Income investing is a tried-and-true investing strategy. This is because businesses that pay consistent and growing dividends to shareholders are often mature businesses that can't possibly reinvest all their profits into future growth projects.

Replacing Pfizer (NYSE: PFE) as a component of the Dow Jones Industrial Average nearly three years ago, the pharmaceutical company (NASDAQ: AMGN) is among the best dividend payers in its industry. But does that make the stock a buy for income investors seeking dividend growth as well?

Let's dig into Amgen's fundamentals and valuation to get an answer to this question.

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Source Fool.com