Key Points

• These stocks have all been raising their payouts for decades.

• They pay between 4.5% and 4.9% in dividends.

• They have solid financials, which can enable them to continue paying and growing their dividends in the future.

• These 10 stocks could mint the next wave of millionaires ›

Dividend growth stocks can be great long-term investments to put into any portfolio. If a company grows its dividend on a regular basis, that can help ensure that inflation doesn't diminish the value of the payout over time. And the longer you hang on, the higher your dividend income becomes.

Dividends increases are by no means a guarantee, and that's why it's important to focus on quality stocks. Three solid dividend stocks that you may want to consider loading up on today include Target (NYSE: TGT), T. Rowe Price Group (NASDAQ: TROW), and Chevron (NYSE: CVX). Not only do these stocks offer high yields in excess of 4%, but they have also grown their payouts over the years, have strong financials, and they look incredibly cheap right now.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More »

Image source: Getty Images.

1. Target

Retail giant Target has been struggling with generating much growth this year as consumers cut back on discretionary spending amid economic challenges. But despite the headwinds, the company's financials aren't all that bad. For the period ended May 3, Target's net sales declined by just 3%, to $23.8 billion. And its net earnings actually improved by 10%, to more than $1 billion, as the company has been cutting costs.

Shares of Target have been under pressure this year as investors brace for continued struggles from the retailer. But while it may not be a great growth stock to own right now, Target remains a dependable option for dividend investors. It yields 4.5%, and the company raised its dividend by just under 2% this year, extending its streak of increases to 54 consecutive years.

At an incredibly low price-to-earnings multiple of only 11, Target can be a great value buy today. The business may not be experiencing strong growth, but with a low payout ratio of just 49%, it can make for a great dividend stock to buy and hold.

2. T. Rowe Price Group

Global investment firm T. Rowe Price is another solid dividend stock to add to your portfolio today. Year to date, it's down around 6%, but its overall performance has been steady.

During the first six months of the year, the company's net revenue totaled $3.5 billion, which was virtually unchanged from a year ago. Rising costs did, however, chip away at its bottom line, which was down 6%, with earnings totaling just under $1 billion over the past two quarters.

The stock yields 4.9%, and T. Rowe has increased its dividend for 39 consecutive years. In February, it announced it was increasing its dividend by more than 2%. Its payout ratio is modest at 56% of earnings, leaving plenty of room for the company to continue making more rate hikes for the foreseeable future.

Trading at less than 12 times earnings, this is another cheap dividend growth stock worth buying right now.

3. Chevron

Rounding out this list of high-yielding dividend growth stocks is oil and gas giant Chevron. It pays 4.5%, as it also provides investors with a terrific source of recurring cash flow. While there is volatility that comes with investing in this sector, Chevron is a leading player in it, making it one of the safer options for dividend investors to consider. Amid a myriad of economic cycles and challenges, it has remained a solid dividend growth stock -- Chevron has raised its payout for 38 straight years.

The company has experienced volatility this year due to falling oil prices. Over the past six months, its revenue totaled $92.4 billion, which was down 7% year over year. And its adjusted earnings fell by 32% to $6.9 billion. But its cash flow from operations totaled $13.8 billion, which was still considerably higher than how much it paid out in dividends -- $5.9 billion.

There will be fluctuations in earnings for Chevron, but with the company growing its exposure in the industry, including its recent acquisition of Hess, which has a strong portfolio of assets in Guyana, this is a continually growing business that investors can rely on for the long haul.

Chevron's stock trades at 18 times its estimated future earnings (based on analyst expectations). By comparison, the average stock on the S&P 500 (SNPINDEX: ^GSPC) trades at a forward earnings multiple of 24. For an industry leader, Chevron's valuation looks incredibly cheap.

Where to invest $1,000 right now

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David Jagielski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron, T. Rowe Price Group, and Target. The Motley Fool has a disclosure policy.

• Astronomer released a humorous promo video featuring Gwyneth Paltrow after leadership changes.
• Two former executives were involved in a now-infamous kiss-cam incident at a Coldplay concert.
• Paltrow promoted Astronomer's data and AI products and an upcoming conference.

Astronomer is taking the Coldplay incident and running with it.

After former CEO Andy Byron and head of HR Kristin Cabot resigned following the now-infamous "kiss-cam" style Coldplay concert footage, the company responded with a humorous video of its own, featuring Coldplay frontman Chris Martin's ex-wife, Gwyneth Paltrow.

In the brand-new video, Paltrow said she had been hired on a "very temporary basis" to represent the "more than 300 employees" at Astronomer, and to answer some very common questions.

Then, instead of addressing what Astronomer likely got the most attention for, Paltrow proceeded by promoting its latest data and AI products — all with a straight face.

After another video header that seems to ask how Astronomer's social media team is holding up, Paltrow went on to say there is still room available in the company's Beyond Analytics data conference in September.

"Thank you for your interest in Astronomer," the award-winning actor said as the video ended.

Astronomer became an internet sensation mid-July when Byron and Cabot, who were both company executives at the time, were embracing in a "kiss-cam" crowd footage at a Coldplay concert just outside of Boston.

The pair appeared horrified and immediately hid from he camera after being spotlighted on the big screen, prompting Coldplay lead singer Martin to say that they are either "having an affair or just very shy."

The video has since gone viral and generated countless internet memes. The company's board promptly launched an investigation into the incident, and Byron and Cabot both resigned from Astronomer within the week. Chief Product Officer Pete DeJoy has since stepped up as interim CEO while the company searches for a more permanent replacement.

As for Paltrow and Martin, the pair famously dubbed their split "conscious uncoupling" in March 2014 and finalized their divorce in 2016 after 13 years of marriage.

Astronomer did not immediately respond to a request for comment.

Do you work at Astronomer and want to talk about the impact of all the attention on the company? Email the author at [email protected].