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Companies that consistently raise their dividend are at the core of every successful dividend investor's portfolio. Many of these stocks have had a long track record of consistent dividend hikes and get special attention each time they boost their dividend. Usually a dividend increase is a sign to investors that the company is in good financial standing with strong cash flow and income growth to support the increase.

We've reviewed all dividend stocks that have raised their dividend for 20 consecutive years to see who will be increasing payout in the next few months. It's great to get ahead of these increases if you are looking to add more dividend growth stocks to your portfolio.

Clorox Company (NYSE:CLX)

Clorox is another dividend growth monster with 36 years of consecutive increases. Clorox should announce that it will increase its dividend around May 13th with an ex-dividend date in mid to late June. Clorox has boosted its dividend by 10% in each of the last 2 years and this year should not be any different. CLX has had strong growth in its previous years but recently reported a slump in net income growth which could impact the dividend growth rate. We're expecting to see a modest increase of 5-7% this year from CLX.

Colgate-Palmolive (NYSE:CL)

Colgate-Palmolive has been increasing its dividend every year for 50 consecutive years. We are expecting to see its next dividend hike sometime in the next week. The ex-dividend date should not come until mid-April based on declaration from 2013. Based on current trends and performance we are expecting to see CL increase its quarterly dividend by $.03 from $.34 to $.37 which represents a 9% increase. Currently the stock has a yield of 2.2% and a 5 year dividend growth rate of 11.2%.

ExxonMobil Corp (NYSE:XOM)

Exxon is another dividend monster which also has 31 years of consecutive dividend hikes. Exxon has a dividend yield of 2.6% and a 5 year dividend growth rate of almost 10%. XOM boosted its dividend by 21% in 2012 follow by a 10% increase last year. Profits were not what investors hoped they would be when Exxon reported in January. This could mean Exxon will revert back to what it did in the 2009-2011 era when we saw just 5% increases.

PepsiCo Inc. (NYSE:PEP)

Pepsi has been able to boost its dividend for 41 years straight. We are expecting to see another modest increase of 5% from Pepsi near the end of April with an ex-dividend date coming around June 5th. Last year Pepsi increased its dividend by 5.5% which is consistent with its 2012 increase of 4.3%. Pepsi currently has a dividend yield of 2.8% and a 5 year dividend growth rate of 6.3%.

Sonoco Products (NYSE:SON)

Sonoco has increased its dividend for 31 consecutive years. The stock is currently yielding an even 3% and has a 5 year dividend growth rate of 3.1%. We are expecting to see more of the same from Sonoco on or around April 17th due to the 3% boosts they have announced in each of the last 2 years. The ex-dividend date will be close to May 15th.

Chevron Corp (NYSE:CVX)

Chevron is an up and comer compared to some of the other dividend growth stocks on this list with just 26 years of consecutive increases. CVX currently yields 3.2% and has a 5 year dividend growth rate of 9%. In each of the last two years Chevron boosted its payout by just over 10%. The company will announce its next dividend increase around April 24th with an expected ex-dividend date of May 15th. Like Exxon, Chevron also reported disappointing earnings in January which could mean a reduction in the growth rate. We are looking for a hike around 4-5%.

Medtronic Inc. (NYSE:MDT)

Medtronic has increased its dividend for 36 consecutive years. The stock has a yield of 1.9% and a 5 year dividend growth rate of 15.7%. MDT will announce its next dividend increase around June 20th with an ex-dividend date in mid-July. We expect the company will boost its dividend by $.02 per quarter which will represent a 7% increase.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Source: 7 Stocks About To Boost Dividend Payouts