10 Best Halal Dividend Stocks To Invest In

3. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 68

AbbVie Inc. (NYSE:ABBV) is an American multinational biopharmaceutical company that specializes in the development and commercialization of advanced therapies and treatments in various areas of healthcare. When Abbott Labs spun off AbbVie in 2013, the latter heavily relied on its top-selling drug, Humira. However, in recent years, sales declined due to competition from biosimilars. AbbVie, however, had planned ahead by investing in research and development and making strategic acquisitions. By the time Humira’s patent expired, the company had significantly reduced its reliance on the drug. In addition, it had already introduced two fast-growing successors, Rinvoq and Skyrizi, to the market.

In the third quarter of 2024, AbbVie Inc. (NYSE:ABBV) reported $14.46 billion in revenue, a 4% increase compared to the same period last year. Its Immunology Portfolio contributed over $7 billion, also reflecting 4% growth. In August 2024, the company completed an $8.7 billion acquisition of Cerevel Therapeutics, a neuroscience-focused firm. While the company’s primary focus remains on immunology, oncology, inflammation, and eye care, its entry into neuroscience provides new growth opportunities and diversifies its revenue streams. For investors, the emphasis should be on AbbVie’s strong pipeline in these established areas, which offers significant growth potential, independent of its progress in neuroscience.

AbbVie Inc. (NYSE:ABBV) is a strong dividend payer with 52 consecutive years of dividend growth under its belt. The company’s per-share dividend comes in at $1.64 every quarter for a dividend yield of 3.88%, as of January 22.

At the end of the third quarter of 2024, 68 hedge funds tracked by Insider Monkey held stakes in AbbVie Inc. (NYSE:ABBV), up from 67 in the preceding quarter. These stakes are collectively valued at roughly $2.6 billion. With over 1.7 million shares, AQR Capital Management was the company’s leading stakeholder in Q3.