There's a lot to love about Coca-Cola (KO 0.29%) and Johnson & Johnson (JNJ -1.23%). At least that's what billionaire investor Warren Buffett thinks. He holds shares of both of these market giants. Buffett originally bought Coca-Cola back in the late 1980s. And it continues to be one of his favorite stocks and biggest holdings. J&J also is a longtime holding.

Buffett surely likes both stocks for their dividend payments, market dominance, and steady growth over time. But do they make good buys right now? And should you snap them up before 2023? Let's find out.

The maker of your favorite drinks

Coca-Cola is the world's biggest nonalcoholic beverage company. It makes some of your favorite drinks, including Sprite and Dasani water. You may think that Coca-Cola's conquered the world, and its growth potential is limited. But that's not exactly true.

The beverage maker looks to developing and emerging markets for the next phase of growth. There, commercial beverages represent only 30% of beverage consumption. And these areas represent about 80% of the world's population. So, there's clearly room for a giant like Coca-Cola to grow here.

Coca-Cola has increased earnings over time. And in the most recent quarter, the company reported double-digit gains in net revenue. It even increased its annual revenue forecast to the range of 14% to 15% growth from the earlier forecast of 12% to 13%. Coca-Cola continues to invest in its brands and adapt to customers' tastes -- for example, focusing on low-sugar content.

All of this means Coca-Cola could continue growing earnings down the road. And that should support share-price performance. That's one reason to buy Coca-Cola. The second reason is the dividend. Coca-Cola is a Dividend King, meaning it's been raising its dividend for at least the past 50 years.

That track record shows dividend growth is important to Coca-Cola. So it's likely to continue along this path. And that's great news for investors.

Coca-Cola's valuation hasn't fluctuated tremendously over time. Over the past five years, it's traded around the level of 30 times trailing-12-month earnings. Why buy now? In today's difficult market, you may learn to love this safe and steady play just as much as Warren Buffett does.

Part of your daily life

J&J might already be part of your daily life. The healthcare giant is the maker of many well-known brands such as Tylenol painkillers and Aveeno bath products. You may be surprised to learn that these products actually aren't the biggest revenue driver for the company. They're part of the consumer health business -- a business J&J plans to spin off next year.

This means J&J will focus on its biggest revenue drivers. These are its pharmaceutical and medtech businesses. In the most recent quarter, pharmaceutical revenue climbed 9.2% and medtech revenue advanced 8.1% year over year.

J&J also is making moves to ensure future growth; this is through investing in research and development, and making acquisitions. The company invested more than 15% of sales in R&D in the recent quarter. That's $3.6 billion, and represents a 5% increase from the same period a year ago. J&J has more than 100 pharmaceutical candidates in the pipeline -- if even a handful make it to commercialization, we can count on more revenue growth down the road.

As for business deals, J&J recently said it would acquire heart pump specialist Abiomed. That company has grown profit over 18 years and is a leader in its field. This looks like a great addition to the J&J portfolio.

Like Coca-Cola, J&J also is a Dividend King. J&J pays an annual dividend of $4.52 at a yield of 2.52%. That's a higher dividend yield than the pharmaceutical industry average of 2.07%, according to NYU Stern Business School research.

Today, J&J is trading at about 17 times forward earnings estimates. That seems reasonable considering J&J's dividend growth -- and the company's upcoming move to focus on its highest-growth businesses. Now looks like the perfect time to get in on this Buffett stock.