3 Exceptional High-Yielding Dividend Kings That Have Been Increasing Their Payouts for Over 60 Years

Key Points

• Coca-Cola's strong brands and pricing power have enabled it to weather difficult economic conditions.

• Procter & Gamble's products are staples in households all over the world, making it a stable investment.

• Johnson & Johnson's focus on its high-performing segments could ensure solid long-term growth.

• 10 stocks we like better than Coca-Cola ›

Stocks that pay dividends can make for great long-term investments. The best reason to invest in them is that they can generate recurring cash flow for you on an ongoing basis.

What's even better are dividend stocks that raise their payments over time. That's crucial because inflation can chip away at dividend income.

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Let's assume you collect $1,000 in dividends per year. Assuming the inflation rate averages 3% per year, that dividend income will be worth just $744 in 10 years. And after 20 years, then it'll be worth only $554 -- close to half of what it is now.

This highlights the importance of focusing on dividend growth stocks, particularly if your goal is to generate recurring income.

And three Dividend Kings (companies that have raised their dividends for 50 years or more) with impressive track records that might be great options for your portfolio are Coca-Cola (NYSE: KO), Procter & Gamble (NYSE: PG), and Johnson & Johnson (NYSE: JNJ). These stocks have all be raising their payouts for more than 60 consecutive years.

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1. Coca-Cola

Soft drink company Coca-Cola has expanded over the years to include hundreds of different brands and products under its umbrella. But its bread and butter is still its namesake brand, and Coke Zero, which appeals to consumers looking to reduce their sugar intake.

The simplicity of Coca-Cola's business is what makes it an attractive beverage stock to own for the long haul. Its products aren't terribly expensive and have wide appeal, which is why Coca-Cola has been a fairly stable and consistent company to invest in over the years.

Coca-Cola has been able to raise prices along with inflation without hurting its top line, and that's a great example of the pricing power it possesses thanks to its strong brands. Last year, its sales topped $47 billion, and they rose by a modest but steady rate of 3% year over year.

Coca-Cola is a good and boring dividend stock that you can just put in your portfolio and forget about. It currently yields 3.1%, and it has increased its dividend for 63 straight years. That streak is about as solid as a rock.

2. Procter & Gamble

Procter & Gamble's business has dozens of brands that span a wide range of consumer areas, including baby products, hair care, laundry, and many others. It sells day-to-day necessities that people all over the world rely on from leading brands such as Pampers, Bounce, Gillette, and many others.

That consistency and predictability is also evident when looking at the company's financials. Its sales totaled $84 billion in the company's most recent fiscal year, which ended June 30. And it's been within a range of $80 billion to $84 billion in each of the past four years. There's limited volatility with the consumer staples stock, which is why it can be such a dependable investment to hang on to for the long haul.

As impressive of a streak as Coca-Cola has, Procter & Gamble's is even more remarkable. The company has raised its dividend for 69 straight years. And its first dividend was back in 1890. It currently yields 2.7%, which is more than twice the S&P 500 (SNPINDEX: ^GSPC) average of 1.2%.

3. Johnson & Johnson

Rounding out this list is Johnson & Johnson, one of the most iconic and well-known healthcare companies in the world. It has simplified its business by spinning out its consumer healthcare division, as it now focuses on higher-growth opportunities in pharmaceuticals and medical devices.

Focusing on growth can sometimes put a dividend at risk, but in Johnson & Johnson's case, the company remains committed to growing its payout. In April, the company boosted its dividend by around 5%, which extended its streak of increases to 63 straight years. With the increase, the stock's yield is now just under 3%.

The company has been growing in the single digits and continues to see plenty of growth as it anticipates drug approvals in multiple therapeutic areas, which can help strengthen its top and bottom lines and also make room for more generous dividend increases in the future. Its long-term goal is to grow its operations by an annual rate between 5% to 7%. With slow and steady growth, this can make for a fairly stable dividend stock to hang on to for the long haul.

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David Jagielski has no position in any of the stocks mentioned. The Motley Fool recommends Johnson & Johnson. The Motley Fool has a disclosure policy.