Got $500? 3 Magnificent Dividend Stocks to Buy Without Hesitation Right Now

While the market has rallied in recent months, recession fears remain real. That has left many investors apprehensive about where to invest.

Historically, dividend growth stocks have been magnificent long-term investments. Over the past 50 years, dividend growers have significantly outperformed the broader market -- 10.2% versus 7.7%. Coca-Cola (NYSE: KO), Johnson Johnson (NYSE: JNJ), and Walgreens Boots Alliance (NASDAQ: WBA) are three of the best at growing their dividends. Those with around $500 or so to invest can buy them with confidence right now.

Coca-Cola is an elite dividend stock. The company currently offers a dividend yield of around 3%, nearly double that of the broader market (the S 500's dividend yield is around 1.6%). Meanwhile, Coca-Cola has an outstanding record of increasing its dividend. It gave investors a 4.6% raise earlier this year, its 61st straight year of dividend growth. That kept it in the elite class of Dividend Kings, companies with 50 or more years of growing their dividends.