The Safest Dividend Stocks

Finding a safe dividend stock is sort of a conundrum … The stock market by definition is not safe. It’s the riskiest investment vehicle which implies that finding a safe dividend investment is a challenging feat to start with.

Dividend safety ratings is also requiring investors to look at the company from a quantitative and qualitative perspective.

Along the quantitative perspective, even if the dividend is considered safe by any metrics but the stock goes down or stays flat, the investor is also disappointed. So it’s not just about a safe dividend in the end.

The next challenge is that many investors are looking for a safe high-yield dividend stock and in the investment world, safe and high-yield cannot easily co-exist. So what is a safe dividend stock?

A safe dividend stock is a company that can safely cover the dividend regardless of the economic environment we are in. The safest dividend stocks would also provide dividend growth along with a tollbooth-like business which means cash is continuously flowing.

The lists below match the most stringent of all requirements:

10 years of consecutive dividend growth
10% annual dividend growth
Tollbooth-like business for guaranteed ongoing cash-flow

Note that there can always be a situation where the dividend could be impacted. There is no such thing as guaranteed dividend with the stock market.

Another note is that energy pipeline are currently safe but probably the most at risk from the safe lists below.

Safest Canadian Dividend Stocks

Safe Canadian Dividend Stock

The stringent requirements for the safest dividend stocks are making the picking thin so I have put together a safe dividend stock list lowering the requirement.

Be a Canadian Dividend Aristocrat
Tollbooth-like business for guaranteed ongoing cash-flow

