The great thing about strong, consistent dividend stocks? They tend to have strong, consistent businesses. However, that’s not always the case when we look at beaten-down dividend stocks.

Just because a company has a long streak of dividend increases does not mean that its streak is invincible. The dividend is also not indicative of a healthy underlying business, either.

Couple those concerns with the ongoing worry of various macro-related issues — interest rates, a recession, inflation, etc. — and it’s clear that investors need to be a little pickier with their stock selection.

At the same time, beaten-down dividend stocks can provide investors with a long-term buying opportunity. That opportunity can allow them to acquire a small stake in an excellent firm where consistency is in its DNA.

With that, let’s look at a few dividend stocks to buy now.

Beaten-Down Dividend Stocks: Walgreens (WBA)

Walgreens (NASDAQ:WBA) has been highly out of favor and its recent earnings report isn’t helping matters. Shares are down 22% so far this year and 24% over the past 12 months. However, it’s the long-term performance that’s truly setting this name atop our list of beaten-down dividend stocks.

Shares have declined 30% over the past three years and more than 50% over the past five years. Contrast that with the S&P 500’s gains of 41% and 61% in the same time periods, respectively, and you can see why long-term investors have been disappointed.

The stock now sports a 6.5% dividend yield and has been a consistent payer over the years. Walgreens has “paid a dividend in 359 straight quarters (more than 89 years) and have raised the dividend for 47 consecutive years.”

The company has recently delivered a solid revenue beat, but missed on earnings expectations and provided disappointing guidance. On the bright side, it’s working on its fiscal fourth quarter as we speak and will soon turn the page to fiscal 2024 which analysts expect to be much better.

High Risk, High Potential Dividend Stocks: 3M Co (MMM)

3M Co (NYSE:MMM) is a bit more concerning when considering its dividend. The company has been operating for decades, but it’s fallen on hard times. The performance sounds similar to Walgreens: Down 25% over the past year, 38% over the past three years and down 51% over the past five years.

That has allowed the dividend yield to swell to 6.25%. Also like Walgreens, the stock has been a consistent dividend firm for decades. The company has raised its dividend for 64 consecutive years, a streak that made it a favorite among dividend investors. Further, “3M has paid dividends to its shareholders without interruption for more than 100 years.”

However, a recent string of lawsuits has left the firm in a tough spot.

Reportedly, “The company has steadily increased its dividend for more than 60 years, currently setting aside about 94% of its cash flow after interest and capital expenditures to the payout.”

So while this is surely a beaten-down dividend stock, keep in mind there are some ongoing risks.

Profitable Dividend Stocks: Johnson & Johnson (JNJ)

Lastly, we have the stalwart that is Johnson & Johnson (NYSE:JNJ). The company has morphed into one of the largest companies in the US, sporting a market capitalization of $420 billion.

The stock underwent a massive correction earlier this year, falling in nine straight weeks, something it hasn’t done in years. And while J&J shares have steadied since the correction, investors still seem unsure.

That’s even as the dividend yield sits near 3% and this company has been incredibly consistent over the years. Management raised the dividend 5.3% in April and has now increased the dividend for 61 consecutive years.

Further, the company recently delivered a top- and bottom-line earnings beat. In the same report, its raised its full-year outlook. Shares trade at just over 15 times earnings and still pay a dividend yield close to 3%.

So even with all the positive dividend news and quarterly results, we still have a reasonably priced stock given its growth.

On the date of publication, Bret Kenwell held a long position in WBA and JNJ. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.