Wall Street analysts recommend these dividend stocks for increased profits.

To boost their portfolio returns, investors can choose a mix of growth and dividend stocks.

Investors may find it challenging to select the best dividend stock by considering various factors. Nonetheless, advice from analysts can aid investors in their research and steer them towards profitable dividend stocks from financially robust companies.

According to TipRanks, which ranks analysts based on their past performance, here are three attractive dividend stocks recommended by Wall Street's top experts.

Coca-Cola

This week's first dividend pick is beverage giant Coca-Cola (KO). Despite the weakness in North American volumes, the company reported fourth-quarter revenue that surpassed expectations and earnings that were in line with analysts' estimates. Higher prices helped offset the weakness in North American volumes.

In 2023, Coca-Cola paid out $8 billion in dividends and made net share repurchases worth $1.7 billion. The company recently announced a 5.4% increase in its quarterly dividend per share to $0.485, marking its 62nd consecutive year of dividend hikes. KO stock offers an annual dividend of $1.94 per share, resulting in a yield of more than 3%.

Coca-Cola stock was given a buy rating by RBC Capital analyst Nik Modi, with a price target of $65, following the Q4 2023 results. The analyst highlighted that KO's organic revenue growth was driven by the strong increase in pricing and stable volumes, with the company surpassing the organic growth projections for five out of six segments.

Despite higher marketing expenses and a strong dollar, analysts predict that Coca-Cola's financials will remain stable in the upcoming year.

Modi stated that the company's recent restructuring and organizational design changes will enhance the efficient distribution of resources, resulting in improved share growth and increased white space expansion.

Among more than 8,700 analysts tracked by TipRanks, Modi ranks No. 615. His ratings have been profitable 60% of the time, with each delivering an average return of 6.3%. (See Coca-Cola Insider Trading Activity on TipRanks)

Blue Owl Capital

Blue Owl, an asset manager with over $165 billion in assets under management as of Dec. 31, 2023, declared a dividend of 14 cents per share on Feb. 9, payable on March 5. The company also announced a 29% increase in its annual dividend for 2024 to 72 cents per share (18 cents per quarter). Blue Owl's dividend yield is 3.1%.

Deutsche Bank analyst Brian Bedell maintained a buy rating on OWL stock and raised the price target to $20 from $17. The analyst believes that the company's fourth-quarter results were "excellent," with a significant revenue surpass, resulting from enhanced management fees and unexpectedly high transaction fees.

The analyst predicts that the company will increase its fee-related earnings by at least 25% in 2023, and is well-positioned to achieve the same growth this year. The analyst also noted management's commentary about achieving the dividend goal of $1 per share by 2025, with a clear path to generating an additional $1 billion in revenue.

Bedell stated that after increasing the dividend by 29% to $0.72 p.s. per share for 2024, management projected high visibility into generating stronger earnings power to support a dividend near $1.00 p.s. in 2025 (we model $0.91).

Among more than 8,700 analysts tracked by TipRanks, Bedell holds the 593rd position. His ratings have been profitable 54% of the time, with each delivering an average return of 8.5%. (See Blue Owl Hedge Fund Activity on TipRanks)

Chevron

Despite a decline in earnings last year due to lower oil prices, Chevron (CVX) delivered significant shareholder returns of $26.3 billion. This included $14.9 billion in share buybacks and $11.3 billion in dividends.

Chevron, a company known for its consistent dividend payments, recently declared an 8% increase in its quarterly dividend to $1.63 per share, payable on March 11. The stock currently offers a yield of 4.2%.

Goldman Sachs analyst Neil Mehta maintained a buy rating on Chevron with a price target of $180, citing management's positive update on the Tengizchevroil expansion project in Kazakhstan.

Although share repurchases in the first quarter of 2024 may be restricted due to the ongoing Hess deal, Mehta is optimistic about Chevron's "leading capital returns profile," predicting that the company will return approximately $29.3 billion in 2024/2025, representing around a 10% yield compared to the US Major peer average of around 8%.

The TCO project is expected to cause an inflection in Chevron's 2025 upstream volume and cash flow, in addition to its already attractive capital returns profile.

Chevron Financials are tracked by TipRanks, with Mehta ranking No. 351 among more than 8,700 analysts. His ratings have been successful 62% of the time, with each delivering an average return of 10.7%.