2 Dividend Stocks to Double Up on Right Now

Dividend stocks never go out of style, but they might be even more worthy of consideration right now because some evidence suggests that troubles lie ahead. The government shutdown and remaining uncertainty regarding tariffs could rock the economy or equity markets (or both). And if that does happen, robust dividend-paying companies can be a safe haven, helping investors stabilize their portfolios.

With that in mind, let's consider two dividend stocks to buy right now that can navigate tough times: AbbVie (NYSE: ABBV) and Coca-Cola (NYSE: KO).

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1. AbbVie

AbbVie is a leading drugmaker that develops medicines across many therapeutic areas, although the company's work in immunology is particularly noteworthy. The healthcare giant's two most important growth drivers are immunosuppressants Skyrizi and Rinvoq. These medicines have been growing their sales rapidly for years, and AbbVie expects that trend to continue. The company is projecting combined sales of $31 billion for the duo by 2027 (they racked up $17.7 billion last year), and they will only go up from there.

AbbVie recently made sure, thanks to a deal with generic drugmakers, that Rinvoq's patent protection will extend to 2037. So, the medicine has more than a decade remaining as an important therapy for the pharmaceutical giant.

AbbVie does have other products beyond these that are driving top-line growth, including its famous Botox franchise, migraine medicine Qulipta, and others.

The company will encounter more patent cliffs. Every pharmaceutical company eventually does. However, AbbVie is well-equipped to navigate those. It expertly got around one of the biggest patent expirations in the history of the industry, that of its former best-selling medicine, Humira. AbbVie did so by developing novel medicines well in advance of the challenge. It is continuously doing that thanks to a deep pipeline with many promising programs.

For instance, AbbVie is entering the market for weight management therapies thanks to a $350 million licensing agreement with the Denmark-based Gubra A/S for GUB014295, an investigational anti-obesity medicine. AbbVie should succeed in finding drugs that will, eventually, replace its current growth drivers and allow it to maintain solid financial results. Lastly, AbbVie is a Dividend King, meaning it is a corporation that has increased its payouts for at least 50 consecutive years. AbbVie has done so for 53 years straight.

The drugmaker is a steady, reliable choice, especially in anticipation of economic troubles. Sticking with AbbVie through tough times and reinvesting the dividend could lead to monster returns over the long run.

2. Coca-Cola

Coca-Cola needs no introduction. The company is well-known for its namesake beverage brand -- and a plethora of others. Coca-Cola's popularity is, in fact, one of the things that makes the stock attractive. Some brands inspire trust, loyalty, or familiarity (or all three), which allows their products to, essentially, market themselves. This is a significant advantage, one that should enable Coca-Cola to command shelf space in major retail stores regardless of the circumstances.

As a leading consumer staples company, it has found that demand for its products is generally not cyclical, meaning it is less dependent on economic cycles. None of that means Coca-Cola is entirely immune to recessions. There is no such company. What it does mean, however, is that the beverage maker will tend to be less affected than many others and should maintain somewhat consistent revenue and earnings.

Coca-Cola also has excellent long-term prospects. Over time, the company has expanded the number of beverages and brands under its umbrella. Coca-Cola has an incredibly diversified portfolio, with drinks in almost every category, including alcohol. Coca-Cola is an innovator, and with a large, loyal customer base, just one or two brand-new products can make a meaningful difference if they gain enough popularity. It has maintained a strong position over time by consistently launching new products, and it should continue to do so in the future.

Finally, Coca-Cola is a terrific dividend stock, boasting 63 consecutive years of payout increases, which makes it a Dividend King. The company's business isn't the most exciting, but it might just get the job done, especially if a recession hits.

Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie. The Motley Fool has a disclosure policy.