Investors wanting to enjoy steady and consistent income should consider dividend aristocrats. In fact, even in these chaotic times, dividend investing will ensure that your money continues to grow, no matter what. With economic worries and the stock market subject to volatility, it could be a wise move to invest in these three dividend aristocrats to enjoy consistent dividend income.

Dividend Aristocrats: Johnson & Johnson (JNJ)

Dividend Aristocrat Johnson & Johnson (NYSE:JNJ) has a solid record of paying dividends consistently for the last six decades. One solid reason to invest in JNJ stock is its inflation-resistant business. The company has a diversified business that continues to generate revenue, no matter the economic conditions.

JNJ stock is trading for $163 today. The stock has dropped 4% over the last six months, creating a good entry point for patient investors. In addition, JNJ has grown its payout ratio by an average of 6.11% in the last five years.  And it enjoys a forward yield of 2.94%. I should also mention the recent drop in the stock is temporary and the shares could soon get back on track.

Also, in its recent quarterly results, the company beat expectations, reporting EPS of $2.68 on sales of $24.7 billion. It also hiked its dividend by 5.3% to $1.19 per share. Plus, it raised its 2023 outlook, expecting EPS to fall in a range of $10.60-$10.70. It also expects revenue to come in between $97.9 billion and 98.9 billion. Yes, the company is facing charges and spending a lot of money on settlements. However, it’s also working on addressing its weaknesses and growing its MedTech division. JNJ will continue to be one of the dividend leaders in the industry.

3M (MMM)

3M (NYSE:MMM) may be stuck in a difficult lawsuit but its dividend is worth considering. The company makes everything from automotive equipment to energy solutions, cleaning supplies, and personal protective equipment. It is a true Dividend Aristocrat, raising its dividends for more than 60 years. MMM stock is trading for $105 today and is down 30% in the past year. It is also down 50% from the all-time high.

Dividend growth investors should not lose faith in the long-term potential of 3M only because of a long-standing lawsuit. It recently declared a quarterly dividend of $1.50 and enjoys a 5.71% yield. The company is set to report results today and I believe it will beat market expectations which will give a boost to the stock. At the current level, the stock is trading 12x its expected EPS of 2023, $8.66 as compared to the last three-year average of 16x, this shows that the stock has a lot of room for growth. If the company manages to beat expectations and has a positive outlook for 2023, we could see the stock going higher.

McDonald’s (MCD)

Next up is my favorite company, McDonald’s (NYSE:MCD). No matter the market conditions or the state of the economy, consumers want their burgers. Another reason to bet on the company right now is that it owns a lot of real estate and with inflation, land prices and rent are soaring, eventually benefitting the company.

MCD stock has enjoyed massive momentum lately and has been up almost every day for the past month. It has also hit a new all-time high and I believe this momentum will continue. MCD stock is trading at $293 today, which is its new 52-week high. It has gone up 7% in the past month and 14% in the past six months. The stock has generated 85% returns in the past five years. It has an annual dividend yield of 2.7% and declared a quarterly dividend of $1.52.

McDonald’s is scheduled to report Q1 results today and I believe it will beat expectations. Wall Street analysts are bullish on the stock and have raised their price targets. Baird analyst David Tarantino raised the price target to $312 with an Outperform rating on the stock. The analyst believes that the company has the potential to exceed EPS estimates for Q1 and it could fuel solid operating momentum in the rest of 2023.

On the date of publication, Vandita Jadeja did not hold (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.