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The S&P 500 (NYSEARCA:SPY) and the Nasdaq (NASDAQ:QQQ) are each up over 18% in the last three months. As the Dow tries to settle at 13,000 for the first time in over three years analysts are finding that a few range bound dividend stocks are no longer worth their buy rating. Many of the recent downgrades are due to valuation but there are a few that are due to slower growth or higher cost expectations in 2012. We have listed the downgrade reason and price target when it was available.

Ensco (NYSE:ESV)

Ensco was downgraded by Standpoint Research from a Buy to a Hold on February 21. Standpoint said that the recent rise in the stock price (ESV is up 25% year to date) no longer gave it enough value to maintain the buy rating. ESV has a dividend yield of 5.1% and has increased its dividend for 15 years. It has a 5-year dividend growth rate of 7.2% and a payout ratio of 49%.

Essex Property (NYSE:ESS)

Essex Property was downgraded by RBC Capital Markets from Outperform to Sector Perform on February 21, with a price target of $150. RBC said the downgrade was based on valuation. ESS is a REIT and has a dividend yield of 2.9%. It has raised its dividend for 15 consecutive years.

Holly Energy Partners (NYSE:HEP)

Holly Energy Partners was downgraded by UBS from a Buy to a Neutral rating on February 22, with a price target of $64. UBS cited the 28% run up in the stock since September 2011, as the reason for the downgrade. While it believes that the core business at Holly is still good it does not believe the stock is a buy at these levels. HEP is a Limited Partnership and has a dividend yield of 5.8%. It has increased its dividend for 7 years and has a 5-year dividend growth rate of 5.7%.

Kronos Worldwide (NYSE:KRO)

Kronos Worldwide was downgraded by Deutsche Bank from a Buy to a Hold rating on February 22, with a price target of $23. Deutsche Bank cited higher feedstock ore costs as the reason for the downgrade. KRO has a dividend yield of 4.7% and a payout ratio of 45%. It has increased its dividend for only one year.

Medtronic (NYSE:MDT)

Medtronic was downgraded by Deutsche Bank from a Buy to a Hold rating on February 22, with a price target of $41 per share. Deutsche Bank cited the challenges from the recent quarter and said that the stock will stay cheap. We think the stock will stay cheap until business improves or there is greater confidence in the strategic direction. MDT has a dividend yield of 2.5% and has increased its dividend for 34 years. It has a 5-year dividend growth rate of 18% and a payout ratio of 30%.

Nucor (NYSE:NUE)

Nucor was downgraded by Longbow from a Buy rating to a Neutral rating on February 22, but did not give a new price target. Longbow said the downgrade was based on expectations for a price correction following higher HRC prices. NUE has a dividend yield of 3.3% and has increased its dividend for 39 consecutive years. It has a payout ratio of 74%.

Steel Dynamics (NASDAQ:STLD)

Steel Dynamics was downgraded by Longbow from a Buy rating to a Neutral rating on February 22. Longbow said the downgrade was based on expectations for a price correction following higher HRC prices. Longbow also downgraded US Steel (NYSE:X) for the same reasons. STLD has a dividend yield of 2.7% and a payout ratio of 36%. It increased its dividend in 2011 after cutting it in 2010.

Garmin (NASDAQ:GRMN)

Garmin was downgraded by Dougherty & Company from a Buy rating to a Neutral rating on February 21, with a price target of $47. Dougherty & Company said the downgraded was based on valuation after 2011 Q4 result and a recent run up in stock price. GRMN has a dividend yield of 3.3% and a payout ratio of 64%.

Source: 8 Dividend Stocks Analysts Aren't Buying