TickerKey	Ticker	Company	Sector	Industry	Score	Quote	Market Cap	P/E	FPE	EPS	Yield Raw	Yield	Payout Ratio Raw	Payout Ratio	Payments	Dividend	Chowder	GrowthRating	IncomeRating	Tollbooth	Ambassador	Achiever	Aristocrat	King	Country	Graph
TSE:RY	RY	Royal Bank	Financial Services	Banks - Diversified	0.58	107.98	120.84	13.80	13.80	7.82	0.0400	4.00	0.5524	55.24	4	4.32	0.1136	6	7	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:TD	TD	TD Bank	Financial Services	Banks - Diversified	0.63	74.11	105.89	11.53	11.53	6.43	0.0426	4.26	0.4914	49.14	4	3.16	0.1327	6	7	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:CNR	CNR	Canadian National Railway	Industrials	Railroads	0.53	147.34	82.41	30.82	30.82	4.78	0.0156	1.56	0.4812	48.12	4	2.30	0.1431	7	5	Tollbooth - Unregulated	YES	YES	YES	NO	Canada	1
TSE:ENB	ENB	Enbridge	Energy	Oil & Gas Midstream	0.57	42.38	67.53	43.84	43.84	0.97	0.0793	7.93	3.4639	346.39	4	3.36	0.1960	7	6	Tollbooth - Unregulated	YES	YES	YES	NO	Canada	1
TSE:BNS	BNS	Scotia Bank	Financial Services	Banks - Diversified	0.66	68.06	64.77	12.84	12.84	5.30	0.0529	5.29	0.6792	67.92	4	3.60	0.1123	6	7	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:BAM.A	BAM.A	Brookfield Asset Management	Financial Services	Asset Management	0.45	49.86	59.13	0.00	0.00	-0.32	0.0122	1.22	1.0000	100.00	4	0.48	0.0763	6	4	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:BMO	BMO	Bank of Montreal	Financial Services	Banks - Diversified	0.57	99.86	50.51	13.22	13.22	7.55	0.0425	4.25	0.5616	56.16	4	4.24	0.0803	5	7	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:TRP	TRP	TC Energy	Energy	Oil & Gas Midstream	0.72	53.97	39.93	11.42	11.42	4.72	0.0600	6.00	0.6864	68.64	4	3.24	0.1304	6	9	Tollbooth - Unregulated	NO	YES	YES	NO	Canada	1
TSE:CM	CM	CIBC	Financial Services	Banks - Diversified	0.61	112.51	39.38	13.68	13.68	8.22	0.0519	5.19	0.7105	71.05	4	5.84	0.1006	6	7	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:BCE	BCE	BCE	Communication Services	Telecommunication Services	0.61	55.26	39.33	21.92	21.92	2.52	0.0603	6.03	1.3214	132.14	4	3.33	0.1113	6	8	Tollbooth - Regulated	NO	YES	YES	NO	Canada	1
TSE:MFC	MFC	Manulife	Financial Services	Insurance - Life	0.67	23.97	36.62	9.06	9.06	2.65	0.0467	4.67	0.4226	42.26	4	1.12	0.0719	5	7	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:GWO	GWO	Great West Life	Financial Services	Insurance - Life	0.51	30.62	28.41	11.17	11.17	2.74	0.0572	5.72	0.6394	63.94	4	1.75	0.0870	3	7	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:SLF	SLF	Sun Life Financial	Financial Services	Insurance - Diversified	0.53	60.71	27.96	15.01	15.01	4.04	0.0362	3.62	0.5446	54.46	4	2.20	0.0747	5	5	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:T	T	Telus	Communication Services	Telecommunication Services	0.60	26.55	26.86	25.32	25.32	1.05	0.0469	4.69	1.1855	118.55	4	1.25	0.1166	7	7	Tollbooth - Regulated	NO	YES	YES	NO	Canada	1
TSE:NA	NA	National Bank	Financial Services	Banks - Diversified	0.60	73.10	24.56	12.83	12.83	5.70	0.0389	3.89	0.4982	49.82	4	2.84	0.1074	6	7	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:FTS	FTS	Fortis	Utilities	Utilities - Regulated Electric	0.70	51.17	23.77	19.24	19.24	2.66	0.0395	3.95	0.7594	75.94	4	2.02	0.0975	6	7	Tollbooth - Regulated	NO	YES	YES	NO	Canada	1
