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Payback is the amount of time needed for an investment to earn its cost, undiscounted. Though not very sophisticated, payback can still help you screen for good, solid dividend growth stocks. Once you earn back your investment, some might say you are in a no-lose situation. I wouldn't go quite that far, but you have found an investment that has provided you a good historical revenue stream, and hopefully it will continue to do so in the future.

Below are several dividend stocks that recently rewarded their shareholders with increased cash dividends:

Leggett & Platt, Inc. (NYSE:LEG) designs and produces various engineered components and products worldwide. On Aug. 8 the company increased its quarterly dividend 3.4% to $0.30 per share. The dividend is payable on Oct. 15, 2013, to shareholders of record on Sept. 13, 2013. The yield based on the new payout is 3.9%.

The Hillshire Brands Company (NYSE:HSH) engages in the manufacture and marketing of meat-centric food solutions for the retail and foodservice markets worldwide. In August the company increased its quarterly dividend 40% to $0.175 per share. The dividend is payable on Oct. 7, 2013, to stockholders of record as of the close of business on Sept. 3, 2013. The yield based on the new payout is 2.1%.

Span-America Medical Systems, Inc. (NASDAQ:SPAN) manufactures and distributes various therapeutic support surfaces and related products for the medical, consumer, and industrial markets primarily in the United States and Canada. On Aug. 7 the company increased its quarterly dividend 12% to $0.14 per share. The dividend is payable on Sept. 4, 2013, to shareholders of record on Aug. 20, 2013. The yield based on the new payout is 2.6%.

Susser Petroleum Partners LP (SUSP) engages in the wholesale distribution of motor fuels primarily in Texas, New Mexico, Oklahoma, and Louisiana. On Aug. 7 the company increased its quarterly distribution 3.5% to $0.4528 per unit. The distribution is payable on Aug. 29, 2013, to unitholders of record on Aug. 19, 2013. The yield based on the new payout is 6.1%.

Harman International Industries, Inc. (NYSE:HAR) designs, develops, manufactures, and markets audio products and electronic systems worldwide. On Aug. 6 the company increased its quarterly dividend 100% to $0.30 per share. The dividend is payable on Aug. 30, 2013, to stockholders of record as of the close of business on Aug. 16, 2013. The yield based on the new payout is 2.0%.

The Scotts Miracle-Gro Company (NYSE:SMG) engages in manufacturing, marketing, and selling consumer lawn and garden care products. On Aug. 6 the company increased its quarterly dividend 35% to $0.4375 per share. The dividend is payable payable on Sept. 10, 2013, to shareholders of record on Aug. 27, 2013. The yield based on the new payout is 3.3%.

Illinois Tool Works, Inc. (NYSE:ITW) manufactures and sells a range of industrial products and equipment worldwide. On Aug. 2 the company increased its quarterly dividend 10.5% to $0.42 per share. The dividend is payable on Oct. 8, 2013, to stockholders of record as of Sept. 30, 2013. The yield based on the new payout is 2.3%.

Selecting stocks with increasing dividends is critical for an income growth strategy. The above list contains stocks that recently raised their dividends; it is not a list of recommend buys. As always, due diligence should be performed before buying or selling any stock. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Disclosure: Long LEG and ITW in my dividend growth portfolio. See a list of all my dividend growth holdings here.

Source: 7 Stocks Paying More Cash With Higher Dividends