We've just passed the latest earnings season, and like every earnings season, this one left numerous dividend raises in its wake. 

Dividends are excellent, excellent sources of passive income. By buying 1,000 shares apiece of recent raisers -- and Dividend Kings -- PepsiCo (PEP 1.18%) and Stanley Black & Decker (SWK -0.94%), you could reap $7,800 over the next 12 months without lifting a finger. Now, that requires some outlay, as the former company is currently trading at nearly $181 per share and the latter almost $103. But, like with any investing, it's not hard to begin small and amass larger holdings over time.

Meanwhile, since we're still some distance from the ex-dividend dates of both these companies, there's plenty of time to take advantage of the two hikes.

1. PepsiCo

Although its near-namesake soda is the product most readily identified with PepsiCo, the company is also a powerhouse in the snacks category. The longtime slinger of munchies like Ruffles potato chips, Doritos, and Quaker Oats offers a powerful one-two punch in both the beverages and snacks category -- powerful enough to declare a dividend raise every year. The 2022 edition is a 7% bump to $1.15.

Remember the New Coke debacle? The disastrous experience Coca-Cola had with changing the formula of its flagship drink in 1985 shows that consumers don't like much adjustment to their beloved comfort foods and liquids. So there's very little innovation necessary for goods like Pepsi, Mountain Dew, Quaker, etc.; PepsiCo will occasionally roll out a new flavor, but that's as far as it usually goes.

This makes the company a monster cash cow, as it only requires relatively modest ad/marketing spend to keep itself competitive in each of its two segments. Net margins are high for the food and beverage industry (at or around 10% in recent years), as is free cash flow (FCF). On an annual basis, the latter is approaching $7 billion these days, leaving plenty of room for those constant dividend hikes.

Cash-rich, consistently profitable, and consistent with its yearly dividend raise, in many ways, PepsiCo is a model dividend stock for income investors. The company's latest dividend raise kicks in with the quarterly payout that'll be distributed on Sept. 30 to investors of record as of Sept. 2. At the most recent closing share price, this would yield 2.6%.

2. Stanley Black & Decker

A higher yield compensates for a bit more risk associated with veteran toolmaker Stanley Black & Decker. After a long bull run, the U.S. housing market, always a driver for the company, is looking a bit wobbly these days.

Yet even though Stanley Black & Decker has struggled lately, a swoon in its stock price is making it look extremely attractive. Compounding this, last month the company declared yet another dividend raise, upping its quarterly payout by 1%.

That's not a beefy number, but this is a company that needs to be cautious in the current environment. The winds are already blowing -- both revenue and profitability were down substantially on a year-over-year basis in the company's second quarter and didn't meet the average analyst estimates. Also, the latest guidance cut was deep.

Still, the company is still doggedly clawing for success and, in some respects, actually doing rather well. In that quarter, thanks to some smart acquisitions, it managed to grow its revenue by 16% year over year.

Meanwhile, Stanley Black & Decker has an enviable history of reliably delivering bottom-line profits -- even if these can sink in down cycles. It also pays a dividend that is typically small compared to the FCF it tends to reap, although, like other metrics, FCF has sagged of late.

I firmly believe that Stanley Black & Decker will recover as it has in the past, and its stock has a fine chance of swinging well higher on the next upcycle. As mentioned, I also very much like the company's yield with its new dividend raise; at the current stock price, it's 3.2%.

The raised dividend will be handed out on Sept. 20 to shareholders of record as of Sept. 6.