After over a year and a half of almost solid upward appreciation by the U.S. dollar, the tide appears to have finally turned some. In fact, after six consecutive quarters of year-over-year depreciation, the euro has shown recent signs of strength, having appreciated about 4.5% year to date. Some top analysts on Wall Street feel that may very possibly convert to a solid revenue tailwind for the second quarter and the rest of 2016.

We ran some screens looking for high-paying dividend stocks that do a substantial amount of overseas, and especially European business, that could benefit from the weakness in the dollar. We then screened those companies against the Merrill Lynch research universe for stocks rated Buy. We found four that make good sense for investors to consider now.

Altria

Altria Group Inc. (NYSE: MO) is a top mega-cap consumer discretionary stock to buy on Wall Street, and the company’s Marlboro brand remains one of the most recognizable in the world. Many Wall Street analysts concede that the stock has solid downside support owing to the generous dividend yield, which remains at a huge premium in relation to the 10-year Treasury rate. Cash flow generation and the return of cash to Altria shareholders remain key facets of the company’s total shareholder return. The analysts expect support of the strong dividend, which they believe will continue to climb, and strong share repurchase activity.

To diversify away from cigarettes and cigars, Altria has expanded its portfolio into new categories like wine, e-cigarettes and a 27% stake in brewer SABMiller, which together generated nearly 10% of its pre-excise tax revenue last quarter. With SABMiller being acquired, Altria will have a huge stake in the world’s biggest beer company.

While fourth-quarter earnings came in slightly below estimates for the first time in almost two years, the company expects 2016 full year adjusted diluted earnings per share to be $3.00 to$3.05, which excludes the restructuring charges of approximately $0.05 per share. This is positive growth, and solid in an otherwise low-growth world.

Altria investors receive a 3.54% dividend. The Merrill Lynch price target is for the stock is $66.00, and the Thomson/First Call consensus estimate is $65.75. The stock closed Friday at $63.80.

Coca-Cola

This company remains a top Warren Buffet holding and offers not only safety, but an incredible strong worldwide brand. Coca-Cola Co. (NYSE: KO) is the world’s largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Led by Coca-Cola, its portfolio features 20 billion-dollar brands, including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade and Minute Maid. Globally, it is the top provider of sparkling beverages, ready-to-drink coffees and juices and juice drinks. Through the world’s largest beverage distribution system, consumers in more than 200 countries enjoy its beverages at a rate of more than 1.9 billion servings a day.

Top analysts have noted that there are four main drivers of potential continued upside for the stock.

1. Volumes are accelerating due to re-franchising.
2. The importance of new marketing and the impact on category growth and market share trends.
3. A growing cost culture at the company that should result in a best-in-class profit per employee metrics.
4. Most importantly perhaps, the emergence of pricing power for the drink giant.

Coca-Cola investors receive a 2.99% dividend. Merrill Lynch has a $48 price target, and the consensus target is $47.14. The stock closed Friday at $46.87.
General Electric

This iconic blue chip industrial has been on a strong roll, and the currency tailwinds may help to continue the winning ways. General Electric Co. (NYSE: GE) is a highly diversified, global industrial corporation. Its products and services include power generation equipment, aircraft engines, locomotives, medical equipment, appliances, commercial leasing and personal finance. The Merrill Lynch analysts feel that the American giant will be a large player in the efficient energy field.

The company is in the middle of a huge plan to scale back many of its operation and return capital to shareholders. GE announced a restructuring plan last year that includes buying back up to $50 billion of its shares, selling about $30 billion in real estate assets over the next two years and divesting more GE Capital operations. The continued restructuring and sale of the appliance division provides some cushion to earnings estimates

The company posted solid fourth-quarter numbers that were somewhat hampered by slower organic growth and the Alstom power division purchase, which the company purchased from the French turbine maker. The deal was finalized in November for $10 billion and creates a $50 billion turbine services backlog, another positive for 2016 and beyond.

GE investors receive a 2.99% dividend. The Merrill Lynch price target is $33. The consensus target is $32.29. Shares closed Friday at $28.64.

McDonald’s

The fast-food giant has been on fire over the past six months, but it still remains a solid pick for investors seeking dividends and a degree of safety. McDonald’s Corp. (NYSE: MCD) is the world’s leading global foodservice retailer, with over 36,000 locations serving approximately 69 million customers in over 100 countries each day. More than 80% of McDonald’s restaurants worldwide are owned and operated by independent local business persons.

Wall Street as a whole is very pleased with the efforts from new CEO Stephen Easterbrook. He is taken the bull by the horns with a strategic corporate reset by changing the menu, updating the hours breakfast is served and modernizing the restaurants. Management prioritized that dividend growth as a key element of its shareholder value proposition. McDonald’s has increased its dividend every year for the past 39 years.

The company reported outstanding fourth-quarter results in late January, with U.S. same-store sales rising an impressive 5.7% boosted by all-day breakfast. Many are looking for a repeat when the company reports first-quarter numbers. Hedge funds are very bullish on the company and a total of 20 own the stock.

McDonald’s investors receive a 2.78% dividend. The $130 Merrill Lynch price target is higher than the consensus target of $126.64 The stock closed Friday at $127.96.

All these stocks make good sense for long-term growth portfolios. They trade at reasonable valuations and offer stellar growth potential. Toss in rising dividends, and they are total return vehicles for almost any market. Plus, the benefit of the softer dollar may help boost earnings.

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