PG Hikes Dividend for 70th Consecutive Year Amid Multi-Year Slowdown

With major indexes like the S&P 500 and Nasdaq Composite hovering around all-time highs, collecting a 3% dividend yield may not seem impressive. However, generating passive income from reliable dividend-paying stocks provides an excellent way to participate in the market and book a return without needing to sell stock.

Procter & Gamble (PG) is one such company that has raised its quarterly dividend to $1.0885 or $4.354 per year, marking the company's 70th consecutive annual increase. This makes P&G one of the longest-tenured Dividend Kings -- companies with at least 50 consecutive years of boosting their payouts.

A $17,000 investment in P&G can produce about $510 in annual dividend income, thanks to its 3% yield. P&G stands out as one of the best blue chip dividend stocks to buy now due to its size and pricing power with consumers and retail partners.