Ask the average investor what he or she looks for in a stock to buy and chances are you'll hear the phrase "dividend yield" tossed around quite a bit. Make no mistake, dividends are an important piece of total stock returns, and many investors rely on the consistent stream of cash flowing into their accounts, not only as an income supplement but also to help buoy the ship when waters turn rough.

But is dividend yield really the most important metric when dueling over which dividend dynamos to purchase? Depending on how you learned to invest, the answer may surprise you! Join consumer goods analyst Mike Finarelli in exploring the nuances of dividend investing as he compares Procter & Gamble (NYSE:PG) to ConAgra Foods (NYSE:CAG) in an attempt to determine which company packs the bigger dividend punch.

Both Procter & Gamble and ConAgra boast large product portfolios of household name brands, but one needs to look beyond names and ascertain whether or not their brands offer the necessary pricing power to propel cash flow that can be used to drive dividend growth. Click on the video below to find out which is the better dividend stock right now.

Michael Finarelli has no position in any stocks mentioned. The Motley Fool recommends Procter & Gamble. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.