The Dow Jones Industrial Average is made up of 30 blue-chip, American companies, many of which pay dividends to their shareholders. Investing in dividend stocks is a time-tested strategy that allows investors to generate passive income from their stock holdings.

A company’s dividend yield is calculated by dividing the annual per share dividend payment by the company’s current share price.

Here are the top dividend-yielding stocks in the Dow Jones Industrial Average.

Stocks with the highest dividend yields in the Dow Jones Industrial Average

*Data below as of October 23, 2023

1. Walgreens Boots Alliance (WBA)

Walgreens Boots Alliance operates retail pharmacies across the U.S., Europe and Asia. Its U.S. pharmacy business administered about 35 million COVID-19 vaccinations in its 2022 fiscal year. The company has a dividend history that dates back to 1989.

  • Dividend yield: 9.03 percent
  • Annual dividend: $1.92

2. Verizon Communications (VZ)

Verizon is a leader in communication and technology services. Along with AT&T and T-Mobile, they provide the majority of mobile-phone services in the U.S. Verizon generated more than $135 billion in revenue in 2022.

  • Dividend yield: 8.43 percent
  • Annual dividend: $2.66 per share

3. 3M Company (MMM)

3M manufactures a variety of products that are used by businesses and consumers alike. The St. Paul, Minnesota-based company makes everything from building materials, electronics components and orthodontics to perhaps its best-known product: Scotch tape. 3M has paid a dividend to shareholders without interruption for more than 100 years.

  • Dividend yield: 6.93 percent
  • Annual dividend: $6.00

4. Dow Inc. (DOW)

Dow is involved in the production of different chemicals that are used in a variety of industries. Its segments include packaging and specialty plastics, industrial intermediates and infrastructure, as well as performance materials and coatings. Dow is headquartered in Midland, Michigan.

  • Dividend yield: 5.66 percent
  • Annual dividend: $2.80

5. International Business Machines (IBM)

IBM is one of the largest tech companies in the U.S. and earns more than two-thirds of its revenue from software and consulting services. The Armonk, New York-based company has paid a dividend for over 100 consecutive years.

  • Dividend yield:  4.84 percent
  • Annual dividend: $6.64

6. Goldman Sachs (GS)

Goldman Sachs is a global financial services company involved in various financial activities such as investment banking, investment advisory, equity and debt underwriting and more. The New York-based company was founded in 1869 and maintains offices in major financial centers around the world.

  • Dividend yield: 3.67 percent
  • Annual dividend: $11.00

7. Chevron (CVX)

Chevron is an integrated energy company involved in activities that include the exploration and production of oil and natural gas. Berkshire Hathaway, led by Warren Buffett, was among Chevron’s largest shareholders as of June 2023.

  • Dividend yield: 3.62 percent
  • Annual dividend: $6.04

8. Coca-Cola (KO)

The Coca-Cola Co. owns a variety of different beverage brands that it sells in more than 200 countries and territories. Its products have been sold in the U.S. since 1886 and its brands account for 2.2 billion of the estimated 64 billion servings of all beverages consumed worldwide each day.

  • Dividend yield: 3.37 percent
  • Annual dividend: $1.84

9. Johnson & Johnson (JNJ)

Johnson & Johnson develops and produces a variety of products in the healthcare industry. Some of its well-known brands include Band-aid, Neutrogena, Tylenol, Benadryl and more. The company was founded in 1887 and is headquartered in New Jersey.

  • Dividend yield: 3.11 percent
  • Annual dividend: $4.76

10. Amgen (AMGN)

Amgen is a biotechnology company focused on the discovery, development and manufacturing of human therapeutics. The company uses tools such as advanced human genetics to understand diseases and human biology. Amgen agreed to acquire Horizon Therapeutics in December 2022 for $27.8 billion, but the Federal Trade Commission sued to block the deal in May 2023.

  • Dividend yield: 3.06 percent
  • Annual dividend: $8.52

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.