Dividend aristocrats are popular with investors. After all, what dividend investor wouldn’t want to own the stocks of companies with a history of growing their dividends consistently over time?

What is a dividend aristocrat?

Dividend aristocrats are defined as companies that’ve increased their dividends every year for 25 years or longer. There are currently more than 60 dividend aristocrats among the companies included in the S&P 500.

Investors often buy dividend aristocrats because they expect companies with a history of dividend growth to be able to continue to grow their dividends in the future. In addition, dividend aristocrats are mature companies with sufficient earnings to continue to increase their dividends and are run by management teams that prioritize dividends in the capital structure.

That being said, dividend aristocrats aren’t immune to dividend cuts. Early in 2024, for instance, onetime dividend aristocrat Walgreens Boots Alliance WBA cut its dividend nearly in half.

How can investors avoid those dividend aristocrats that may be more likely to cut their dividends?

“Companies with wide economic moats have been less likely to cut dividends than companies with narrow moats,” explains Morningstar Indexes strategist Dan Lefkovitz. “No-moat businesses are most likely to cut.”

To come up with our list of the best dividend aristocrats to buy, we screened on the following:

  • Dividend stocks included in the US listed ProShares S&P 500 Dividend Aristocrats ETF NOBL
  • Dividend aristocrats with Morningstar Economic Moat Ratings of narrow or wide

These are the dividend aristocrats from the screen that are trading at the largest discounts to Morningstar’s fair value estimates. Data is as of July 25, 2025.

The 10 best dividend aristocrats to buy now

These undervalued stocks have wide or narrow economic moats and have grown their dividends for at least 25 consecutive years.

  1. Becton Dickinson BDX
  2. Brown-Forman BF.B
  3. Clorox CLX
  4. ExxonMobil XOM
  5. Medtronic MDT
  6. West Pharmaceutical Services WST
  7. Amcor AMCR
  8. PepsiCo PEP
  9. Nordson NDSN
  10. Kimberly-Clark KMB

Here’s a little bit from the Morningstar analyst who covers each company, along with some key metrics for each dividend aristocrat. All data is as of July 25, 2025.

Becton Dickinson

  • Morningstar Price/Fair Value: 0.69
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Narrow
  • Forward Dividend Yield: 2.24%
  • Sector: Healthcare

Becton Dickinson tops our list of dividend aristocrats to buy. We think the world’s largest manufacturer and distributor of medical and surgical products has carved out a narrow economic moat. The company announced plans to combine its life sciences business with Waters WAT; the deal is expected to close in early 2026. Morningstar director Alex Morozov thinks Becton Dickinson is getting the better side of the deal, both in terms of its valuation and strategic focus. The stock looks attractive, trading 31% below our fair value estimate of $270.

After a tumultuous few years, Becton Dickinson is in the midst of a course correction. Alaris has returned to the market and recaptured most of its lost share, the pipeline has produced a number of successful products, the pharmaceutical business is capitalizing on attractive industry tailwinds, and the recently acquired Edwards patient monitoring business fits well with the core offering. The pending spinoff of the life sciences segment marks the next big step—a strategically reasonable yet ill-timed decision.

BD’s recent history is nothing but a series of major missteps, resulting in the company’s stock being one of the medical technology industry’s worst performers over the last five years. The biggest blemish on BD’s reputation was the disastrous recall of Alaris, but even beyond that, the company’s performance has been poor. Concerns about management’s strategic vision and execution are well-founded and have not abated following the announcement of the spinoff of the life sciences business.

We find the strategic rationale for the spinoff reasonable. The diagnostic and biosciences businesses have little overlap with the remainder of BD, and they have delivered strong profitability and returns despite little reinvestment. While we do not think these segments enjoy the same competitive advantage as the rest of the company, they remain attractive and could grow faster with increased investment. However, the hurried announcement and highly unfortunate timing—with constrained academic and government research spending in the US in particular—will likely prevent this segment from fetching its full value.

BD’s remaining segments have near-term challenges as well, but medium- to long-term prospects look compelling. Returning to mid-single-digit growth once the economic environment stabilizes is achievable, but given the company’s subpar record, this is not a guarantee.

