Raw beef heals 2 hunger points to you or 2.5 health points to dogs. Cows drop 1-2 raw beef when killed. It is edible, but you have a 33% chances of getting poisoned and losing some hunger. You can "feed" your Dogs with raw beef by shift-clicking on them..This restores 2.5 health points. Cooking it in a furnace will result in a Steak.