5 Best Pharma Dividend Stocks To Buy in 2024

In this article, we discuss 5 best pharma dividend stocks to buy in 2024. If you want to read our detailed analysis of the pharma sector and its performance, go directly to read 13 Best Pharma Dividend Stocks To Buy in 2024. 

5. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 76

An American multinational pharmaceutical company, AbbVie Inc. (NYSE:ABBV) focuses on immunology, oncology, neuroscience, virology, and general medicine. On February 15, the company reported a quarterly dividend of $1.55 per share, which was consistent with its previous dividend. Overall, it has raised its dividends for 51 consecutive years, which makes ABBV one of the best dividend stocks in the pharma sector. The stock’s dividend came in at 3.49%, as of March 4.

As of the close of Q4 2023, 76 hedge funds tracked by Insider Monkey owned stakes in AbbVie Inc. (NYSE:ABBV), up from 73 in the previous quarter. These stakes are worth over $3.5 billion in total. Among these hedge funds, Marshall Wace LLP was the company’s leading stakeholder in Q4.

4. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 79

Pfizer Inc. (NYSE:PFE) is a multinational pharmaceutical company that is primarily engaged in the research, development, manufacturing, and marketing of prescription drugs, vaccines, and consumer healthcare products. The company’s dividend growth streak currently stands at 14 years and it offers a quarterly dividend of $0.42 per share. As of March 4, the stock has a dividend yield of 6.49%.

Pfizer Inc. (NYSE:PFE) ended the fourth quarter with 79 hedge fund positions, growing from 73 in the previous quarter, according to Insider Monkey’s database. The stakes owned by these hedge funds have a total value of over $2.2 billion.

3. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 81

Johnson & Johnson (NYSE:JNJ) is next on our list of the best dividend stocks in the pharma sector. The company has been rewarding shareholders with growing dividends for the past 61 years and pays a per-share dividend of $1.19 every quarter. With a dividend yield of 3.00% as of March 4, JNJ is one of the best dividend stocks on our list.

As per Insider Monkey’s database of Q4 2023, 81 hedge funds reported having stakes in Johnson & Johnson (NYSE:JNJ), compared with 84 in the preceding quarter. The total value of these stakes is nearly $4 billion. With more than 6.3 million shares, Fisher Asset Management was the company’s leading stakeholder in Q4.

2. Merck & Co., Inc. (NYSE:MRK)

Number of Hedge Fund Holders: 98

Merck & Co., Inc. (NYSE:MRK) is an American pharmaceutical company that is dedicated to improving the health and well-being of people and animals worldwide by delivering innovative and effective medical solutions. The company offers a quarterly dividend of $0.77 per share and has a dividend yield of 2.49%, as of March 4. It has raised its dividends for 13 years in a row, which makes MRK one of the best dividend stocks in the pharma sector.

Merck & Co., Inc. (NYSE:MRK) remained popular among elite funds in Q4 2023 as the company ended the quarter with 98 hedge fund positions, up from 85 in the preceding quarter, according to our database. The stakes held by these hedge funds are worth over $7.16 billion in total.

1. Eli Lilly and Company (NYSE:LLY)

Number of Hedge Fund Holders: 102

Eli Lilly and Company (NYSE:LLY) tops our list of the best dividend stocks in the pharma sector. The company has been increasing its payouts for 10 consecutive years and currently pays a quarterly dividend of $1.30 per share. The stock’s dividend yield on March 4 came in at 2.49%.

At the end of December 2023, 102 hedge funds in Insider Monkey’s database reported having stakes in Eli Lilly and Company (NYSE:LLY), the same as in the previous quarter. The collective value of these stakes is over $11.1 billion.

You can also take a look at 16 Best Large-Cap Value Stocks To Invest In in 2024 and 13 Best EV Stocks To Buy in 2024