3 Dividend Stocks That Can Generate Monthly Income for Your Portfolio

Buying dividend stocks can be a great way to grow your portfolio's value while enjoying recurring cash flow. But most dividend stocks only pay on a quarterly basis, and stocks with monthly dividend payments (that are less common) may not pique your interest. However, there's a way to generate monthly cash flow with dividend stocks that involves creatively buying shares of companies with different payment schedules.

By stacking your dividend payments with three different income-generating investments, you can have cash flow coming in every month of the year, even though you're not investing in stocks that individually pay their investors every month. A good trio of stocks that achieve this purpose is Johnson & Johnson (NYSE: JNJ), AT&T (NYSE: T), and Innovative Industrial Properties (NYSE: IIPR). Here's why each is a solid buy and should be able to keep the dividend income coming in from January to December.

Drug manufacturer Johnson & Johnson is one of the more stable healthcare stocks you can pick in 2020, having recorded a profit margin of at least 14% in nine of the past 10 years. On Oct. 13, the New Jersey-based company released its most recent results for the period ended Sept. 27, and its sales of $21.1 million were up a modest 1.7% from the prior-year period. Sales of medical devices were still down 3.6% during the period due to COVID-19 and deferred procedures, but the consumer health segment's revenue rose 1.3% and the pharmaceutical division enjoyed sales growth of 5%.

Source Fool.com