Dividend growth stocks can make for great long-term investments. And many of them have long, impressive streaks of raising their dividend payouts every year. It sounds impressive, but remember that, in many cases, these consistent raisers often only increase their dividend payments at nominal rates for the sake of keeping their streaks going. The amount of those increases can be underwhelming for dividend investors looking for growth.

On the other side of the coin, there are a select group of companies that have done well enough in the past year to feel confident that they can announce significant increases in their payouts. Two of these companies -- Wendy's (WEN -1.38%) and Dick's Sporting Goods (DKS -2.69%) -- plan to double their current payouts.

Are these two dividend stocks that you should consider adding to your portfolio today?

1. Wendy's

On Jan. 13, fast-food restaurant Wendy's released its year-end results and also announced that it would be boosting its quarterly per-share dividend to $0.25, which is double the $0.125 that it pays right now. At the new rate, Wendy's dividend yields a whopping 4.8%, which is more than twice the S&P 500 average of 1.7%. 

But the company hasn't always been increasing its dividend, and during the early stages of the pandemic, it slashed its payouts. Over the past five years, however, the company's payout has tripled.

WEN Dividend Chart

WEN Dividend data by YCharts

The fast-food operator is coming off a strong year in 2022 where its sales rose by 10.5% to $2.1 billion. Its global same-store sales were also up 4.9%, building off a strong 2021 when they were up by 10%. In addition to the dividend hike, Wendy's also announced that its board of directors authorized up to $500 million in share buybacks sometime between now and February 2027.

Trading at 26 times earnings, Wendy's stock is a bit expensive. But for dividend investors, it can still be a good buy -- the business may have another good year in 2023 as cash-strapped consumers may opt for cheaper dining options this year due to rising inflation. Wendy's payout ratio of 61% isn't terribly high, either, which suggests that more rate hikes could still occur in the future.

2. Dick's Sporting Goods

Retailer Dick's Sporting Goods reported earnings earlier this month and its results came in well above expectations. For the quarter ending Jan. 28, the company's revenue totaled $3.6 billion versus the $3.45 billion analysts were expecting. And adjusted earnings per share of $2.93 was also better than Wall Street's projection of $2.88.

The company also remains optimistic about the future, noting that "in 2023, we will grow both our sales and earnings through positive comps, a return to square footage growth and higher merchandise margin." As a result of the rosy outlook, management felt confident in its ability to increase the company's dividend by 105%, to an annualized payout of $4 per share. At the new payout, the dividend yield will be 2.8%. 

That's not as high as the dividend from Wendy's, but there could be more room for big increases with Dick's Sporting Goods. The company expects that for 2023 its diluted per-share profit will be at least $12.90 and as high as $13.80. At the low end of that projection, its payout ratio would be 31%, leaving plenty of room for Dick's to make a significant rate hike next year as well. While I wouldn't expect it to double again, more dividend increases could be likely. Dick's has consistently been raising its payout since 2015, and in 2021 even issued a special dividend of $5.50 per share.

Trading at just 13 times earnings, the stock looks like a steal of a deal given the growth it is expecting and the more attractive payout that it offers right now.