Brown-Forman

  • Morningstar Price/Fair Value: 0.74
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Wide
  • Forward Dividend Yield: 2.93%
  • Sector: Consumer Defensive

The first wide moat stock on our list of undervalued dividend aristocrats, Brown-Forman, trades 26% below our fair value estimate. The manufacturer of premium distilled spirits, including Jack Daniel’s, earns that wide economic moat rating because of its strong brand loyalty and tight client relationships, explains Morningstar analyst Dan Su. We expect dividend payments to grow alongside earnings. We think shares are worth $42.

We award a wide economic moat rating to Brown-Forman, primarily based on the strong brand intangible assets associated with the spirits maker’s premium American whiskey portfolio that makes up 71% of sales.

With over 150 years of distilling experience specializing in Tennessee whiskey and Kentucky bourbon, Brown-Forman has earned accolades and loyalty from drinkers for distinct flavors and consistent quality, building strong brand equity for its core Jack Daniel’s trademark in the US and globally. We are constructive on the growth prospects of the premium spirits maker, as its high-end positioning in the structurally attractive whiskey category (where a lengthy maturation process creates significant entry barriers) aligns well with the industry’s premiumization trend. Beyond this, we surmise the firm is poised for volume expansion, thanks to a strong innovation pipeline promising new releases not only in whiskeys and tequilas, but also in the attractive, fast-growing ready-to-drink category. In particular, close collaboration with wide-moat Coca-Cola for the global launch of the Jack and Coke premix cocktail should allow the distiller to capitalize on demand tailwinds and benefit from Coke’s distribution clout internationally. Additionally, recent entry into new categories of gin and rum via acquisitions of super-premium brands should broaden the appeal of Brown-Forman’s overall alcohol portfolio and add a new avenue of growth, though the revenue contribution will likely remain small in the near future.

Brown-Forman’s growth outlook is not without risks, though. The distiller and its spirits peers are facing regulatory headwinds in developed countries and rising consumer caution regarding the health impact of alcoholic beverages. While acquisitions can accelerate category diversification, integration missteps may pose a risk. The ongoing trade tension between the US and key trading partners may also stall Brown Forman’s pace of overseas expansion. That said, we expect the distiller will continue to thrive, thanks to its advantaged competitive position and the Brown family’s long-term focus.

Clorox

  • Morningstar Price/Fair Value: 0.74
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Wide
  • Forward Dividend Yield: 3.73%
  • Sector: Consumer Defensive

Clorox offers one of the higher yields among the names on our list of the best dividend aristocrats to buy. Morningstar director Erin Lash expects mid-single-digit dividend growth over the next 10 years, resulting in a payout ratio near 60% long term. Clorox stock trades at a 26% discount to our $177 fair value estimate.

With its entrenched retail standing and unrelenting focus on investing behind its leading brand mix, Clorox has withstood the onslaught from covid, supply chain pressures, rampant inflation, and an August 2023 cybersecurity attack. More recently, it has acknowledged a step-up in promotional spending, particularly in litter, bags, and wrap. Still, we don’t believe this suggests an irrational competitive landscape or that the firm is pursuing a volume-over-value strategy. Rather, we think Clorox remains resolute in investing to support the long-term health of the business and ensure its competitive edge holds.

As e-commerce adoption has taken hold since the onset of the pandemic, Clorox has earmarked more than $500 million in spending to bolster its digital capabilities and to look for additional productivity advancements, which we view as a prudent way to boost investments. We’re encouraged that Clorox’s strategy remains anchored in bringing consumer-valued innovation to market and touting its fare in front of consumers, which we view as particularly critical against the current backdrop of tepid consumer spending and intense competition. Clorox goes to bat against lower-priced private-label fare in most categories, but we think investments in innovation and marketing should help its products win at the shelf and stifle trade-down. This underpins our forecast for Clorox to direct around 13% of sales annually—just north of $1 billion—toward research, development, and marketing.

Even with these investments, we believe Clorox is on the path back to the 44% gross margin that has historically characterized the business (up from the low 30s trough in the second quarter of fiscal 2022, when cost inflation proved to be a sizable headwind) by the end of fiscal 2025. And despite the potential hit from tariffs (which management pegs at $100 million on a 12-month basis, or just a low-single-digit percentage of cost of goods sold), we think Clorox will prudently use a combination of cost-savings endeavors, price pack architecture, and surgical price hikes to dull any hit to the margins.