TSE:BIP.UN	BIP.UN	Brookfield Infrastructure Partners	Utilities	Utilities - Diversified	0.72	63.67	20.93	79.49	79.49	0.80	0.0429	4.29	3.4128	341.28	4	2.15	0.1349	8	7	Tollbooth - Regulated	YES	YES	NO	NO	Canada	1
TSE:IFC	IFC	Intact Financial	Financial Services	Insurance - Property & Casualty	0.64	144.47	20.66	23.00	23.00	6.28	0.0230	2.30	0.5287	52.87	4	3.32	0.1133	7	6	Tollbooth - Unregulated	NO	YES	YES	NO	Canada	1
TSE:POW	POW	Power Corporation	Financial Services	Insurance - Life	0.50	29.91	18.61	11.93	11.93	2.51	0.0598	5.98	0.7131	71.31	4	1.79	0.0925	4	6	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:PPL	PPL	Pembina Pipeline	Energy	Oil & Gas Midstream	0.65	33.82	18.60	21.04	21.04	1.61	0.0745	7.45	1.5652	156.52	12	2.52	0.1168	7	8	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:EMA	EMA	Emera	Utilities	Utilities - Diversified	0.77	52.17	13.10	14.91	14.91	3.50	0.0489	4.89	0.7286	72.86	4	2.55	0.1087	6	9	Tollbooth - Regulated	NO	YES	YES	NO	Canada	1
TSE:AQN	AQN	Algonquin Power & Utilitties Corp	Utilities	Utilities - Renewable	0.69	21.82	13.03	20.86	20.86	1.05	0.0361	3.61	0.7503	75.03	4	0.62	0.1228	7	8	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:OTEX	OTEX	Open Text Corporation	Technology	Software - Application	0.52	57.10	12.21	46.55	46.55	1.23	0.0179	1.79	0.8292	82.92	4	0.80	0.1207	6	3	Subscription	NO	NO	YES	NO	Canada	1
TSE:CU	CU	Canadian Utilities	Utilities	Utilities - Diversified	0.69	31.25	8.57	20.97	20.97	1.49	0.0557	5.57	1.1689	116.89	4	1.74	0.1471	6	8	Tollbooth - Regulated	NO	YES	YES	NO	Canada	1
TSE:CAR.UN	CAR.UN	Canadian Apartment Properties REIT	Real Estate	REIT - Residential	0.59	49.83	8.52	8.94	8.94	5.57	0.0277	2.77	0.2478	24.78	12	1.38	0.0519	1	3	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:QBR.B	QBR.B	Quebecor Inc.	Communication Services	Telecommunication Services	0.59	32.35	8.04	14.64	14.64	2.21	0.0247	2.47	0.3620	36.20	4	0.80	0.2528	6	4	Tollbooth - Regulated	NO	NO	YES	NO	Canada	1
TSE:RNW	RNW	TransAlta Renewables Inc.	Utilities	Utilities - Renewable	0.40	23.62	6.31	71.92	71.92	0.33	0.0398	3.98	2.8473	284.73	12	0.94	0.0619	3	4	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:IAG	IAG	Industrial Alliance	Financial Services	Insurance - Diversified	0.64	56.63	6.06	9.93	9.93	5.70	0.0343	3.43	0.3404	34.04	4	1.94	0.0993	6	6	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:BLX	BLX	Boralex Inc.	Utilities	Utilities - Renewable	0.28	55.31	5.67	2049.28	2,049.28	0.03	0.0119	1.19	22.0000	2,200.00	4	0.66	0.0608	5	2	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:INE	INE	Innergex Renewable Energy Inc	Utilities	Utilities - Renewable	0.39	32.15	5.61	0.00	0.00	-0.65	0.0224	2.24	1.0000	100.00	4	0.72	0.0224	4	6	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:KEY	KEY	Keyera Corp	Energy	Oil & Gas Midstream	0.49	24.19	5.35	33.59	33.59	0.72	0.0794	7.94	2.6667	266.67	12	1.92	0.1424	6	5	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:AP.UN	AP.UN	Allied Properties REIT	Real Estate	REIT - Office	0.65	38.45	4.89	6.85	6.85	5.62	0.0429	4.29	0.2936	29.36	12	1.65	0.0623	1	4	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:CCA	CCA	Cogeco Cable Inc	Communication Services	Telecommunication Services	0.66	98.29	4.71	12.82	12.82	7.67	0.0236	2.36	0.3025	30.25	4	2.32	0.1278	7	7	Tollbooth - Regulated	YES	YES	YES	NO	Canada	1
