Value stocks right now are generally out of favor as the big Wall Street money has been flowing toward and into hot tech and social media names.

The big reason why a dividend growth investor would want to buy PepsiCo today is that its yield is near historical highs at roughly 3.6%. This suggests that Wall Street has placed the company on the deep discount rack. This is a view that's backed up by the stock's price-to-sales and price-to-earnings ratios being below their five-year averages.

The same is true for stocks. Consider that global icon Apple Inc. (ticker: AAPL) yields a mere 0.4%, despite having roughly $100 billion in net income and one of the most entrenched brands in the planet. That's because it's easy to maintain a nominal dividend, but much harder to drive a huge yield – even for titans like Apple.