ExxonMobil

  • Morningstar Price/Fair Value: 0.82
  • Morningstar Uncertainty Rating: High
  • Morningstar Economic Moat Rating: Narrow
  • Forward Dividend Yield: 3.59%
  • Sector: Energy

ExxonMobil is the only energy stock on our list of the top dividend aristocrats to buy. We think management will continue to prioritize dividend growth, but investors should expect more cash to be returned through repurchases, says Morningstar director Allen Good. We think ExxonMobil stock is worth $135.

Exxon is departing from industry trends by increasing spending to deliver $20 billion in earnings growth by 2030. Although the higher spending might sound alarming given the industry’s history of pursuing growth at the expense of returns, Exxon’s differentiated portfolio should enable it to do so while maintaining capital discipline and delivering returns. Its differentiated Guyana position and enlarged Permian position remain at the core of its portfolio, which offers capital-efficient volume and earnings growth. Meanwhile, the breadth of its downstream businesses opens new low-carbon business opportunities.

Going beyond the headline of increased spending—$27 billion to $29 billion in 2025 and $28 billion to $33 billion annually from 2026 to 2030—reveals hydrocarbon investment will remain flat even as production grows from 4.3 mmboed in 2024 to 5.4 mmboed in 2030. This is thanks to over 70% of upstream investment going toward the Permian, Guyana, and LNG, where Exxon has realized material capital efficiency gains. These areas should also deliver margin expansion, adding $9 billion in earnings.

Unlike some peers, Exxon will continue to grow Permian volumes from 1.5 mmboed in 2025 to 2.3 mmboed in 2030.

Based on volume growth and cost reductions, another $8 billion of earnings growth will come from product solutions—refining, chemicals, and specialty products.

By 2030, Exxon expects to deliver about $3 billion in earnings from new businesses in the production solutions and low-carbon segments, which span resins, low-emission fuels, carbon capture and storage, lithium, and low-carbon hydrogen. Spending on these lower emissions areas totals $30 billion through 2030 but requires policy support and market development. Thus, if the earnings don’t materialize, Exxon won’t invest.

The large portion of short-cycle spending, including the Permian, affords Exxon flexibility in the event of lower prices. Even so, with the current plan, growing cash flow results in falling reinvestment rates to 2030 and a $30/bbl dividend breakeven. So, as the higher spending breaks with peers, the earnings and cash flow growth and delivery of higher returns justify it.

Medtronic

  • Morningstar Price/Fair Value: 0.83
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Narrow
  • Forward Dividend Yield: 3.06%
  • Sector: Healthcare

Medtronic stock is significantly outperforming the market this year, yet it looks 17% undervalued relative to our $112 fair value estimate. One of the world’s largest medical-device companies, Medtronic aims to return a minimum of 50% of its annual free cash flow to shareholders but has been in the 60% to 70% range in recent years, observes Morningstar senior equity analyst Debbie Wang. We think distributions have been appropriate.

Medtronic’s standing as the largest pure-play medical-device maker remains a force to be reckoned with in the med-tech landscape. Medtronic’s diversified product portfolio aimed at a wide range of chronic diseases spans therapeutic areas including cardiac, diabetes, chronic pain, as well as various products for acute care. This has put Medtronic in a strong position as a major vendor to hospital customers.

All along, the firm has largely remained true to its fundamental strategy of innovation, which has often resulted in differentiated technology. It is often first to market with new products and has invested heavily in internal research and development efforts, as well as acquiring emerging technologies. However, in the postreform healthcare world where there are higher hurdles for securing reimbursement for next-generation technology, Medtronic has had to move in the direction of introducing meaningful innovation that can demonstrate measurable safety or efficacy improvements. The firm has also begun to partner more closely with its hospital clients by offering a greater breadth of products and services to help hospitals operate more efficiently.

While some technology platforms, such as cardiac rhythm management, have reached maturity, Medtronic has established a significant footprint in new therapies, including transcatheter aortic valves, pulsed field ablation for atrial fibrillation, and stent retrievers for ischemic stroke. The firm is also early out of the gate for emerging technologies like renal denervation for uncontrolled hypertension and pulsed field ablation for atrial fibrillation.

