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Smooth or chunky?

We're talking about dividend growth here, not peanut butter. Smooth growth is consistent – you won't see much difference between the one-year and five-year annualized growth rates. Chunky growth is built on inconsistent increases – big some years, small or even zero in others.

If you're a smoothie person, here's a list of consistent U.S. dividend growers drawn from among the biggest blue chips.

We start with the stocks of the S&P 100 index, which is made up of the largest, most established companies in the better-known S&P 500. Next, the one- and five-year dividend growth rates for each stock were compared using data on

To make the final cut, stocks needed a one- and five-year growth rate each above 9.5 per cent and a difference of no more than 7 percentage points between the one- and five-year rates. Remember, we're looking for smooth dividend growth, not chunky. Here are eight stocks that made it through this screening process.

- Walt Disney Co. (DIS-N): One-year dividend growth of 23.5 per cent and an annualized five-year growth of 28.8 per cent.

- CVS Health Corp. (CVS-N): A one-year growth rate of 21.4 per cent and a five-year rate of 27.7 per cent.

- Boeing Co. (BA-N): A one-year rate of 19.8 per cent and a five-year rate of 21 per cent.

- Lowe's Companies Inc. (LOW-N): A one-year rate of 21.7 per cent and a five-year rate of 20.6 per cent.

- Microsoft Corp. (MSFT-Q): One -year 16.1 per cent, five-year 17.6 per cent.

- Nike Inc. (NKE-N): One-year 14.3 per cent, five-year 15.6 per cent.

- Honeywell International Inc. (HON-N): One-year 15 per cent, five-year 12.3 per cent.

- Allstate Corp. (ALL-N): One-year 10 per cent, five-year 9.5 per cent.

Some examples of chunk dividend growth stocks are HP Inc. (HPQ-N), with a one-year growth rate of 70.7 per cent and a five-year rate of 27.8 per cent; Dow Chemical Co. (DOW-N), up 9.5 per cent in the past year and 25.1 per cent in the past five years; and, Wells Fargo & Co. (WFC-N), up 1.3 per cent in the past year and almost 26 per cent in the past five years.