With the positive impact of the Gambro purchase kicking in by the beginning of the third quarter 2013 BAX was confident in its forward guidance. In the company's own words, "For full-year 2013, Baxter continues to expect sales growth, excluding the impact of foreign exchange, of approximately 10 percent. In addition, the company expects earnings of $4.60 to $4.70 per diluted share, before any special items, and cash flows from operations of approximately $3.3 billion. The company's full-year guidance includes the impact of the Gambro AB acquisition, which is projected to be dilutive to full-year 2013 earnings by 10 cents to 15 cents per diluted share." As an investor that wants both growth and income I want proof that a company can sustain its dividend payout and has the muscle to drive earnings higher to do that. From looking at the two charts I've presented I believe it will be easier for BAX to increase dividends going forward than JNJ. My conclusion for the time being is that BAX is a more compelling value at current price levels than JNJ. I'll be a JNJ shareholder if I can find more reasons to believe the company can continue raising dividends while lowering its high payout ratio. Remember, investments can fall more easily than they rise. Just ask any gold investor these days if you need a contemporary example. At the time of publication the author had no position in any of the stocks mentioned.Follow @m8a2r1This article was written by an independent contributor, separate from TheStreet's regular news coverage.