80 per share per quarter. The consumer products player said that its total annual dividends paid to shareholders has increased each year since 1977. Clorox has a higher valuation than its two largest consumer products peers, so it lags the two in yield.

Clorox shares closed at $126.02. The consensus price target is $127.55. The 52-week range is $114.06 to $140.47. The company has a market cap of $16 billion.

7. Consolidated Edison
> Utility
> Yield: 3.4%

Consolidated Edison Inc. (NYSE: ED) showed earlier in 2016 that its dividend hike was the 42nd consecutive annual increase for its shareholders. The company also included a note saying that this was actually the longest successive streak of dividend increases of any utility in the S&P 500 Index. Earnings growth is projected to be only 4% or so, with dividend growth of 2% to 3%.

Shares of Consolidated Edison closed at $77.17, within a 52-week range of $60.30 to $81.88. The consensus price target is $75.14. The market cap is $23.5 billion.

8. Franklin Resources
> Financial Services
> Yield: 2.1%

Franklin Resources Inc. (NYSE: BEN) is one of the top U.S. and international asset management firms. Its 20% increase in the payout in June kept its tradition of raising its dividend every year since 1981 for a 35-year streak. Franklin Resources should be pointed out as having a decline in earnings per share ahead, but the dividend coverage is easily high enough at three-to-one that it may have plenty of room to hike ahead.

Shares of Franklin Resources closed at $34.94. The total market cap is $20 billion. The stock has a consensus price target of $34.25 and a 52-week range of $30.56 to $42.23.

9. Kimberly-Clark
> Consumer Products
>Yield: 2.9%

In February 2016, Kimberly-Clark Corp. (NYSE: KMB) announced a dividend hike to $3.69 per share on an annualized basis. This was its 44th consecutive year that the consumer products giant has raised its dividend and was the 82nd straight year the company has paid dividends. Kimberly-Clark is expected to have 5% to 7% earnings per share growth, with the dividend growth expected to marginally trail that growth. This stock is now down close to 10% from its 52-week high.

Kimberly-Clark shares closed at $126.48, with a consensus price target of $137.82 and a 52-week range of $107.79 to $138.87. The market cap is $45.5 billion.

10. Medtronic
> Health Care
> Yield: 1.9%

Medtronic PLC (NYSE: MDT) is a dominating medical devices company. In June of 2015 its dividend hike took the payout ratio to approximately 35%, with a 40% goal in the coming years. Medtronic then raised its dividend from $0.38 to $0.42 in June of 2016 to get closer in line with its prior target hike. Medtronic has now seen 39 consecutive years of dividend hikes. Its consensus earnings per share growth is expected to be close to the double-digits each year through 2019, and the consensus dividend growth is expected to more or less remain in step.

Shares of Medtronic closed at $86.74. The consensus price target is $94.89, the 52-week range is $66.24 to $89.27 and the market cap is $120 billion.

11. PepsiCo
> Consumer
> Yield: 2.8%

PepsiCo Inc. (NYSE: PEP) hiked its dividend in May of 2016. This was the 44th consecutive annual dividend hike and keeps it in the dividend chase against rival Coca-Cola. PepsiCo has been paying consecutive quarterly cash dividends since 1965. Pepsi’s earnings per share growth is expected to be about 8% for 2017 and 2018, and the consensus estimate for dividend growth is expected to remain in step or a tad behind that growth.

Pepsi shares closed at $107.38, with a consensus price target of $117.60 and a 52-week range of $92.53 to $110.94. The company has a market cap of $154.5 billion.

12. Sysco
> Food
> Yield: 2.5%

Sysco Corp. (NYSE: SYY) has paid quarterly cash dividends on its common stock since becoming a public company in 1970. The food giant has increased its dividend 46 times, and it now has its activist investor fight largely behind it. Sysco’s consensus earnings per share growth is more like 10%, but analysts see 3% dividend growth next year and 5% the following year.

The shares recently closed at $49.44, within a 52-week range of $48.72 to $53.54. The consensus price target is $51.91. The market cap is $27.5 billion.

13. Target
> Retail
> Yield: 3.6%

In June of 2016, Target Corp. (NYSE: TGT) announced that its third-quarter dividend would be the 196th consecutive one paid since October 1967 (the year it came public). With the 7% increase in 2016, it also marked Target’s 45th consecutive year that the retail giant had increased its annual dividend. The consensus analyst target sees earnings per share growth of 5% to 7% ahead, while the dividend growth is expected to slightly outpace that growth.

Target shares closed at $67.82, with a consensus price target of $74.41 and a 52-week range of $65.50 to $84.14. The market cap is $39 billion.

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14. T. Rowe Price
> Financial Services
> Yield: 3.3%

T. Rowe Price Group Inc. (NASDAQ: TROW) announced that its March 2016 dividend marked the 30th consecutive year since its initial public offering that the asset management firm has increased its regular annual dividend. Investors are expecting that 2016 earnings will drop but recover thereafter.

Shares of T. Rowe Price closed at $66.35. The consensus price target is $73.92, and the 52-week range is $63.57 to $79.00. The company has a market cap of $16.5 billion.

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