It is unlikely that any one single stock will get your portfolio to millionaire status, at least not without you taking on a huge amount of risk. A far better (and less-risky) approach is to buy a collection of well-run stocks. What better place to look than Dividend Kings, which have proven their ability to reward investors by increasing dividends for five decades (or more).

Right now you might want to look at consumer staples icons Coca-Cola (NYSE: KO), PepsiCo (NASDAQ: PEP), and Hormel Foods (NYSE: HRL). There's a different reason to like each one of these three Dividend Kings.

1. Coca-Cola is a steady grower

Every company's business waxes and wanes over time. But some seem to manage to keep steadily growing with a normal sine curve that moves reliably higher over time. Coca-Cola is one of those companies, and it's a big reason why it's been a long-term holding for Warren Buffett's Berkshire Hathaway for decades. The fact that the Coca-Cola name is one of the best-known beverage brands in the world means you probably already know what it does.

Because it's well known, Coca-Cola stock rarely goes on sale and it isn't exactly cheap today. The stock's price-to-sales and price-to-earnings ratios are both a little above their five-year averages. The 2.7% dividend yield is also below the five-year average. A big price rally over the past year or so is largely responsible for this. However, the company's clout in the industry and its long history of growth make it a worthwhile foundational investment choice.

Notably, Coca-Cola's earnings growth has averaged 10% annualized over the past five years. That may not last, but it speaks to what the company can do when it is hitting on all cylinders. If you don't mind paying a fair price for a great company, Coca-Cola should be in your millionaire-maker portfolio. And if the stock price falls, well, take the opportunity to increase your stake in this beverage giant.

2. PepsiCo is more attractively priced

PepsiCo is No. 2 to Coca-Cola on the beverage front, but it is the No. 1 in salty snacks (with its Frito-Lay brand). On top of those two businesses, it also has a packaged food division (Quaker Oats). It is a food industry giant, with the kind of scale, distribution, and marketing prowess that makes it a vital partner to retailers around the world. It, too, has proven its ability to steadily grow its business over the long term. Remember, like Coca-Cola and Hormel, PepsiCo is a Dividend King.

Another key reason to add PepsiCo to the consumer staples mix in your portfolio is that it is more reasonably priced today. The stock's P/S ratio is below its five-year average and its P/E ratio is basically at the five-year average. The stock's 3% dividend yield, meanwhile, is above the five-year average. All in, PepsiCo looks fairly priced to a little cheap right now.

PepsiCo's business isn't growing as strongly as Coca-Cola's at the moment. That said, over the past decade revenue has grown at 3% a year with earnings expanding at 4%. That's pretty solid for a consumer staples company. And while PepsiCo's earnings growth has been weaker than Coca-Cola's of late, even great companies go through weak periods. That's often a good time for long-term investors to jump aboard.

3. Hormel is in the dog house

Hormel is a pure-play food maker. It has been shifting its portfolio around over the past few years to focus on branded food items, adding brands like Wholly Guacamole, Planters, and Columbus to its already strong roster of iconic brands, like SPAM and its namesake Hormel, among others. Innovation has long been a strong suit for Hormel and is one of the many reasons why it is such a valuable partner to retailers.

That said, Hormel hasn't been hitting it out of the park lately, as it is stuck in a bit of a rut. The consumer staples company hasn't been as successful at passing its rising costs on to consumers, has been hampered by the impact of avian flu, has struggled with a slow pandemic recovery in China, and bought Planters right as the nut segment of the snack category started to slow down. Any one of these issues could be brushed off, but all four at once have Wall Street concerned about the future. Still, it seems highly likely that Dividend King Hormel will, eventually, muddle through just fine. But it may take a little time.

That's an opportunity for investors who think in decades and not days. Hormel's P/S and P/E ratios are both below their five-year averages. Its 3.5% dividend yield is well above its five-year average. It is the value play in this trio, with recovery potential as management slowly deals with the list of problems that currently have investors down.

Slow and steady wins the race

If you are looking at the companies here, Coca-Cola, PepsiCo, and Hormel, and thinking that they aren't going to get you to millionaire status overnight, well, you're right. They won't. They are reliable businesses that throw off cash to investors year in and year out, allowing shareholders to build wealth over time. They are the kind of boring, foundational stocks that underpin seven-figure portfolios all across Wall Street (remember, Buffett has owned Coca-Cola for decades). Each one is slightly different. Each one trades at a slightly different valuation. But all three are the kinds of stocks that will let you sleep well at night while you build generational wealth and a reliable income stream, particularly if you put them all together in one diversified portfolio.

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Reuben Gregg Brewer has positions in Hormel Foods. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.

3 Dividend King Consumer Staples Stocks That Could Make You a Millionaire was originally published by The Motley Fool