On an earnings and free cash flow payout basis, Johnson & Johnson has plenty of room to continue growing its dividend, but it will likely be at a slower pace in the next five years. Since 2005, for example, earnings grew at 10.1% annualized, but over the next five years, the median analyst estimate for earnings growth is just 6.2% annualized. So unless Johnson & Johnson wants to increase the payout ratio, dividend growth will likely be more modest.