3M (NYSE: MMM), Caterpillar (NYSE: CAT), and Starbucks (NASDAQ: SBUX) are three excellent dividend stocks that also happen to have inexpensive valuations. Starbucks stock has come under pressure as investors grapple with a leadership change, inflation, unionization, and the company's decision to suspend share buybacks. And although the company has suspended share repurchases in favor of allocating capital toward the business, it hasn't shown any signs that is it going to stop raising the dividend.