The DivGro Weekly—06.06.25

193 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when Lowe’s increased its dividend by 4.3%. We also collected our quarterly dividends from Visa and Zoetis and became entitled to our quarterly dividend from Home Depot, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 193 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.4%.

Lowe’s

For US homeowners, it may be said that a house is not a home without Lowe’s and Home Depot. Together, both DivGro holdings are the lifeblood of home repairs and maintenance, dominating the market with a combined share exceeding 30%. So, what makes Lowe’s so special? For starters, the business is more than 100 years old. Over this time, it has cultivated an unmatched dividend record of consecutive annual increases which have compounded in excess of 15% per year since its 1961 IPO. The net effect? Its share price has appreciated accordingly, multiplying more than 7000x. But how does a century-old-plus business keep up momentum? Since refreshing its management team, Lowe’s has undertaken an ambitious plan to raise margins towards those of Home Depot. Alongside its perennial cost leadership and market share expansion, Lowe’s has uplevelled internal efficiencies, both in-store and across its logistics operations, and upgraded its ‘pro’ offering to better serve professional tradespeople as well as DIYers. To expand this ‘pro’ distribution channel, Lowe’s recently acquired Artisans Design Group, enhancing the company’s exposure to pros and new builds. With more than half of US homes at a critical age of repair, Lowe’s is primed to consolidate its leadership and enhance its outstanding dividend growth credentials.