TSE:GRT.UN	GRT.UN	Granite REIT	Real Estate	REIT - Industrial	0.48	78.11	4.52	12.17	12.17	6.42	0.0372	3.72	0.4523	45.23	12	2.90	0.0903	1	4	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:CHP.UN	CHP.UN	Choice Properties REIT	Real Estate	REIT - Retail	0.62	13.12	4.29	14.68	14.68	0.89	0.0564	5.64	0.8315	83.15	12	0.74	0.0800	1	6	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:ACO.X	ACO.X	Atco	Utilities	Utilities - Diversified	0.69	36.82	4.24	15.75	15.75	2.34	0.0473	4.73	0.7439	74.39	4	1.74	0.1715	6	7	Tollbooth - Regulated	YES	YES	YES	NO	Canada	1
TSE:CPX	CPX	Capital Power Corporation	Utilities	Utilities - Independent Power Producers	0.66	36.08	3.82	14.76	14.76	2.44	0.0568	5.68	0.8402	84.02	4	2.05	0.1288	5	8	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:MIC	MIC	Genworth MI Canada Inc.	Financial Services	Insurance - Specialty	0.65	43.65	3.77	9.07	9.07	4.81	0.0495	4.95	0.4491	44.91	4	2.16	0.1173	6	7	Tollbooth - Unregulated	YES	YES	YES	NO	Canada	1
TSE:SRU.UN	SRU.UN	SmartCentres REIT	Real Estate	REIT - Retail	0.72	23.33	3.37	33.76	33.76	0.69	0.0793	7.93	2.6817	268.17	12	1.85	0.0924	1	8	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:BIPC	BIPC	Brookfield Infrastructure Partners	Financial Services	Asset Management	0.69	82.95	2.95	0.00	0.00	0.00	0.0329	3.29	1.0000	100.00	4	2.15	0.1250	8	8	Tollbooth - Unregulated	YES	YES	NO	NO	Canada	1
TSE:CWB	CWB	Canadian Western Bank	Financial Services	Banks - Regional	0.60	30.35	2.64	10.63	10.63	2.86	0.0382	3.82	0.4056	40.56	4	1.16	0.0931	6	7	Tollbooth - Unregulated	NO	YES	YES	NO	Canada	1
TSE:CSH.UN	CSH.UN	Chartwell Retirement Residences	Real Estate	REIT - Healthcare Facilities	0.40	10.67	2.28	0.00	0.00	-0.04	0.0574	5.74	1.0000	100.00	12	0.61	0.0274	1	6	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:SMU.UN	SMU.UN	Summit Industrial Income REIT	Real Estate	REIT - Industrial	0.45	13.42	2.25	10.47	10.47	1.28	0.0402	4.02	0.4219	42.19	12	0.54	0.0491	1	4	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:IIP.UN	IIP.UN	InterRent REIT	Real Estate	REIT - Residential	0.60	13.75	1.90	5.38	5.38	2.56	0.0225	2.25	0.1211	12.11	12	0.31	0.0951	1	2	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:EQB	EQB	Equitable Group Inc.	Financial Services	Mortgage Finance	0.60	109.74	1.85	9.09	9.09	12.07	0.0135	1.35	0.1226	12.26	4	1.48	0.1391	8	5	Tollbooth - Unregulated	YES	YES	YES	NO	Canada	1
TSE:CRT.UN	CRT.UN	CT REIT	Real Estate	REIT - Retail	0.30	15.75	1.66	45.21	45.21	0.35	0.0510	5.10	2.2947	229.47	12	0.80	0.0827	1	5	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1
TSE:CGO	CGO	Cogeco	Communication Services	Telecommunication Services	0.70	80.66	1.16	10.10	10.10	7.98	0.0236	2.36	0.2381	23.81	4	1.90	0.1574	7	7	Tollbooth - Regulated	YES	YES	YES	NO	Canada	1

