The market had a difficult 2022. Last year revealed the importance of having safe stocks in your portfolio during times of market volatility.

Enter dividend stocks. What's better than companies that have a track record of consistently paying and increasing dividends? And the most impressive of them all are Dividend Kings -- companies that have increased their dividend for the past 50 years in a row.

I've got two in mind. These growth stocks allow investors to let their money appreciate while also providing a steady income. Let's take a closer look at why they're the best dividend stocks to buy right now.

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1. Abbvie

Biotech company AbbVie's (ABBV 0.75%) has increased its dividend for 51 consecutive years. This includes its time as part of parent company Abbott Laboratories, which it was spun off from in 2013. Since the spinoff, AbbVie's dividend has increased by more than 250%.

The company recently lost patent exclusivity in the U.S. for its star drug Humira, which has worried investors. Since AbbVie's separation from Abbott, Humira has been critical to its success. In 2022, Humira generated $21 billion in sales, making up 36% of AbbVie's total revenue.

However, AbbVie is wise to avoid depending on a single product for its survival. It also has several other successful drugs, including Rinvoq (used to treat adults with moderate to severe active rheumatoid arthritis) and Skyrizi (used to treat adults with moderate to severe plaque psoriasis).

Management believes that these two drugs will eventually surpass Humira by 2027. For 2022, both drugs generated $7.6 billion in sales. The company reported a strong first quarter and anticipates a strong finish to the year.

AbbVie continues to invest heavily in research and development, which came in at $6.5 billion, or 12% of revenue, in 2022. It may take some time for the company to make up for Humira's record-breaking sales, but the AbbVie has bright long-term prospects. It also has a slew of new products in its pipeline that could boost revenue in the coming years.

Its strong drug portfolio and consistent dividend payments make it an appealing growth and income stock.

2. Coca-Cola

Despite rising costs putting pressure on most consumer companies, Coca-Cola (KO -0.80%) continues to grow at a rapid pace. With its profitable business model, the company has dominated the beverage market for a very long time. This resilience has enabled it to pay and raise dividends consistently over the last 61 years.

Coke's total revenue increased by 11% year over year to $43 billion in 2022. Talking about the results, management said, "While 2022 brought many challenges, we are proud of our overall results in a dynamic operating environment." In 2022, the company paid out $7.6 billion in dividends. 

Even better, the company kicked off 2023 with a 12% increase in organic revenue in Q1 over the previous year's quarter. Net earnings increased by 5% for the quarter. Coke expects to generate $9.5 billion in free cash flow for the full year, allowing it to continue paying and raising dividends while also funding growth initiatives.

It has a promising year ahead of it, expecting revenue and margins to increase steadily. Management is confident that all of its 2023 objectives will be met.

KO Revenue (Annual) Chart

KO Revenue (Annual) data by YCharts

Coca-Cola's pricing power is critical to maintaining its profit margins. It usually passes on rising raw material costs to customers, who have been willing to pay. To offset rising costs this year, Coke had to raise its prices by double-digits in the first quarter. Fortunately, it had no effect on volume, which increased by 3% in the quarter. 

Coke's focus has long been on beverages, primarily soda, putting it at risk by failing to diversify its product line. However, it appears to be on track for the time being by expanding to coffee, energy drinks, still water, and alcohol.

Long-term investing is the goal

When it comes to stock performance this year, both AbbVie and Coca-Cola are underperforming the broader market index. Short-term performance, however, is usually not a priority for long-term investors, especially when a stable dividend is included. Over the last five years, both companies have steadily increased their revenue and earnings. They each pay a dividend yield higher than the S&P 500's current payout of 1.6%.

KO Dividend Yield Chart

KO Dividend Yield data by YCharts

But when choosing dividend stocks, yield is not the only factor to consider. Investors should also consider the consistency of dividend payments. Earning the title of Dividend King helps ensure a company will deliver reliable income for investors regardless of economic cycles.

Both companies understand how to adapt to challenges, which has allowed them to pay consistent dividends for so many years. These are two good stocks to buy and hold for some stability in the face of market volatility.