Cramer's Top Dividend Plays: VZ, BMY, DRI, KMB, IP, more...

Amid the Federal Reserve’s rate decision Tuesday and the dizzying downturn in the market over the past two weeks, Jim Cramer has made a list of stocks that pay out dividends with strong yield to risk ratios.

On CNBC's Mad Money last night, Cramer suggested while the market continues to be volatile and risk remains high, many stocks are well oversold. He encourages investors to buy stocks with solid growth potential and history as management pays stock holders to sit on shares.

A list of the companies Cramer prefers include:

• Consolidated Edison (NYSE: ED) pays out a 4.7 percent dividend yield and has raised its dividend over the past 37 years consecutively.
  
• Enterprise Products Partners (NYSE: EPD) pays out a 6 percent dividend yield and reported strong second quarter earnings on August 8.
  
• Verizon (NYSE: VZ) now pays out a dividend yield of 5.8 percent following the recent downturn. Cramer comments on VZ’s ability to consistently grow and its strong market position.
  
• Bristol-Myers (NYSE: BMY) offers its stockholders a 4.9 percent dividend yield and the potential for strong earnings growth thanks to new drug discoveries.
  
• Darden (NYSE: DRI) only pays out a dividend yield of 3.7 percent, but will benefit as the price of commodities. Restaurants typically do better when the price of gas falls.
  
• Kimberly-Clark (NYSE: KMB) pays out a dividend yield of 4.4 percent and will continue to benefit as the price of oil falls.
  
• International Paper (NYSE: IP) offers its stockholders a 4.4 percent dividend yield and has recently reports strong quarterly results. The company feeds off of fast-growing emerging markets and is currently looking to acquire Temple-Inland (NYSE: TIN).

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