Safest US Dividend Stocks

TickerKey	Ticker	Company	Sector	Industry	Score	Quote	Market Cap	P/E	FPE	EPS	Yield	PayoutRatio	Payments	Dividend	Chowder	GrowthRating	IncomeRating	Tollbooth	Ambassador	Achiever	Aristocrat	King	Country	Graph	Yield
NASDAQ:MSFT	MSFT	Microsoft	Technology	Software - Infrastructure	0.72	219.62	1,660.44	35.08	35.08	6.26	0.0102	0.3578	4	2.24	0.1082	9	7	Subscription	YES	YES	NO	NO	USA	1	1.02
NYSE:V	V	Visa	Financial Services	Credit Services	0.61	215.45	474.94	44.06	44.06	4.89	0.0059	0.2618	4	1.28	0.2188	10	5	Tollbooth - Unregulated	YES	YES	NO	NO	USA	1	0.59
NYSE:UNH	UNH	UnitedHealth Group Incorporated	Healthcare	Healthcare Plans	0.71	363.39	344.79	20.61	20.61	17.63	0.0138	0.2836	4	5.00	0.2173	10	6	Tollbooth - Unregulated	YES	NO	NO	NO	USA	1	1.38
NYSE:HD	HD	Home Depot Inc.	Consumer Cyclical	Home Improvement Retail	0.81	269.09	289.70	23.16	23.16	11.62	0.0223	0.5164	4	6.00	0.2211	10	6	Consumable - Discretionary	YES	NO	NO	NO	USA	1	2.23
NASDAQ:CMCSA	CMCSA	Comcast Corporation	Communication Services	Entertainment	0.67	51.54	235.81	22.91	22.91	2.25	0.0179	0.4089	4	0.92	0.1508	10	5	Tollbooth - Unregulated	YES	NO	NO	NO	USA	1	1.79
NYSE:NKE	NKE	NIKE, Inc.	Consumer Cyclical	Footwear & Accessories	0.57	146.35	229.74	81.31	81.31	1.80	0.0075	0.6111	4	1.10	0.0998	10	5	Consumable - Discretionary	YES	YES	NO	NO	USA	1	0.75
NASDAQ:QCOM	QCOM	QUALCOMM Incorporated	Technology	Semiconductors	0.67	156.64	177.16	34.13	34.13	4.59	0.0166	0.5664	4	2.60	0.0874	8	7	Durable	YES	YES	NO	NO	USA	1	1.66
NYSE:ACN	ACN	Accenture plc	Technology	Information Technology Services	0.65	264.16	175.02	31.94	31.94	8.27	0.0133	0.4256	4	3.52	0.0946	8	6	Subscription	YES	YES	NO	NO	USA	1	1.33
NASDAQ:COST	COST	Costco	Consumer Defensive	Discount Stores	0.68	369.94	163.87	37.86	37.86	9.77	0.0076	0.2866	4	2.80	0.1247	10	6	Subscription	YES	YES	NO	NO	USA	1	0.76
NYSE:MDT	MDT	Medtronics	Healthcare	Medical Devices	0.63	119.71	161.13	45.52	45.52	2.63	0.0194	0.8821	4	2.32	0.1152	9	6	Durable	YES	YES	YES	NO	USA	1	1.94
NYSE:NEE	NEE	NextEra Energy, Inc.	Utilities	Utilities - Regulated Electric	0.61	81.13	158.94	40.77	40.77	1.99	0.0173	0.7035	4	1.40	0.1194	9	5	Tollbooth - Unregulated	YES	YES	NO	NO	USA	1	1.73
NASDAQ:TXN	TXN	Texas Instrument	Technology	Semiconductors	0.61	171.16	157.12	31.87	31.87	5.37	0.0238	0.7598	4	4.08	0.2334	7	6	Durable	YES	YES	NO	NO	USA	1	2.38
NYSE:UNP	UNP	Union Pacific Corp.	Industrials	Railroads	0.61	218.82	147.46	27.80	27.80	7.87	0.0177	0.4930	4	3.88	0.1591	8	6	Tollbooth - Unregulated	YES	YES	NO	NO	USA	1	1.77
NYSE:LOW	LOW	Lowe's Companies, Inc.	Consumer Cyclical	Home Improvement Retail	0.73	165.05	120.94	23.28	23.28	7.09	0.0145	0.3385	4	2.40	0.1845	9	6	Consumable - Discretionary	YES	YES	YES	YES	USA	1	1.45
