Is there such a thing as a safe dividend yield? RNC Genter Capital Management's Dan Genter says an investor should look not to the size of the dividend, not even in relation to the stock price — but to consistency.
"The key here is going to the areas that may not be the sexiest, they may not be the fastest earnings growers, but they're going to be more consistent," he told CNBC. "Those are going to be the traditionally defensive areas: Consumer staples, utilities, telecom, I'd even throw energy in that mix right now, health care."
Genter says a lot of companies in those areas are showing yields of 5 or 6 percent.
In pharma, he likes Eli Lilly, Pfizer, and Merck.