(ED)
Consolidated Edison, Inc., through its subsidiaries, provides electric, gas, and steam utility services in the United States serving parts of New York, New Jersey and Pennsylvania.
Using the above formula (R + Q +P +Y)/4 = Risk Rating: (1 + 3 + 1 + 2)/4 = 1.75

I am holding 15 dividend stocks in the low risk category. Included in this group are:

PepsiCo, Inc. (PEP)
PepsiCo, Inc. (PepsiCo) is a global snack and beverage company. The Company manufactures, markets and sells a range of salty, convenient, sweet and grain-based snacks, carbonated and non-carbonated beverages and foods.
Using the above formula (R + Q +P +Y)/4 = Risk Rating: (1 + 1 + 3 + 1)/4 = 1.50

Wal-Mart Stores, Inc. (WMT)
Wal-Mart Stores, Inc. operates retail stores in various formats worldwide. It operates through three segments: Wal-Mart Stores, Sam's Club, and International.
Using the above formula (R + Q +P +Y)/4 = Risk Rating: (1 + 1 + 2 + 1)/4 = 1.25

Kimberly-Clark Corporation (KMB)
This global consumer products company produces tissue, personal care and health care. Its brands include Huggies, Pull-Ups, Kotex, Depend, Kleenex, Scott and Kimberly-Clark.
Using the above formula (R + Q +P +Y)/4 = Risk Rating: (1 + 2 + 1 +1)/4 = 1.25

The Coca-Cola Company (KO)
The Coca-Cola Company engages in the manufacture, distribution, and marketing of nonalcoholic beverage concentrates and syrups worldwide.
Using the above formula (R + Q +P +Y)/4 = Risk Rating: (1 + 2 + 1 + 1)/4 = 1.25

Johnson & Johnson (JNJ)
Johnson & Johnson engages in the manufacture and sale of various products in the health care field worldwide.
Using the above formula (R + Q +P +Y)/4 = Risk Rating: (1 + 1 + 2 + 1)/4 = 1.25

Three dividend stocks had a perfect score of 1.00 (low risk). They were:

United Technologies Corp (UTX)
United Technologies Corp. is an aerospace-industrial conglomerate with a portfolio including Pratt & Whitney jet engines, Sikorsky helicopters, Otis elevators and Carrier air conditioners, among other products.
Using the above formula (R + Q +P +Y)/4 = Risk Rating: (1 + 1 + 1 + 1)/4 = 1.00

Sysco Corp (SYY)
SYSCO Corporation, through its subsidiaries, engages in the marketing and distribution of a range of food and related products primarily for foodservice industry in the United States and Canada.
Using the above formula (R + Q +P +Y)/4 = Risk Rating: (1 + 1 + 1 + 1)/4 = 1.00

Procter & Gamble Co. (PG)
The Procter & Gamble Company (P&G) is focused on providing branded consumer goods products. The Company markets its products in more than 180 countries.
Using the above formula (R + Q +P +Y)/4 = Risk Rating: (1 + 1 + 1 + 1)/4 = 1.00

Overall, the weighted average (based on annual income) of my dividend stocks is 2.26, which would put it on the higher end of the medium category. In an effort to build up a risk reserve that can be accessed when a company cuts its dividend, I would like to lower this number to around 2.

I am still refining and calibrating the calculations. However, this is a good start in helping me manage and control the risk associated with my dividend stock portfolio.

Full Disclosure: Long CTL, PFE, HCP, INTC, LLY, NUE, MCD, ED, PEP, WMT, KMB, KO, JNJ, UTX, SYY, PG