NYSE:BLK	BLK	BlackRock	Financial Services	Asset Management	0.64	756.45	115.37	24.88	24.88	30.41	0.0192	0.4775	4	14.52	0.1324	9	6	Tollbooth - Unregulated	YES	NO	NO	NO	USA	1	1.92
NYSE:IBM	IBM	International Business Machines Corp.	Technology	Information Technology Services	0.69	128.53	114.53	14.46	14.46	8.89	0.0507	0.7334	4	6.52	0.1042	7	8	Subscription	YES	YES	NO	NO	USA	1	5.07
NYSE:TGT	TGT	Target	Consumer Defensive	Discount Stores	0.62	193.60	96.95	25.44	25.44	7.61	0.0140	0.3574	4	2.72	0.0778	8	7	Consumable - Discretionary	YES	YES	YES	NO	USA	1	1.40
NYSE:MMM	MMM	3M	Industrials	Specialty Industrial Machinery	0.69	166.62	96.11	19.35	19.35	8.61	0.0353	0.6829	4	5.88	0.1259	8	7	Consumable - Discretionary	YES	YES	YES	YES	USA	1	3.53
NYSE:LMT	LMT	Lockheed Martin Corporation	Industrials	Aerospace & Defense	0.82	336.10	94.03	14.30	14.30	23.51	0.0309	0.4424	4	10.40	0.1305	10	7	Durable	YES	YES	NO	NO	USA	1	3.09
NYSE:SYK	SYK	Stryker Corporation	Healthcare	Medical Devices	0.60	243.66	91.56	51.84	51.84	4.70	0.0103	0.5362	4	2.52	0.1203	9	5	Durable	YES	YES	NO	NO	USA	1	1.03
NASDAQ:CSX	CSX	CSX	Industrials	Railroads	0.57	95.84	73.30	26.55	26.55	3.61	0.0109	0.2881	4	1.04	0.0987	8	5	Tollbooth - Unregulated	YES	YES	NO	NO	USA	1	1.09
NYSE:SHW	SHW	The Sherwin-Williams Company	Basic Materials	Specialty Chemicals	0.68	728.77	66.19	35.33	35.33	20.63	0.0074	0.2598	4	5.36	0.1113	10	5	Intermediate	YES	YES	YES	NO	USA	1	0.74
NYSE:ITW	ITW	Illinois Tool Works	Industrials	Specialty Industrial Machinery	0.61	208.96	66.14	31.52	31.52	6.63	0.0218	0.6878	4	4.56	0.1499	7	6	Intermediate	YES	YES	YES	NO	USA	1	2.18
NYSE:FDX	FDX	FedEx Corporation	Industrials	Integrated Freight & Logistics	0.79	244.96	64.93	26.28	26.28	9.32	0.0106	0.2790	4	2.60	0.2050	10	6	Consumable - Discretionary	YES	YES	NO	NO	USA	1	1.06
NYSE:ECL	ECL	Ecolab Inc.	Basic Materials	Specialty Chemicals	0.57	221.75	63.30	58.66	58.66	3.78	0.0087	0.5079	4	1.92	0.1008	9	5	Intermediate	YES	YES	YES	NO	USA	1	0.87
NASDAQ:ADI	ADI	Analog Devices, Inc.	Technology	Semiconductors	0.60	156.74	57.91	47.35	47.35	3.31	0.0158	0.7492	4	2.48	0.0927	8	6	Durable	YES	YES	NO	NO	USA	1	1.58
NYSE:MCO	MCO	Moody's Corporation	Financial Services	Financial Data & Stock Exchanges	0.71	280.21	52.62	28.86	28.86	9.71	0.0080	0.2307	4	2.24	0.1136	10	6	Subscription	YES	NO	NO	NO	USA	1	0.80
NYSE:NOC	NOC	Northrop Grumman Corporation	Industrials	Aerospace & Defense	0.80	288.33	48.07	19.59	19.59	14.72	0.0201	0.3940	4	5.80	0.1382	10	6	Durable	YES	YES	NO	NO	USA	1	2.01
NYSE:ROP	ROP	Roper Technologies, Inc.	Industrials	Specialty Industrial Machinery	0.65	431.10	45.21	28.72	28.72	15.01	0.0052	0.1499	4	2.25	0.1604	10	5	Intermediate	YES	YES	YES	NO	USA	1	0.52
NYSE:GD	GD	General Dynamics Corporation	Industrials	Aerospace & Defense	0.71	150.77	43.27	13.62	13.62	11.07	0.0292	0.3975	4	4.40	0.1352	9	6	Durable	YES	YES	YES	NO	USA	1	2.92