As with many device-makers, Medtronic has augmented its internal innovation with acquisitions of technology platforms, running the risk of overpaying. The large acquisition of Covidien depressed returns for far longer than typically seen among device-makers when engaging in mergers and acquisitions. We remain wary that Medtronic, by virtue of its size and cash flows, remains one of the few medical device competitors that could entertain another truly large acquisition.

West Pharmaceutical

  • Morningstar Price/Fair Value: 0.85
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Wide
  • Forward Dividend Yield: 0.33%
  • Sector: Healthcare

West Pharmaceutical is the lowest-yielding stock on our list of top dividend aristocrats to buy. The company is in a strong financial position and consistently generates healthy levels of cash flow, says Morningstar senior analyst Jay Lee. West has historically paid out dividends in a 20%-30% payout range, adds Lee, and he expects the company to maintain a payout ratio of 13% over the next five years. West Pharmaceutical stock is 15% undervalued relative to our $310 fair value estimate.

West Pharmaceutical Services is the global market leader in primary packaging and delivery components for injectable therapeutics. Primary packaging has direct contact with the drug product and must be manufactured to ensure stability, purity, and sterility of the drug product in accordance with strict regulatory standards. Because of the mission-critical nature of these components, it is important for customers to trust the quality of manufacturing and design. Key product lines include elastomer components such as stoppers, seals, and plungers, Daikyo Crystal Zenith vials made out of polymer instead of glass, and auto-injectors. Injectables include not only older modalities like small molecule drugs, insulin, and vaccines but also biologics and GLP-1 obesity drugs.

West has roughly 70% market share of elastomer components for injectable drugs, with the remaining 30% split between Switzerland’s Datwyler and narrow-moat AptarGroup. Additionally, its polymer vials are important containment solutions for biologics, a significant part of the injectables market, because protein therapeutics are incompatible with glass.

West’s strong market share is backed by its reputation for quality and supply chain expertise and reinforced by the high cost of failure for injectable drug packaging, especially biologics. The firm’s scale and diversified supply chain are unparalleled. We believe West will be able to maintain a strong market share in the injectables components market.

The main driver of the company’s long-term revenue outlook is the growth of the injectables market, which enjoys secular growth trends due to increasing use of biologics. GLP-1 drugs are also a potential source of upside. Additionally, we think the company will continue to benefit from stricter regulations requiring higher-quality, lower particulate packaging, which is an incentive for customers to upgrade from standard primary components to West’s high-value products, or HVP. We think this mix shift toward higher-margin products will gradually improve the firm’s profit margins, although high customer concentration adds uncertainty to our outlook.

Amcor

  • Morningstar Price/Fair Value: 0.89
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Narrow
  • Forward Dividend Yield: 5.24%
  • Sector: Consumer Cyclical

The highest-yielding stock on our list of the best dividend aristocrats, Amcor stock, trades 11% below our $11 fair value estimate. Amcor’s scale as the largest global provider of plastic packaging and transportation benefits from proximity manufacturing with customers, providing a durable cost advantage that underpins a narrow economic moat, says Morningstar analyst Esther Holloway. The firm has a progressive dividend policy, generally increasing total dividends by $0.01 annually, she adds.

Amcor’s strategy revolves around strategic acquisitions and divestments, market share growth, and investment in capacity and capabilities. We see several merits to its strategy, which has led to organic and acquisitive growth and average annual returns on invested capital of 17% over the five years to fiscal 2024, comparing favorably against a weighted average cost of capital of 8%.

Amcor strategically acquires and divests assets to drive long-term growth and enhance returns. The most recent was the significant merger of global plastic packaging manufacturer Berry in 2025 for USD 8.4 billion. The merger considerably increased Amcor’s ability to cross-sell Berry’s range to Amcor customers and vice versa, with Berry maintaining a number one or two market share position in most of its markets.

