In this article I analyze the 29 Dividend Kings, an exclusive group of stocks that have increased their dividend for 50+ consecutive years. The top five stocks in the ranking model have changed due to increase in valuation for some stocks resulting from the bull market since the Fall of 2019. In addition, the earnings growth rate and dividend growth rates of some Dividend Kings have slowed recently. Since a calendar year has passed, their trailing averages have dropped. The top five stocks in the ranking model in order are Hormel Foods Corp. (HRL) [DP Score = 9.21], Commerce Bancshares (CBSH) [DP Score = 9.12], Parker-Hannifin Corp. (PH) [DP Score = 9.08], Target Corp. (TGT) [DP Score = 9.07], and Stepan Company (SCL) [DP Score = 9.00]. Notably, 3M Company (MMM) [DP Score = 8.95] has dropped out of the top five resulting from a rising share price, lower 5-year earnings per share growth rate, and lower dividend growth rates. The mean PE [TTM] ratio of the Dividend Kings is now ~29.9 and the median is ~26.8. These are the highest since I started writing on the Dividend Kings. Personally, I view 30X earnings as a cut-off for overvaluation for almost all stocks. In any case, the bottom line is that the Dividend Kings are overvalued in my opinion and one should wait before putting new money to work.