NASDAQ:WBA	WBA	Walgreens Boots Alliance, Inc.	Healthcare	Pharmaceutical Retailers	0.60	45.21	39.06	90.42	90.42	0.50	0.0414	3.7400	4	1.87	0.1091	9	5	Consumable - Necessities	YES	YES	YES	NO	USA	1	4.14
NYSE:DLR	DLR	Digital Realty Trust Inc.	Real Estate	REIT - Office	0.65	133.60	37.41	53.87	53.87	2.48	0.0335	1.8065	4	4.48	0.0876	8	5	Tollbooth - Unregulated	YES	YES	NO	NO	USA	1	3.35
NYSE:PH	PH	Parker-Hannifin Corporation	Industrials	Specialty Industrial Machinery	0.62	280.66	36.15	30.34	30.34	9.25	0.0125	0.3805	4	3.52	0.0909	9	6	Intermediate	YES	NO	NO	YES	USA	1	1.25
NYSE:TRV	TRV	The Travelers Companies, Inc.	Financial Services	Insurance - Property & Casualty	0.66	139.65	35.37	15.89	15.89	8.79	0.0243	0.3868	4	3.40	0.0966	8	6	Tollbooth - Unregulated	YES	YES	NO	NO	USA	1	2.43
NASDAQ:TROW	TROW	T. Rowe Price Group, Inc.	Financial Services	Asset Management	0.73	154.52	34.99	17.11	17.11	9.03	0.0233	0.3987	4	3.60	0.1388	10	6	Tollbooth - Unregulated	YES	YES	YES	NO	USA	1	2.33
NYSE:CMI	CMI	Cummins Inc.	Industrials	Specialty Industrial Machinery	0.73	234.31	34.68	21.98	21.98	10.66	0.0230	0.5066	4	5.40	0.0930	9	6	Intermediate	YES	YES	NO	NO	USA	1	2.30
NYSE:VFC	VFC	V.F. Corporation	Consumer Cyclical	Apparel Manufacturing	0.61	87.85	34.26	0.00	0.00	-0.18	0.0223	1.0000	4	1.96	0.1047	10	4	Consumable - Discretionary	YES	YES	YES	NO	USA	1	2.23
NYSE:PRU	PRU	Prudential Financial	Financial Services	Insurance - Life	0.58	80.70	31.96	0.00	0.00	-0.28	0.0545	1.0000	4	4.40	0.1808	9	6	Tollbooth - Unregulated	YES	NO	NO	NO	USA	1	5.45
NASDAQ:FAST	FAST	Fastenal Company	Industrials	Industrial Distribution	0.70	50.75	29.13	34.52	34.52	1.47	0.0197	0.6803	4	1.00	0.1369	10	6	Durable	YES	YES	NO	NO	USA	1	1.97
NYSE:WEC	WEC	WEC Energy Group, Inc.	Utilities	Utilities - Regulated Electric	0.81	87.95	27.74	23.02	23.02	3.82	0.0308	0.7094	4	2.71	0.0911	9	7	Tollbooth - Unregulated	YES	YES	NO	NO	USA	1	3.08
NYSE:HRL	HRL	Hormel Foods Corporation	Consumer Defensive	Packaged Foods	0.69	45.44	24.67	27.05	27.05	1.68	0.0216	0.5833	4	0.98	0.1530	8	6	Consumable - Discretionary	YES	YES	YES	YES	USA	1	2.16
NYSE:KR	KR	Kroger Co	Consumer Defensive	Grocery Stores	0.77	31.63	24.08	10.47	10.47	3.02	0.0228	0.2384	4	0.72	0.1355	9	6	Consumable - Necessities	YES	YES	NO	NO	USA	1	2.28
NYSE:AMP	AMP	Ameriprise Financial, Inc.	Financial Services	Asset Management	0.67	201.55	23.78	14.14	14.14	14.25	0.0206	0.2919	4	4.16	0.1134	8	6	Tollbooth - Unregulated	YES	YES	NO	NO	USA	1	2.06
NYSE:ABC	ABC	AmerisourceBergen Corporation	Healthcare	Medical Distribution	0.48	110.03	22.47	0.00	0.00	-16.73	0.0160	1.0000	4	1.76	0.0717	9	4	Intermediate	YES	YES	NO	NO	USA	1	1.60
NYSE:GWW	GWW	W.W. Grainger, Inc.	Industrials	Industrial Distribution	0.65	396.68	21.29	34.11	34.11	11.63	0.0154	0.5262	4	6.12	0.0709	8	6	Intermediate	YES	YES	YES	NO	USA	1	1.54
