Fulton's third pick, Emerson Electric, has a market cap of $46 billion. She said Emerson Electric's dividend ($1.64) has increased by 7.5 percent per year over the past five years. Emerson Electric designs and manufactures electronic and electrical equipment, software and systems. The stock is up 32 percent over the past year, handily beating the S&P 500 which is up about 19 percent over that period.
Farr likes Chevron, Rockwell Collins, a communications and aviation electronics company, and Stryker a global medical device maker. His firm has over $900 million in assets under management. He and his family own shares of these stocks but his firm does not.
Farr said Chevron only gets 5 percent of its oil from the Middle East, allowing it to make money when oil prices rise but without the risk of losing too much production when there are conflicts in the Middle East. He believes Chevron deserves an "Exxon Mobil-like premium given the strength of its operation and improving returns on capital employed." He also said the stock is a little cheaper than its peers, trading at 10 times the calendar year 2014 consensus estimate.
Rockwell Collins has its business split between government and commercial customers so it can lean on its private sector investments when there are problems with the government. Shares have posted a 12 percent annual earnings-per-share growth over the past year, and the 1.8 percent dividend yield also makes it an attractive stock, Farr said. Its shares have nearly doubled in the past five years and are up more than 1 percent this month. The company's trailing 12-month price-to-earnings ratio is approximately 16.
Lastly, Stryker, which makes implantable devices for things like hips, knees and spines, has a solid record generating above average and less volatile sales and earnings growth, Farr said. Stryker shares are up 33 percent this year and 8 percent this month. "An improving global economy, an aging population, increased penetration into faster growing emerging markets, continued efforts to improve efficiency, targeted acquisitions and intelligent capital allocation should help Stryker hit this earnings target," Farr said.
—By CNBC's Katy Byron. Follow her on Twitter @kbyronCNBC