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Interested in stocks paying dividend income but don't know where to start? Here are some ideas to get you started.

We ran a screen on "dividend champion" stocks (those that have consistently increased their dividend over the last 25 years) for those seeing the most significant net institutional purchases over the current quarter.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month.

(Click chart for more detail)

Hedge funds believe in these names - do you think they pay reliable dividends? Use this list as a starting point for your own analysis.

List sorted by dividend yield.

1. Medtronic, Inc. (NYSE:MDT): Manufactures and sells device-based medical therapies worldwide. Market cap of $40.43B. Dividend yield at 2.53%, payout ratio at 29.29%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has had a good month, gaining 11.4%.

2. McCormick & Co. Inc. (NYSE:MKC): Engages in the manufacture, marketing, and distribution of flavor products and other specialty food products to the food industry worldwide. Market cap of $6.69B. Dividend yield at 2.46%, payout ratio at 39.63%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has gained 11.82% over the last year.

3. Wal-Mart Stores Inc. (NYSE:WMT): Operates retail stores in various formats worldwide. Market cap of $204.49B. Dividend yield at 2.45%, payout ratio at 31.11%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has gained 12.01% over the last year.

4. Target Corp. (NYSE:TGT): Operates general merchandise stores in the United States. Market cap of $33.58B. Dividend yield at 2.40%, payout ratio at 25.21%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has lost 14.85% over the last year.

5. Exxon Mobil Corporation (NYSE:XOM): Engages in the exploration and production of crude oil and natural gas, and manufacture of petroleum products, as well as transportation and sale of crude oil, natural gas, and petroleum products. Market cap of $412.31B. Dividend yield at 2.19%, payout ratio at 21.96%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has gained 17.56% over the last year.

6. Hormel Foods Corp. (NYSE:HRL): Produces and markets various meat and food products in the United States and Internationally. Market cap of $7.68B. Dividend yield at 2.06%, payout ratio at 28.69%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has gained 16.84% over the last year.

7. The Sherwin-Williams Company (NYSE:SHW): Engages in the development, manufacture, distribution, and sale of paints, coatings, and related products primarily in North and South America, the Caribbean region, Europe, and Asia. Market cap of $9.54B. Dividend yield at 1.59%, payout ratio at 31.14%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has gained 11.77% over the last year.

8. Cintas Corporation (NASDAQ:CTAS): Provides corporate identity uniforms and related business services in North America and Latin America, Europe, and Asia. Market cap of $4.72B. Dividend yield at 1.48%, payout ratio at 28.13%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has had a good month, gaining 19.93%.

9. W.W. Grainger, Inc. (NYSE:GWW): Distributes facilities maintenance and other related products and services in the United States, Canada, Japan, Mexico, India, Puerto Rico, China, Colombia, and Panama. Market cap of $13.10B. Dividend yield at 1.41%, payout ratio at 26.55%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has gained 37.21% over the last year.

10. Gorman-Rupp Co. (NYSEMKT:GRC): Designs, manufactures, and sells pumps and related fluid control products worldwide. Market cap of $583.94M. Dividend yield at 1.29%, payout ratio at 21.90%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has gained 6.47% over the last year.

11. Franklin Resources Inc. (NYSE:BEN): Provides its services to individuals, institutions, pension plans, trusts, and partnerships. Market cap of $21.27B. Dividend yield at 1.10%, payout ratio at 11.53%. According to ISS, the company has "low concern" in all corporate governance categories. The stock has lost 10.03% over the last year.

*ISS ratings sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: Hedge Funds Are Buying These 11 Dividend Champions