<div id="readability-page-1">Dividend growth stocks can be ideal long-term options for any investment portfolio. That's because they not only offer a good payout, but they may also rise over time, helping offset the negative effects of inflation. In a best-case scenario, your inflation-adjusted income ends up rising over time as a result. There are many solid dividend stocks right now worth considering because they trade at modest valuations. Three stocks, in particular, have high yields, have grown their payouts, and look cheap. They are ExxonMobil (XOM 0.83%), Verizon Communications (VZ -0.59%), and AbbVie (ABBV 0.12%). Here's why you may want to consider buying these three cheap dividend growth stocks today. <div><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwODYvYS1jb3VwbGUtc2hha2luZy1oYW5kcy13aXRoLWFuLWFkdmlzb3IuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwODYvYS1jb3VwbGUtc2hha2luZy1oYW5kcy13aXRoLWFuLWFkdmlzb3IuanBnJnc9NzAw"/>Image source: Getty Images. </div> <h2>1. ExxonMobil</h2> Oil and gas giant ExxonMobil has increased its annual dividend for a remarkable 42 straight years. That's impressive when you consider the volatility inherent in the energy market and how that can weigh on an oil and gas producer's top and bottom lines. Currently, the stock yields 3.76%, which is better than the S&amp;P 500 average yield of 1.3% and better than its three-year average of 3.4%. It's also a fairly cheap stock to buy, as ExxonMobil trades at less than 14 times its trailing earnings. Over the years, the business has become bigger due to acquisitions, which have allowed it to become more efficient and profitable. Last year, it completed its acquisition of Pioneer Natural Resources, a move that more than doubled its production capacity in the Permian Basin. For both its dividend income and long-term stability, ExxonMobil can make for a great stock to buy and hold. <h2>2. Verizon Communications</h2> The stock with the highest yield on this list is Verizon. It pays 6.2%, somewhat higher than the 5.8% it has averaged over the past five years. A big reason for that high yield is that the stock has struggled, falling more than 22% in the past five years. High interest rates, a lack of growth, and a capital-intensive business have all made the stock look fairly unappealing to investors. But if your priority is a solid dividend, then this can be a great stock to buy, given its modest valuation. The telecom stock trades at less than 11 times its earnings. And while its growth prospects may not be fantastic, they aren't terrible, either. The company still anticipates between 2% and 2.8% growth in its core wireless service business this year. With estimated free cash flow of at least $17.5 billion, which is much more than the $11 billion it pays in dividends over the course of a full year, its payout still looks safe. Verizon has increased its dividend for 18 straight years, and for income investors, this can be an excellent stock to hang on to, as its modest valuation offers investors a good margin of safety. <h2>3. AbbVie</h2> Rounding out this list is healthcare company AbbVie. Dating back to its time when it was part of Abbott Laboratories (it spun off in 2013), the stock is technically classified as a Dividend King, with its streak of annual increases going back 50-plus years. AbbVie can give investors the best of both worlds, as it's a growing pharma business, and it offers an attractive dividend, which currently yields 3.5%. The stock looks expensive, as it trades at an earnings multiple of around 80, but its numbers have been weighed down by acquisition-related expenses in its fourth-quarter results, which dragged its bottom line into the negative. And that's still weighing on its earnings multiple. But based on analyst expectations, the drugmaker's stock trades at just 15 times its estimated future profits. AbbVie is a top healthcare company with a vast portfolio of products in immunology, oncology, neuroscience, and even aesthetics (it owns Botox). For both growth and dividend investors, this can be a solid stock to buy right now. </div>

ABBV

This article highlights three dividend growth stocks to consider: ExxonMobil, Verizon Communications, and AbbVie. ExxonMobil has a 3.76% yield and a 42-year history of dividend increases, trading at less than 14 times earnings. Verizon offers a 6.2% yield, despite recent struggles, with a modest valuation under 11 times earnings. AbbVie, a Dividend King with over 50 years of increases, yields 3.5% but trades at a high earnings multiple due to recent expenses. These stocks are recommended for long-term income and growth potential.

- Dividend growth stocks are recommended for long-term investment due to their potential for rising payouts and inflation protection.  
- Notable stocks include ExxonMobil, which has a 3.76% yield and a 42-year dividend increase streak; Verizon, offering a 6.2% yield despite recent struggles; and AbbVie, a Dividend King with a 3.5% yield and strong growth prospects.  
- These stocks are considered attractive due to their modest valuations and consistent dividend growth, making them suitable for income-focused investors.

3 Cheap Dividend Growth Stocks to Buy Right Now