Margin growth is mostly from a mix shift in products. Certain segments, such as animal protein and medical, have higher margins due to greater complexity, tangible benefits, or less competition. However, contracts in the flexibles segment are generally short, at about two to three years, and about 30% are less than one year. We expect incremental margin improvement from higher-value customers as lower-value customers turn over, freeing up manufacturing capacity for higher-value customers. In the five years to fiscal 2023, we estimate average revenue growth from price and mix shift was 4%, compared with 1% growth from volume. Around one fourth of revenue in fiscal 2023 came from the higher-margin segments of healthcare, protein, hot-fill beverages, premium coffee, and pet food, from an estimated one fifth five years earlier.

Due to the low value/weight ratio of plastic packaging, it is imperative to reduce the transportation of finished products to control costs. Amcor’s plants are strategically located near customers, particularly in the bulky rigids business. Here, Amcor’s plants are often next door and virtually integrated with the customer’s plant to reduce transportation costs. This encourages stickiness, as these customers sign longer contracts with Amcor and are more likely to renew them on expiration due to the entrenched nature of the partnership.

PepsiCo

  • Morningstar Price/Fair Value: 0.89
  • Morningstar Uncertainty Rating: Low
  • Morningstar Economic Moat Rating: Wide
  • Forward Dividend Yield: 3.97%
  • Sector: Consumer Defensive

Pepsi is the fourth of five wide-moat stocks on our list of best dividend aristocrats to buy. It maintained a payout ratio averaging 66% over the past three years, with dividends per share growing at a high-single-digit rate annually, says Morningstar’s Su. Over the next decade, we expect the payout ratio to stay in the low 70s on average, with the dividend payment growing at a mid-single-digit pace annually, she adds. Pepsi stock trades at an 11% discount to our $162 fair value estimate.

Following years of anemic growth due to operational missteps and underinvestments, management has worked to right PepsiCo’s ship, driving steady top-line and profit expansion in the past years. But we think there is more room to go, as the firm benefits from secular tailwinds in the snack business, accelerating expansion in various emerging markets (such as Latin America and Asia-Pacific), and an integrated business model facilitating more effective commercialization.

Tight retail relationships on the back of strong beverage and snack brands, coupled with massive distribution scale and bargaining edge, underpin our wide moat rating, and we don’t foresee this position as wavering. For one, we see Pepsi’s convenient snack lineup as well placed to bolster its share by leveraging unrivalled brand awareness, operational scale, and retail relations. Within its beverage mix, the firm is exploring a variety of options from nascent, in-house brands to brand licensing from third-party category leaders to expand its sales exposure in nonsparkling categories. This can add to the firm’s distribution clout and augment its carbonated drinks that have struggled thus far to narrow the gap with wide-moat Coca-Cola.

Demand for snacks and beverages tends to remain resilient throughout economic cycles, and a large end-to-end supply chain gives Pepsi better control over execution, helping to shield its operations from exogenous shocks. Risks and uncertainties abound, nonetheless, including inroads from e-commerce and hard discounters that introduce more competition and disrupt the pricing structure; consumption pattern shifts driven by a more mobile lifestyle and higher health awareness; and regulations and taxes that discourage the use of plastic packaging and the intake of sugar, sodium, and saturated fat. That said, a nimble and pragmatic approach, coupled with inherent brand prowess and manufacturing/distribution scale, should enable the firm to navigate the evolving competitive landscape while enhancing its returns.

Nordson

  • Morningstar Price/Fair Value: 0.89
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Wide
  • Forward Dividend Yield: 1.41%
  • Sector: Industrials

The only industrials stock on our list of the best dividend aristocrats, Nordson stock trades 11% below our fair value estimate of $249. This manufacturer’s equipment, which is used to dispense adhesives, sealants, and other materials, boasts high switching costs that underpin its wide economic moat rating, explains Morningstar analyst Krzysztof Smalec. We expect the company to continue to prioritize growing the dividend, raising it roughly in line with earnings growth.

Nordson is a leading manufacturer of equipment used for dispensing adhesives, coatings, sealants, and other materials. The company enjoys a strong market share across its business lines, and its products are often used in niche applications where competition is limited. Nordson differentiates itself by offering highly engineered and customizable solutions that perform a mission-critical role in a customer’s manufacturing process.

