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Income investors have the greatest opportunities to prosper during market corrections. That is because lower stock prices mean greater yields for investors looking to get into the market. The recent pullback in the market has led to some blue chip stocks posting decent yields again. Investors looking for stable dividend income should take a look at shares of these companies as they produce solid earnings with consistent dividend payouts. Here are a few good dividend opportunities.

Shares of Intel (INTC) may be stuck in a trading range but the current weakness has made Intel a decent dividend play again. Intel has retreated back to $21 a share and is currently paying an 18 cent dividend each quarter. The stock is yielding 3.4%. The current dividend payout ratio is just 31% of the current year’s earnings leaving significant room for dividend hikes.

Proctor & Gamble (PG) is a longtime stock favorite of Warren Buffett and consistently one of the best dividend performers in the market. The consumer good company has been providing customers with its popular product brands for years. The dividend payout rate of 71% would be cause for concern if Proctor & Gamble did not produce a massive amount of free cash flow. The company has provided double digit dividend growth since 2000 and should continue to do so.

Altria (MO) carries some risk as every tobacco company does because the chances of lawsuits and litigation are always present. Altria is the largest tobacco company in the United States of America and the company sells a diverse line of tobacco products. Although the Altria Group derives the bulk of its revenue from tobacco, the company does sell tobacco products as well. The current dividend payout is 70% of earnings for 2011. Altria pays a dividend of $1.52 per share and has seen its yield grow to 5.7%. That is a yield that any investor can benefit from having.

McDonald’s (MCD) is a name that investors and consumers recognize all over the world. The stock is not the bargain that many other companies are based on its price to earnings growth but its current yield places the company on the list. McDonald’s is yielding 3% and pays a dividend of $2.44 per share. The current dividend payout does not even represent half of the company’s EPS. That is good news for investors in a company that has grown its earnings at a double digit rate over the past five years.

No dividend list would be complete without adding Johnson & Johnson (JNJ). Johnson & Johnson has not retreated as much as many other names but the stock is still a high yielder. Investors are getting a rock solid dividend of $2.28 per share and an annual yield of 3.5%. The company is able to benefit from both booms and busts because of its diversified portfolio of products. Whether it is healthcare, consumer products, or medical devices Johnson and Johnson has proven successful at generating massive sums of revenue.

Disclosure: I am long MCD.

Source: 5 Blue Chip Dividend Opportunities With Decent Yields