3 Dividend Stocks to Buy and Hold for 10 Years

History tells us that the stock market tends to deliver competitive returns relative to other asset classes over long periods, such as a decade. And the best way to take advantage of these returns is to hold onto shares of attractive companies through thick and thin, while resisting the urge to panic-sell when the going gets rough. That's easier said than done, and one of the more challenging parts of this strategy is picking the right stocks to invest in. Here are three that are worth considering: Pfizer (NYSE:PFE), Abbott Laboratories (NYSE:ABT), and Medtronic (NYSE:MDT). These healthcare leaders have a lot going their way, including solid dividend programs.

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1. Pfizer

Pfizer boasts a juicy forward dividend yield of 6.2%, but some might worry that the company's dividend program isn't safe. After all, Pfizer's financial results haven't been strong lately, its coronavirus business, once a meaningful growth driver, has weakened significantly, and it will face some important patent cliffs over the next few years. That said, there are also reasons to be excited about Pfizer's future.

The company has expanded its lineup and pipeline through internal development and acquisitions, and now boasts several products that should contribute meaningfully to its financial results over the medium term. Pfizer's Padcev, a cancer drug, is one of them, as is the company's Abrysvo, a vaccine for the respiratory syncytial virus.

Pfizer also has a deep pipeline and should make significant clinical progress over the next few years. The company's PF'3944, an investigational long-acting weight loss medicine, looks particularly promising. It may take some time for Pfizer to rejuvenate its pipeline and resume solid top-line growth, but the company is on the right track. In the meantime, it is telling that, despite its recent struggles, it has continued to increase its dividend.

2. Abbott Laboratories

Abbott Laboratories, a medical device specialist, has recently experienced slow revenue growth, especially in its nutrition unit. But the great thing about having a diversified business is that, even while some segments are struggling, others are performing relatively well. Abbott is keeping revenue and earnings afloat, largely thanks to its most important business, medical devices. Abbott's second-quarter comparable sales grew 4.8% year over year to $12.6 billion, while its adjusted earnings per share came in at $1.31, up 4% from the year-ago period.

That's not that impressive, but the fact that Abbott Laboratories is growing its revenue and earnings despite the challenges it has encountered speaks volumes. The company is also well-positioned to address its challenges over the medium term. Abbott Laboratories is an innovative company that routinely launches new products. Further, several of its current ones are leaders in their respective markets.

That's the case with the company's MitraClip, a minimally invasive device used to treat mitral regurgitation, and its FreeStyle Libre line of continuous glucose monitoring systems, which still has a large addressable market to tap into. Meanwhile, thanks to its recent $21 billion cash acquisition of Exact Sciences, Abbott may eventually establish itself as a leader in the cancer diagnostics market. The company boasts multiple growth pathways that could help it improve its financial results. Finally, Abbott Laboratories is a Dividend King, a company with at least 50 consecutive years of payout increases. Streaks like that are rare (there are only a few dozen Dividend Kings). It's another reason why Abbott is an excellent income stock.

3. Medtronic

Medtronic's planned separation of its diabetes care business is still underway. On the one hand, this segment tends to grow its sales faster than the rest of the company's segments. However, it generates lower operating margins. Also, diabetes care is Medtronic's only consumer-facing unit, while the rest of the business offers medical devices to hospitals and other organizations. The planned separation should result in a leaner, more focused company, and could help Medtronic perform well over the next decade, especially as it taps into various opportunities.

Medtronic's sales have been growing at a good clip in recent quarters, largely thanks to its cardiac ablation solutions. Medtronic's revenue for the first quarter of its fiscal year 2027, which ended on July 31, grew 13.7% year over year (a strong performance for the company) to $9.8 billion. Cardiac ablation solutions revenue was 88% higher than the year-ago period. It exceeded $2 billion in trailing-12-month revenue by the end of the period. That represents just 5% of Medtronic's total TTM revenue, but considering some key products in the cardiac ablation solutions portfolio have been on the market for only a few years, that's still an accomplishment.

The most important point is that cardiac ablation solutions should continue to drive sales growth for Medtronic, and the company could also experience significant growth in its surgical unit. Last year, Medtronic earned clearance for the Hugo system, a robotic-assisted surgery (RAS) device, in urologic procedures. Procedure volume for the Hugo system is growing faster than the average for the RAS industry, and the company is inching closer to label expansions in other markets, including gynecology and general surgery. The Hugo should be a meaningful long-term growth driver.

Medtronic is also an innovator and should launch more products over the medium term, allowing it to post consistent financial results and maintain its dividend program. Medtronic has increased its payouts for 49 consecutive years. The company is close to clinching Dividend King status, and it should maintain healthy payout growth long after it does.

Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Abbott Laboratories, Medtronic, and Pfizer. The Motley Fool has a disclosure policy.