NYSE:CHD	CHD	Church & Dwight Co. Inc.	Consumer Defensive	Household & Personal Products	0.72	85.40	21.22	26.94	26.94	3.17	0.0112	0.3028	4	0.96	0.0910	9	6	Consumable - Necessities	YES	YES	NO	NO	USA	1	1.12
NYSE:IP	IP	International Paper Company	Consumer Cyclical	Packaging & Containers	0.51	51.48	20.24	41.18	41.18	1.25	0.0398	1.6400	4	2.05	0.0806	7	5	Intermediate	YES	NO	NO	NO	USA	1	3.98
NYSE:ALB	ALB	Albemarle Corporation	Basic Materials	Specialty Chemicals	0.58	184.10	19.60	51.28	51.28	3.59	0.0084	0.4290	4	1.54	0.0681	8	6	Intermediate	YES	YES	NO	NO	USA	1	0.84
NYSE:OKE	OKE	ONEOK Inc.	Energy	Oil & Gas Midstream	0.63	39.93	17.74	27.54	27.54	1.45	0.0937	2.5793	4	3.74	0.2055	9	5	Intermediate	YES	YES	NO	NO	USA	1	9.37
NYSE:CAH	CAH	Cardinal Health Inc	Healthcare	Medical Distribution	0.80	55.91	16.40	16.74	16.74	3.34	0.0348	0.5819	4	1.94	0.0934	9	8	Intermediate	YES	YES	YES	NO	USA	1	3.48
NYSE:TIF	TIF	Tiffany & Co.	Consumer Cyclical	Luxury Goods	0.47	2447.00	16.04	1028.15	1,028.15	2.38	0.0009	0.9748	4	2.32	0.0922	9	4	Consumable - Discretionary	YES	YES	NO	NO	USA	1	0.09
NASDAQ:EXPD	EXPD	Expeditors International of Washington Inc.	Industrials	Integrated Freight & Logistics	0.64	94.42	15.98	24.98	24.98	3.78	0.0110	0.2751	2	1.04	0.0882	8	6	Consumable - Discretionary	YES	YES	YES	NO	USA	1	1.10
NASDAQ:PFG	PFG	Principal Financial Group Inc.	Financial Services	Insurance - Diversified	0.73	51.86	14.25	11.68	11.68	4.44	0.0432	0.5045	4	2.24	0.1495	9	7	Tollbooth - Unregulated	YES	NO	NO	NO	USA	1	4.32
NASDAQ:HAS	HAS	Hasbro Inc.	Consumer Cyclical	Leisure	0.58	97.26	13.33	33.89	33.89	2.87	0.0280	0.9477	4	2.72	0.1278	7	6	Consumable - Discretionary	YES	YES	NO	NO	USA	1	2.80
NYSE:BEN	BEN	Franklin Resources, Inc.	Financial Services	Asset Management	0.62	25.28	12.79	15.90	15.90	1.59	0.0443	0.7044	4	1.12	0.1747	7	7	Tollbooth - Unregulated	YES	YES	YES	NO	USA	1	4.43
NYSE:IFF	IFF	International Flavors & Fragrances Inc.	Basic Materials	Specialty Chemicals	0.69	119.00	12.73	35.21	35.21	3.38	0.0259	0.9112	4	3.08	0.0983	9	6	Intermediate	YES	YES	NO	NO	USA	1	2.59
NASDAQ:NDSN	NDSN	Nordson Corporation	Industrials	Specialty Industrial Machinery	0.59	203.27	11.81	46.94	46.94	4.33	0.0077	0.3603	4	1.56	0.1381	9	5	Intermediate	YES	YES	NO	YES	USA	1	0.77
NYSE:AOS	AOS	AO Smith Corp.	Industrials	Specialty Industrial Machinery	0.65	56.16	9.07	28.80	28.80	1.95	0.0185	0.5333	4	1.04	0.2336	9	5	Durable	YES	YES	YES	NO	USA	1	1.85
NYSE:AIZ	AIZ	Assurant Inc.	Financial Services	Insurance - Specialty	0.68	138.61	8.14	20.44	20.44	6.78	0.0190	0.3894	4	2.64	0.0808	9	6	Tollbooth - Unregulated	YES	YES	NO	NO	USA	1	1.90
NYSE:PRGO	PRGO	Perrigo Company plc	Healthcare	Drug Manufacturers - Specialty & Generic	0.59	44.64	6.09	0.00	0.00	-0.05	0.0202	1.0000	4	0.90	0.1425	9	4	Consumable - Necessities	YES	YES	NO	NO	USA	1	2.02

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