Stock investors who want to receive $2,000 per month in dividend payments first have to do some quick math. A dividend portfolio with stocks valued at $480,000 yielding 5% overall would produce $24,000 in annual dividends. 

I’ll use that yield as our threshold for the basis of this article. In fact, the stocks discussed below all have yields above 5% meaning a lower value portfolio would produce that return. Generally speaking, a 5% dividend is near the upper bound for risk. Rates higher than that tend to be excessively risky and are subject to unpredictable reductions.

However, the firms discussed below are stable despite having higher yields. They probably shouldn’t make up the sole positions within a dividend portfolio. Yet, they do make useful contributions to such an investment.

Pfizer (PFE)

Pfizer’s (NYSE:PFE) dividend currently yields more than 6% making it  interesting to investors aiming for $2K in monthly dividends. Historically, Pfizer has paid a dividend that yields in the 3% range. However, its stock has taken a severe hit of late which has resulted in much higher dividend yields.

Investors should take advantage of those current high yield dividends while hoping for share price increases. In other words, Pfizer will pay investors handsomely through dividends as it seeks to regain its former glory.

Covid related sales dropped substantially resulting in sharp declines in PFE share prices. The company is now moving past its pandemic victory and into a new era. Pfizer dished out $43 billion to purchase Seagen for its cancer expertise. The company is also undertaking cost cutting efforts at the moment intended to increase earnings. 

Furthermore, Pfizer is developing an oral obesity therapeutic. That’s particularly important because leading  alternative drugs are given as injections. There is a lot of potential for Pfizer’s stock to pop in the future. take advantage of the dividend now and hope for better days that will sharply increase the stocks price.

3M (MMM)

3M (NYSE:MMM) is similar to Pfizer in that its dividend currently yields much more than it has traditionally. That yield is also currently above 6% while more traditionally having persisted in the 2 to 3% range. The company has faced a lot of trouble in the recent past but looks to have come out mostly unscathed. The result is that share prices have been battered but the dividend is likely to remain intact.

As with Pfizer, investing in 3M is really about taking advantage of the current high yield dividend while also hoping that the share price returns to its former glory.

 3M continues to deal with the fallout from multiple scandals that have resulted in substantial litigation costs and the discontinuation of its PFAS business. The litigation costs are mostly behind the firm but the company will not fully discontinue the use of manufacturing of PFAS until 2025. The transition will create a continued drain on the company. 

3M has not reduced its dividend since 1959. The company has every reason to continue to prioritize the payment of that dividend currently. That is why I believe the company will continue to pay the high yield dividend while working through other issues. In time shares could return to their former glory which would reduce the dividend but simultaneously create a strong exit opportunity. 

Altria (MO)

Altria (NYSE:MO) rounds out the dividend stocks discussed in this article. MO shares currently yield 9.5%, meaning $250,000 invested in MO shares would produce roughly $24,000 in annual dividends.

The company continues to balance its traditional dependence on cigarette revenues with changing consumption patterns. It is now pivoting toward a product portfolio that is more heavily reliant upon oral tobacco products and vaping revenues.

Cigarettes have experienced rapid inflation which has resulted in near double-digit volume declines In the most recent quarter. Revenues have essentially been flat as the company has made up for the difference through higher pricing. Altria will continue to try and find the right balance as it pivots toward a more modern tobacco portfolio. The company last reduced its dividend in 1970. Its continued payment will remain a priority. Its manageable payout ratio of 0.78 suggests it is achievable.

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.