Dealing With The 'Problem' Of Owning Overvalued Dividend Growth Stocks

When I was a teenager, one of my friends was so good-looking and personable that the ladies all but threw themselves at him. Poor dude had to talk to a "regular guy" like me for objective advice on which girl he should date.
Back in my days as a newspaper sportswriter, I covered a few high school athletes who had so much talent and intelligence that they literally could have attended any college in the country on full scholarship. Decisions, decisions.
Just last week, one of my non-"follically challenged" buddies was talking about the difficulty of choosing which hairstyle he wanted to go with next.
Each of the above falls squarely into the Nice Problems To Have category.

Even though I'm not fortunate enough to have faced any of the aforementioned "problems," a look at my 44-stock portfolio - built using mostly the Dividend Growth Investing strategy - does present some interesting conundrums.
Specifically, thanks to a bull market that has been truckin' along since 2009, quite a few companies I own have valuation metrics that are enough to make me say, "Yowsa!"
As an example, here are 11 of my holdings, ranked by position size within my portfolio:
COMPANY Pct PE F-PE 5-PE Price M* Yld 5Yld Johnson & Johnson (JNJ) 6.8% 24.3 18.1 19.8 $139.56 $118 2.4 2.9 McDonald's (MCD) 5.9% 24.0 23.5 19.7 $165.59 $170 2.4 3.2 3M (MMM) 5.8% 25.4 23.8 19.1 $227.45 $184 2.1 2.3 WEC Energy (WEC) 4.8% 22.3 20.5 18.9... Read more