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CNBC's "Fast Money" trader, Patty Edwards (also Chief Investment Officer at Trutina Financial), thinks there are a few places where investors can do well with dividends, even in a market that has humbled many portfolios in just a few weeks. It seems that many investors are seeking "safety" in gold and treasuries, but there are alternatives that will actually pay you to hold them and still offer some safety.

A recent CNBC article states:

"Edwards has done some proprietary analysis and her results suggests extreme volatility in the market could endure for as long as the next 6 years. You read that right; 6 years. And in this kind of environment her research shows the best place to put money to work is in dividend paying stocks. ”Because they’re mature companies, dividend paying stocks have lower volatility,” she explains. “They’re not going to set the world on fire, but they perform. In fact, some have had phenomenal year to date returns."

Here is a closer look at these 5 top dividend stock picks from Patty Edwards:

Philip Morris International (NYSE:PM) is a maker of tobacco products including cigarettes well known brand names such as Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, etc. The dividend is solid and completely covered by earnings. However, this stock is trading at the very high end of the 52 week range, so it makes sense to wait for dips.

Here are some key points for PM:

Current share price: $70

The 52 week range is $42.94 to $70.37

Earnings estimates for 2011: $4.77 per share

Earnings estimates for 2012: $5.14 per share

Annual dividend: $2.56 per share which yields 4.5%

Kinder Morgan Energy Partners (NYSE:KMP) owns and manages oil and natural gas pipelines and fuel storage centers. Kinder Morgan has remained strong during market correction and only dipped about 10% from recent highs amidst all the turmoil. A strong dividend yield of over 6% and a stable revenue source keeps this stock from large sell offs. This stock is trading near the 52 week high, so it makes sense to wait for dips.

Here are some key points for KMP:

Current share price: $76.49

The 52 week range is $63.42 to $78

Earnings estimates for 2011: $1.84 per share

Earnings estimates for 2012: $2.40 per share

Annual dividend: $4.60 per share which yields 6.10%

Kimberly-Clark (NYSE:KMB) makes a variety of well known consumer products such as Kleenex, Cottonelle, Viva, Huggies diapers, etc. With oil prices falling, it could improve profit margins on the products manufactured by this company. However, this stock is trading close to the 52 week high and it makes sense to consider selling now and possibly buy lower on dips.

Here are some key points for KMB:

Current share price: $73

The 52 week range is $61 to $73.23

Earnings estimates for 2011: $4.85 per share

Earnings estimates for 2012: $5.28 per share

Annual dividend: $2.80 per share which yields 3.9%

Consolidated Edison (NYSE:ED) is a major utility providing electric, gas, and steam primarily in New York, New Jersey, Pennsylvania and other areas. The dividend has been raised each year for the last 37 years and a utility stock is all about stability. This stock has been up in recent trading, and recently hit new highs, so I would wait for dips to buy.

Here are some key points for ED:

Current share price: $59.76

The 52 week range is $47.51 to $59.77

Earnings estimates for 2011: $3.56 per share

Earnings estimates for 2012: $3.69 per share

Annual dividend: $2.40 per share which yields 4.1%

WD-40 Company (NASDAQ:WDFC) makes a number of popular home, industrial and cleaning products, including the well-known lubricant WD-40. These products tend to be steady sellers even in recessions and that is why this stock has been doing well recently. These shares were trading around $39 per share just a few weeks ago and have climbed sharply. The stock looks overbought now, but if it pulls back to about $39 again, it makes sense.

Here are some key points for WDFC:

Current share price: $45.82

The 52 week range is $35.37 to $47.97

Earnings estimates for 2011: $2.34 per share

Earnings estimates for 2012: $2.56 per share

Annual dividend: $1.08 per share which yields 2.4%

Data is sourced from Yahoo Finance. No guarantees or representations are made. Hawkinvest is not a registered investment advisor and does not provide specific investment advice. The information is for informational purposes only. You should always consult a financial advisor.

Source: CNBC's Patty Edwards' Top 5 Dividend Stock Picks