Nordson thrives in times of change, as innovation in its end markets drives demand for new and improved solutions. In the long run, we think Nordson is poised to capitalize on favorable secular trends such as increasing adoption of 5G and autonomous vehicles, which we expect to create new opportunities for its dispensing business. For example, as 5G adoption accelerates, more antennas and other components will be placed in smartphones. Likewise, autonomous vehicles feature more cameras, sensors, and other electronic equipment. We believe that innovation in Nordson’s end markets will create demand for new dispensing equipment, featuring faster speeds and increased precision.

Nordson has regularly used acquisitions as an engine for growth. In recent years, it has focused on expanding its medical business through M&A, and it should benefit from favorable secular trends in healthcare, including an aging baby-boomer population and growing demand for minimally invasive medical devices. Additionally, recent acquisitions of medical companies have boosted Nordson’s recurring revenue from sales of syringes, cartridges, and other medical device components. Nordson generates healthy cash flows that allow it to compound cash by reinvesting capital in organic growth, driven by introductions of new or refreshed products, as well as tuck-in and bolt-on acquisitions that fit its strategy of selling goods that have a low cost but create added value for customers. Nordson also has a long history of returning cash to shareholders via dividends, having increased its dividend for 61 consecutive years.

Kimberly-Clark

  • Morningstar Price/Fair Value: 0.91
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Narrow
  • Forward Dividend Yield: 3.96%
  • Sector: Consumer Defensive

Kimberly-Clark rounds out our list of best dividend aristocrats to buy. We think the company has carved out a narrow moat with its portfolio of billion-dollar brands that includes Huggies, Scott, Kleenex, Cottonelle, Depend, and Kotex. Our long-term outlook calls for mid-single-digit annual dividend growth, says Morningstar’s Lash.

Like peers, narrow-moat Kimberly-Clark has been inundated by many challenges, including a tepid economic environment and elevated cost pressures, including impending tariffs. In this context, management has been forthright that its market share had lagged, and consumers have traded down to lower-priced options in select categories to preserve cash. We think this could prompt a step-up in promotions across its categories—now that industrywide supply/demand imbalances have largely been put to rest.

However, unlike in the past, rhetoric from Kimberly’s management suggests a reluctance to utilize promotional spending to any material extent to chase short-term sales and market share gains, which strikes us as prudent. Rather, we think Kimberly is wedded to funneling resources to consumer-valued innovation and marketing to ensure its brands win at the shelf, which should bolster its entrenched retail standing. In this context, we’re encouraged that enhancing its value proposition and leveraging consumer insights across geographies and categories has been an area of focus for product development. Beyond countering near-term competitive pressures, we think this should prove even more advantageous in the longer term, given the lack of switching costs among consumer products.

Supporting this plan, we believe Kimberly will keep an eye on extracting inefficiencies from its operations (targeting productivity at 6% of adjusted cost of goods sold in fiscal 2025) to blunt the wrath of tariffs and inflation while fueling continued brand spending. In this vein, the firm chalked up another 60-basis-point increase in advertising spending as a percentage of sales in fiscal 2024 (equating to around an incremental $100 million or nearly 6% of sales), which we think will persist. Our forecast calls for almost 8% of sales ($1.7 billion) to be directed to research, development, and marketing on average annually over the next 10 years. Evidencing the merits of this spending, we think Kimberly should chalk up consolidated volume gains in fiscal 2025 despite the financial pressures facing consumers, ongoing retail inventory volatility, and reduced private-label sales following product exits.

Should you buy dividend aristocrats?

Dividend aristocrats can be compelling investments, but they have their caveats.

For starters, dividend aristocrats can, in fact, cut their dividends if business conditions warrant. “A streak of annual dividend increases of any length provides no guarantee that a company’s dividend is secure,” argues Morningstar’s David Harrell. He points to VF VFC and AT&T T as recent examples of onetime dividend aristocrats that’ve cut their dividends during the past few years.

Moreover, dividend aristocrats aren’t necessarily high-dividend stocks. Harrell estimates that about 40% of the dividend aristocrats yield less than 2%. “Twenty-five years of consecutive dividend growth doesn’t necessarily result in a high-yielding stock,” he notes.

And lastly, dividend aristocrats aren’t attractive unless they’re underpriced—at least not in our book. Overpaying for a stock simply because it has a solid history of dividend growth only increases the price risk in your portfolio.