Want to Collect a High Dividend Every Month? Invest in These 3 Stocks

Dividend stocks can be valuable if you're a retiree or just want to boost your income. Many dividend stocks, however, don't pay a dividend every month. In most cases, you're waiting three months for your next dividend payment.

But you can still generate monthly dividend income without having to specifically focus on stocks that pay monthly. The workaround is to invest in three different dividend stocks, which pay at different times of the year. By adding all of them to your portfolio, you could generate recurring cash flow each and every month.

AbbVie (NYSE: ABBV), Medtronic (NYSE: MDT), and Enbridge (NYSE: ENB) are all high-yielding stocks, and because they pay at different times of the year, collectively, they can generate plenty of dividend income each month for your portfolio.

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AbbVie

AbbVie is a top pharmaceutical company with a market cap of roughly $370 billion. The business has been able to grow its operations even while facing adversity, with top-selling drug Humira losing patent protection. With new drugs Skyrizi and Rinvoq doing exceptionally well, the company has been able to continue to grow, and its future looks better than ever with a diverse mix of products in its portfolio.

Last year, the company generated more than $61 billion in revenue, with its operating income being roughly one-third of that, totaling $20 billion. With strong financials, the company has been able to routinely pay and grow its dividend.

Currently, the stock yields 3.3%, which is about three times the S&P 500 average of 1.1%. It's a great payout, which looks safe due to AbbVie's robust financials. Last year, the company generated $17.8 billion in free cash flow, which is far more than the $11.7 billion it paid in cash dividends. The company typically pays dividends every February, May, August, and November.

Medtronic

Another top dividend stock to consider for your portfolio is Medtronic. The medical device company generates consistently high income, making it an ideal option for investors who primarily want to collect a dividend.

The company's vast portfolio of products makes it a fairly stable investment to hang on to, given the crucial role it plays in the healthcare sector. In its most recent quarterly results, covering the three-month period ending Jan. 23, the company's revenue rose by 9% and came in better than its guidance. Medtronic has generated free cash flow totaling $5.4 billion over the trailing 12 months, which easily surpasses the $3.6 billion it pays in dividends on an annual basis.

The stock yields around 3.6%, making it another great high-yielding investment to hang on to. Medtronic makes dividend payments every January, April, July, and October.

Enbridge

Last but certainly not least is Enbridge, a pipeline giant in the oil and gas industry. It's among the more stable stocks you can own in the sector, as its pipelines are vital for the industry, transporting oil and gas throughout North America.

You might overlook the Canadian-based company as a top dividend investment as its payout ratio is over 100%, but non-cash expenses make its financials look worse than they really are. The company relies on distributable cash flow (DCF) when evaluating its dividend, which is an adjusted calculation that more accurately reflects its financial strength. The company's DCF for 2025 rose by 4% to 12.5 billion Canadian dollars, strong enough to both support and grow the dividend.

Enbridge has increased its dividend for 31 straight years, with its most recent hike being a 3% bump up to the payout. At 5.2%, this is the highest-yielding stock on this list, and Enbridge's yield has actually been even higher in the past. However, with oil and gas stocks rallying due to higher prices and Enbridge being up around 18% in the past 12 months, its yield has come down.

Enbridge pays a dividend every March, June, September, and December. That means that if you invest in it along with the other stocks on this list, you can count on collecting a high dividend every month of the year.

David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie, Enbridge, and Medtronic. The Motley Fool has a disclosure policy.