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Dividend Aristocrats are a select group of S&P 500 companies that have increased their dividends for at least 25 consecutive years. These companies have demonstrated a strong commitment to rewarding shareholders with a growing income stream, making them attractive options for income-focused investors.

Based on the most recent price targets, analysts have an exceptionally bullish outlook on these three Dividend Aristocrats.

Johnson & Johnson (NYSE:JNJ)

Johnson & Johnson has a consensus price target of $171.24. However, the latest rating from Cantor Fitzgerald suggests a potential upside of 44.57%, with a price target of $215.

The company’s forward dividend yield stands at 3.34%, supported by a payout ratio of 45.51% and an impressive 61 years of consecutive dividend growth.

In its Q1 2024 earnings release, Johnson & Johnson reported a 2.3% increase in sales to $21.4 billion and a 12.4% increase in adjusted earnings per share to $2.71. The company also raised its full-year 2024 operational sales and adjusted operational EPS guidance, reflecting its solid performance and positive outlook.

Exxon Mobil Corporation (NYSE:XOM)

Exxon Mobil has a consensus price target of $120.93 and the latest rating from UBS has a target of $152 implying an upside of 30.83%. The company offers a forward dividend yield of 3.25%, backed by a payout ratio of 42.51% and 25 years of consecutive dividend increases.

Exxon Mobil’s Q1 2024 earnings release showed strong results, with earnings of $8.2 billion and cash flow from operating activities of $14.7 billion. The company also announced plans to increase its share repurchase program to $20 billion per year after closing the Pioneer transaction, demonstrating confidence in its future performance.

Air Products and Chemicals, Inc. (NYSE:APD)

Air Products and Chemicals recently had its price target raised to $320 by TD Cowen. This new price target implies a potential gain of 28.69%. The consensus price target is $260.14 for an implied upside of 15.02%

The company’s forward dividend yield is 2.86%, supported by a payout ratio of 59.49% and an impressive 41 years of consecutive dividend growth.

In its Q1 2024 earnings release, Air Products and Chemicals reported a 4% increase in adjusted EPS to $2.85 and a 4% increase in adjusted EBITDA to $1.2 billion. The company also maintained its full-year fiscal 2024 adjusted EPS guidance, reflecting its confidence in delivering strong results despite challenging economic conditions.

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This article Analysts' 3 Favorite Dividend Aristocrats, Based On Latest Price Targets originally appeared on Benzinga.com