Recent research from Hartford Funds suggests the seemingly mundane strategy of investing in dividend stocks could lead to substantial gains. Specifically, going back to 1960, approximately 85% of the S 500's impressive 51,000% surge is owed to reinvesting dividends and compounding.

With that in mind, let's examine a couple of longtime dividend-paying stocks that might be worth buying even at or near 52-week highs.

Caterpillar (NYSE: CAT) stock has been on a tear over the past year, generating a total return of 62% for shareholders. The world's largest construction equipment manufacturer has paid a quarterly dividend for 91 consecutive years and raised it in each of the last 30 years. Today, the company pays a quarterly dividend of $1.30 per share, representing an annual yield of 1.45%.

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Source Fool.com