The companies that make up the Dow Jones Industrial Average are selected for the index because they are large, blue-chip firms that have had sustained growth, are of significant interest to investors, and are generally representative of the broader economy.

So by its very nature it tends to favor companies that pay out excellent dividends, because large, long-established companies with histories of sustained earnings typically pay out the best dividends. So let's take a look at the stocks with the highest dividend yields in the Dow: Verizon, with a yield of 6.52%; 3M, with a yield of 5.27%; and Walgreens Boots Alliance, with a yield of 5.25%. Should investors consider these stocks?

1. Verizon

Telecommunications giant Verizon currently has the highest dividend yield in the Dow at 6.52%, with a quarterly payout of $0.65 per share. Verizon has an annual dividend of $2.61 per share, which it has increased for 18 consecutive years. Verizon has a payout ratio of 50%, a mark it has hovered around since 2019.

If you are strictly looking for quarterly dividend income, Verizon is a solid bet, as it consistently generates revenue as one of the leading providers of wireless service and broadband internet. It should be able to maintain its dividend, and it helps that the stock is cheap, trading at just eight times earnings.

If you are looking for capital appreciation, growth may be hard to come by -- certainly this year, as a weakening economy, and growing competition, may take a bite out of consumer demand.

2. 3M

A leading industrial company, 3M is what is known as a Dividend King, which means it has increased its dividend every year for at least 50 straight years. In 3M's case, it has raised its dividend for an incredible 64 straight years. 

At present, the company pays a dividend of $1.50 per share at a yield of 5.27% with an annual distribution of $6 per share. It has a payout ratio of around 58%, which is a bit steep, but it is actually lower than it has been over most of the past five years or so.

Like Verizon, 3M generates tons of cash flow, and its dividend should be safe, but there is just too much risk and uncertainty to warrant a buy. The company faced waning demand in recent years, and 3M is also dealing with some legal woes and lawsuits that could keep its growth muted. Over the past five years 3M had an average annual return of -12% -- and I don't see much improvement in the near term, given its recent struggles, a potentially weakening economy, and the legal woes.

3. Walgreen Boots Alliance

Walgreens Boots Alliance, the pharmacy giant and healthcare services provider, also pays a nifty dividend, with a payout of $0.48 per share at a yield of 5.25%. It has an annual per-share distribution of $1.92, and while it is not quite a Dividend King, it has raised its annual dividend per share for 30 straight years. In addition, Walgreens has a payout ratio of about 42%.

Walgreens Boots Alliance has had its own struggles over the past few years, with its stock price posting an average annual return of -12% over the past five years. The company has seen its gross profit margin gradually decrease, down to the current 20.8% as of its first fiscal quarter, over the past 10 years.

But Walgreens is in the middle of a transition from being mainly a retail pharmacy chain to a healthcare services provider. The company is investing in and expanding its VillageMD business, which provides healthcare clinics for its customers, and recently bought SummitHealth to bolster that business.

The stock is dirt cheap, trading at just around six times earnings, but it's hard to recommend as a buy right now given the macroeconomic environment and the current lack of visibility on how the transformation is being executed and impacting the bottom line.

So should you buy any of the stocks with the highest dividend yields in the Dow Jones Industrial Average? If you are looking for a good dividend stock, Verizon is probably your best bet. If you are looking for returns to bolster your portfolio, you may want to look elsewhere.