Why CareTrust, Genuine Parts, And Hess Midstream Are Winners For Passive Income

Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. CareTrust, Genuine Parts, and Hess Midstream have rewarded shareholders for years and recently announced dividend increases. These companies currently offer dividend yields of up to 6%.

CareTrust REIT

CareTrust REIT CTRE primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector.

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CareTrust REIT has increased its dividends consecutively for the last 10 years. As per its most recent dividend hike announcement on March 18, the company raised its quarterly payout from $0.29 to $0.335 per share, which is equal to an annual figure of $1.34 per share. The current yield on the dividend is 4.62%.

The company's annual revenue as of Dec. 31 stood at $228.26 million. In its Q4 2024 earnings report on Feb. 12, CareTrust posted revenues of $86.94 million and EPS of $0.40. Both figures beat the Street estimates.

Check out this article by Benzinga for four analysts' insights on CareTrust REIT.

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Genuine Parts

Genuine Parts Company GPC is a leading global service provider of automotive and industrial replacement parts and value-added solutions.

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Genuine Parts has increased its dividends every year for the last 69 years. In its most recent dividend hike announcement on Feb. 18, the company’s board raised the quarterly payout by 3% to $1.03 per share, equaling an annual figure of $4.12 per share. Currently, the dividend yield on the stock stands at 3.41%.

Genuine Parts' annual revenue as of Dec. 31 stood at $23.49 billion. In its Q4 2024 earnings release on Feb. 18, the company posted revenues of $5.77 billion and EPS of $1.61. Both figures came in above the consensus estimates.

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Hess Midstream

Hess Midstream LP HESM is a midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers.

The company has increased dividends every year for the last eight years. In its most recent dividend hike announcement on Jan. 27, the company raised the quarterly payout from $0.6846 to $0.7012, equal to $2.80 annually. Currently, the dividend yield is 6.29%.

Hess Midstream's annual revenue as of Dec. 31 stood at $1.49 billion. According to its most recent earnings report on Jan. 29, the company posted Q4 2024 revenues of $395.90 million, beating the consensus estimate of $390.87 million, while EPS of $0.68 matched expectations.

CareTrust, Genuine Parts, and Hess Midstream are good choices for investors seeking reliable passive income. Their dividend yields of up to 6% and long history of consistent hikes make them attractive to income-focused investors.

Check out this article by Benzinga for three more stocks offering high dividend yields.

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