On Monday, Congress approved a coronavirus relief bill that includes $600 stimulus checks for most Americans. Now, investors -- as long as their bills are paid and emergency funds are well-padded -- might be wondering where to spend it. While it might be tempting to drop the cash on a highly risky stock that has a chance of exploding, it's probably a better decision for the long-term to pick a safer and more predictable stock instead. 

With $600, you'll be able to purchase a few shares of the stocks that I'll discuss today. And, because they each offer a quarterly dividend payment, you'll get a bit of residual income from the purchase too. It won't make you rich, but it'll steadily support your portfolio's growth over the long haul, and that's what counts.

The United States Capitol building sits in front of a backdrop of $20 bills.

Image source: Getty Images.

AbbVie

If you're looking for a stock with a formidable dividend yield over 5% as well as considerable prospects for equity growth, AbbVie (NYSE:ABBV) is an excellent choice. If you aren't familiar, AbbVie is a major pharmaceutical company which makes drugs like Humira for autoimmune disorders. Because its revenue from these in-demand therapies is highly predictable, it can offer a large dividend and increase its size at regular intervals without fear of cutting into money for critical activities like research and development (R&D). And, it's constantly investing in its pipeline to keep new therapies coming.

Recently, it received regulatory approval for its drug Rinvoq for ankylosing spondylitis, which management has credited for better-than-expected revenue growth of 52.2% year-over-year in the third quarter. If it succeeds in seeking additional approvals for Rinvoq to expand the pool of eligible patients, this growth will continue, potentially leading to further earnings and revenue growth that push the stock to new heights. 

Innovative Industrial Properties

Innovative Industrial Properties (NYSE:IIPR) is a real estate investment trust (REIT) with a focus on investing in medical cannabis cultivation properties. This means that the company is positioned to grow alongside the cannabis industry in the U.S. in the aftermath of a slew of state-level cannabis legalizations in the most recent election. Right now, it owns 63 cultivation facilities, but that's almost certainly just the beginning. As long as businesses are trying to grow cannabis, IIP will have customers.

As the cannabis industry has ramped up, so has IIP, with intense quarterly revenue growth of 197.1% year-over-year. Its forward dividend yield is still small at 2.57%, but the stock has also expanded considerably. Plus, the company's dividend payout has increased at least once per year in the last few years. This means that you can be confident that management believes in the stability of the company's cash flow, which is a major positive.

Johnson & Johnson

Johnson & Johnson (NYSE:JNJ) is the best of these three stocks if you're a highly conservative investor. Unlike the other two companies, J&J has an exceptionally long history of stable operations and gradually growing revenue from its lineup of consumer healthcare products like Listerine. It also has a dividend yield of 2.61%, which is a nice bonus.

Johnson & Johnson's dividend yield is 2.64%, but it has increased this yield each year for several decades on end. So, it's safe to count on this dividend to continue growing, at least for as long as people still need to use basic healthcare stuff, like Bandaids, that the company makes. You shouldn't exactly plan on the stock to grow like wild, though. With revenue growth habitually in the single-digits, there aren't too many catalysts that could send it into overdrive. But, keep an eye on the company's coronavirus vaccine candidate, which is currently in late-stage clinical trials. If it's approved for sale, the market will almost certainly react favorably.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.