Dividend Kings have excellent track records -- 50 years straight, in fact -- for increasing their payouts. While dividend increases are never a guarantee, they are virtually a lock with these types of stocks.

Two companies in this elite group that investors should watch out for this month are Johnson & Johnson (JNJ 3.69%) and Procter & Gamble (PG 1.49%). Both could be due to raise their payouts in the coming weeks. Here's what their new yields could look like and why these are solid stocks to buy and hold.

1. Johnson & Johnson

Healthcare giant Johnson & Johnson is spinning off its consumer health business this year as it looks to become leaner and focus on its pharmaceutical and medical device segments. By doing so, the business should become a better overall investment.

And while its operations may be changing, one thing that's likely to remain the same is the expectation that its dividend will continue growing. Of the $23.4 billion in pre-tax segmented earnings it reported last year, just $2.9 billion came from consumer health; the bulk of the company's profits come from medical devices and pharmaceuticals.

Johnson & Johnson has been increasing its dividend payments for 60 consecutive years. Last year, the rate hike announcement came in April, and that was consistent with previous years. At 6.6%, it was a sizable increase to the dividend, which today yields right around 3%. Over the past five years, the company's payouts have risen at an average compound annual growth rate (CAGR) of 6.1%.

If Johnson & Johnson were to increase its dividend by another 6% this month, then its quarterly dividend would be approximately $1.20 per year, and the yield would be up to 3.1% -- assuming the share price remains around where it is now. The yield is already well above the S&P 500 average of 1.7% and with more increases likely coming for the foreseeable future, this can make for an excellent dividend stock to buy and hold for years.

2. Procter & Gamble

Another Dividend King that investors should keep an eye out for this month is Procter & Gamble. It was a year ago that the company announced its last dividend increase, which marked the 66th straight year that it boosted its payouts. It was a 5% increase to the dividend. And over the past five years, Procter & Gamble's dividend has increased at an average CAGR of 5.8%.

A similar 5% increase this month would boost the company's quarterly payment to around $0.96. At that rate, the yield would be a little under 2.6% based on its current share price.

Procter & Gamble's business has been fairly resilient amid inflation as the company has top consumer brands, including Bounty, Tide, Pampers, and many others that are common in households around the world.

For the fourth quarter of 2022, which P&G reported in January, net sales totaled $20.8 billion, marking a year-over-year decrease of 1%. However, when factoring out foreign exchange as well as acquisitions and divestitures, the organic growth rate was a positive 5%. Earnings of just under $4 billion for the quarter were down 7%, but the company remains highly profitable with a net margin of 19%. 

The company's operations are sound and Procter & Gamble may be the ideal type of business to invest in right now. Its strong brands can ensure that even if it passes off rising costs to consumers, that won't have a big impact on overall sales. And that's why this can be another ideal stock to buy and hold for the long term.