15 US stocks have cut their dividend in 2023, including Intel and VF Corp

Intel (INTC) announced a big dividend cut in 2023.

As of July 10, 2023, a total of 15 US listed stocks have announced a dividend cut so far. This however compares to more than 500 dividend hikes YTD. The most shocking dividend cuts in 2023 came from Intel (INTC) and VF Corporation (VFC).

With a total of fifteen dividend cuts by companies listed on stock markets in the United States 2023 actually is quite a good year so far, certainly if we keep in mind that more than 500 companies have hiked the dividend YTD. Earlier on we already posted the 10 biggest dividend cuts in 2023 (see tweet below). 

The biggest #dividend cuts in 2023 so far, including $INTC and $VFC pic.twitter.com/YmS6xd8pKY

— Dividend Cut (@dividendcut) June 6, 2023

Since this tweet was publised on June 6, 2023, we had a couple more dividend cuts in the United States bringing the total number to 15 as of July 10, 2023. The most discussed and publised cuts come from Intel Corporation with a 65.8% dividend cut from $0.365 to $0.125 quarterly and VF Corporation with a 41.2% dividend cut from $0.51 to $0.30 quarterly per share.

Especially VF Corp was a shocker because this was a Dividend Aristocrat with decades of annual dividend growth prior to the 2023 dividend cut. Other US listed stocks cutting or suspending the dividend in 2023 are HanesBrands, PacWest Bancorp, Advance Auto Parts, Paramount Global, Crane NXT (because of spinoff/separation), Newell Brands, Calavo Growers, Flanigan's, Paramount Group (real estate), Redwood Trust, Newmont Corp, Douglas Emmett, Alaska Power & Telephone and most recently Great Ajax Corp.

Companies announce dividend cuts for various reasons, including financial difficulties or strategic priorities. See the five reasons why companies have to cut or suspend the dividend.