Price is what you pay. Value is what you get.
This is one of my all-time favorite Buffett quotes. In ten small words the entire philosophy of value investing is conveyed. The inherent message is that price and value aren't necessarily the same. This is how value investors make money in the stock market - buying stocks for less than their fair value.
When selecting dividend growth stocks, I take a value approach in determining the maximum price I can pay and still obtain my long-term target. The focus is on the investment's value derived from the future dividend stream generated by the stock.