There aren't many stocks out there that pay you dividends on a monthly basis. That doesn't mean it's impossible to generate recurring monthly cash flow for your portfolio. One way you can accomplish that is by holding multiple dividend stocks in your portfolio that pay at different intervals. 

Pfizer (PFE 2.40%)Kimberly Clark (KMB 0.97%), and AT&T (T 1.10%) all pay above-average dividend yields. With their different payment schedules, you can collect some consistent cash every month to help pay your bills (or build up your savings). Below, I'll show you how you can earn $250 per month from these investments.

Mature woman sits in front of laptop at desk while holding a coffee mug.

Image source: Getty Images

1. Pfizer

Pfizer is a popular stock today because of its COVID-19 vaccine, which is one of just three for which the U.S. Food and Drug Administration (FDA) has granted emergency use authorization. The others are from Johnson & Johnson and Moderna. Earlier this year, Pfizer projected that it will generate up to $15 billion in revenue for 2021 as a result of its vaccine, which would be 36% of the $41.9 billion in sales it did last year. But that projection was based on 2 billion doses, and it now projects that it will produce up to 2.4 billion, a 20% increase.

Its vaccine will definitely boost the company's sales, but Pfizer was already a solid dividend stock before the pandemic hit, and will probably be one long after it is over. The healthcare company does more than just produce vaccines; it also develops drugs that help treat a variety of different illnesses, including Crohn's disease and many types of cancers.

Pfizer has posted strong profit margins of at least 20% or better in each of the past four years, and its payout ratio sits at around 87%. Ideally, that number would be lower, but it is still manageable. The stock currently yields 4.1% (which is well above the average S&P 500 payout of around 1.5%). To earn $250 every quarter from this investment, you will need to invest roughly $23,250. Pfizer currently makes payments every March, June, September, and December.

2. Kimberly-Clark

Another safe investment to hold in your portfolio is Kimberly-Clark stock. From diapers and tissue paper to many other goods, its products are staples in homes around the world. Kimberly-Clark's margins aren't as impressive as Pfizer's, but the business hasn't struggled to turn a profit, either; in four of the past five years, its bottom line was at least 10% of its revenue.

In 2020, the company benefited from heightened demand. Consumers began loading up on day-to-day essentials as the threat of lockdowns caused many people to plan ahead. Although the $19.1 billion in net sales that Kimberly-Clark posted was only 3.7% higher than its 2019 revenue of $18.5 billion, generating any kind of growth in this industry is a challenge as last year's sales were flat. Kimberly-Clark isn't a growth stock; any bump up in the top line will likely depend on how much the pandemic is weighing on the minds of consumers. But it can still make for a solid income stock as it has a yield of 3.1%, and its payout ratio is sustainable at 61%.

Kimberly-Clark pays its shareholders a dividend every January, April, July, and October. And to collect $250 each time, you will need to invest approximately $30,303 into the stock right now. 

3. AT&T

The highest-yielding stock on this list is AT&T. At 7%, investors may be worried that the telecom company's payouts may be due for a haircut. The reason I'm not concerned about its dividend is that the business is generating tons of cash. In 2020, free cash flow was $27.5 billion -- well above the $16.9 billion it paid in cash dividends. It was the third year in a row that free cash was more than $22 billion.

For 2021, the company is expecting that its consolidated revenue will rise by a modest 1% and that free cash flow will be around $26 billion. AT&T projects that its dividend payout ratio for the year will be below 60% (based on free cash). What is impressive is that this comes even as the company has been successful in launching its HBO Max streaming service. Its domestic subscriber numbers as of the end of 2020 (for HBO and HBO Max) totaled 41 million -- a figure that is two years ahead of schedule. The company accomplished that without burning through tons of cash, which is a great sign to investors that it can balance both growth and dividends. 

With its higher yield, you only need to invest $14,493 into the stock to collect $250 every three months. The company makes payments every February, May, August, and November.

Creating your personal dividend calendar

In total, you will need to invest a little over $68,000 into these stocks based on the above assumptions. While their dividend yields will fluctuate depending on when you might invest in these stocks, it's still possible to win a whopping $250 per month in dividend income.