5 Best Roth IRA Stocks to Buy and Hold for Long Term

2. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 76

AbbVie Inc. (NYSE:ABBV) is a strong dividend player, raising its dividend consecutively for the past 50 years, including its years as Abbott’s subsidiary before 2013. The biopharmaceutical company’s current quarterly dividend stands at $1.41 per share. In the past five years, the company raised its dividend at a CAGR of 17.5%. Moreover, AbbVie Inc. (NYSE:ABBV) expects to exceed $13 billion in free cash flow in FY22.

In July, Morgan Stanley raised its price target on AbbVie Inc. (NYSE:ABBV) to $191 with an Overweight rating on the shares, ahead of the company’s Q2 results. The firm further expects the company’s revenues to remain resilient if the economy slows down in the last six months of the year.

As per Insider Monkey’s database, 76 hedge funds owned stakes in AbbVie Inc. (NYSE:ABBV), down from 82 in the previous quarter. The collective value of these stakes is over $3.6 billion.

Carillon Tower Advisers mentioned AbbVie Inc. (NYSE:ABBV) in its Q1 2022 investor letter. Here is what the firm has to say:

“Stock selection contributed the most while sector allocation was also positive. An underweight to communication services and an overweight to energy helped performance, while an underweight to consumer staples and an overweight to materials detracted. Stock selection was strong within healthcare and materials but was weak within information technology and industrials. AbbVie (NYSE:ABBV) is a research-based biopharmaceutical company. Shares gained after the company reported earnings that missed revenue but beat earnings-per-share estimates. Discussion around the report was mixed but skewed positive.”