Warren Buffett is one of the all-time greats. His investing decisions made early investors in Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) a fortune, delivering a 4,384,748% return from 1965 through 2023.

Although Buffett's investing strategy doesn't prioritize a company's dividend record, it's worth noting that many of the stocks Berkshire holds are industry-leading companies that pay regular dividends to their shareholders.

Consistent dividend payments usually point to a solid business with a competitive advantage that can safely grow your money over the long term. Here are two top Berkshire holdings you can easily buy at least a few shares of with $500.

1. Coca-Cola

Coca-Cola (NYSE: KO) is one of the longest-held positions in Berkshire's portfolio. Buffett initially purchased $1.3 billion worth of Coke stock between 1987 and 1994. Today, Berkshire's 400 million shares have a market value of $27 billion and pay $776 million in annual dividend income.

Buffett continues to patiently hold the shares even though the stock hasn't kept pace with the S&P 500 over the last five years. But Coca-Cola is starting to see momentum in growing sales and expanding margins that are sending the stock to new highs.

The company's 62-year record of dividend increases won't be threatened anytime soon. Coke's business is doing great, with adjusted sales up 15% year over year in the second quarter. While currency headwinds caused adjusted earnings to increase at just 7% over the year-ago quarter, management's efforts to improve margins by refranchising bottling operations and implementing artificial intelligence (AI) in operations has investors optimistic about Coke's long-term earnings growth prospects.

Coke is currently paying a quarterly dividend of $0.485 per share -- 58% of its second-quarter adjusted earnings. Its forward dividend yield of 2.84% is double the S&P 500 average and looks very attractive for a top consumer brand that is showing strong financial results right now.

2. Chubb

Berkshire reported a new position in Chubb (NYSE: CB) in the first quarter. Berkshire purchased nearly 26 million shares in the property and casualty insurer, which would value the investment at $7 billion at current market prices.

There's no one better at evaluating the investment merits of an insurance company than Warren Buffett. Berkshire has been in the insurance business for 57 years, which has been instrumental in driving returns for Berkshire shareholders.

Chubb has paid a growing dividend for 31 years, which speaks to its record of profitable underwriting and financial strength. The company has averaged a combined ratio, a key measure of profitability in insurance, of 89.9% over the last decade. A ratio below 100 means the company's underwriting is profitable, but Chubb's ratio has been consistently lower than its competitors, which is why it belongs in Berkshire's portfolio.

Chubb's superior record should continue, as it continues to improve risk assessment. It has been investing in AI, and management believes it will start to see the benefits of those efforts in underwriting and other areas of the business over the next few years.

Chubb is having a strong year, with net income up 24% year over year in the second quarter. It pays out just 14% of its profits in dividends, but at the quarterly payout of $0.91, Berkshire will receive $94 million in annual income. Investors can follow Warren Buffett and get a decent forward yield of 1.34%.

Should you invest $1,000 in Coca-Cola right now?

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John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.

2 Warren Buffett Dividend Stocks to Buy With $500 Right Now was originally published by The Motley Fool