5 Dividend Kings To Buy For Safe Dividend Growth

2. AbbVie Inc. (NYSE:ABBV)

5-Year Average Annual Dividend Growth Rate: 16.9%
Dividend Yield as of March 8: 3.97%

AbbVie Inc. (NYSE:ABBV) is an American multinational pharmaceutical company. The company is one of the dividend kings to buy for safe dividend growth as it has raised its payouts for 50 consecutive years. Its five-year annual average dividend growth stands at 16.9%. The company offers a quarterly dividend of $1.48 per share for a dividend yield of 3.97%, as of March 8.

In March, Guggenheim initiated its coverage on the stock with a Buy rating and a $172 price target, noting the company’s overall performance.

At the end of December 2022, 73 hedge funds in Insider Monkey’s database reported owning stakes in AbbVie Inc. (NYSE:ABBV), compared with 80 in the previous quarter. The collective value of these stakes is over $1.5 billion.

Baron Funds mentioned AbbVie Inc. (NYSE:ABBV) in its Q3 2022 investor letter. Here is what the firm has to say:

“AbbVie Inc. (NYSE:ABBV) is a drug developer best known for Humira, an immunosuppressant that is the best selling drug of all time. Given outsized key product risk (patent cliff and generic launches beginning in 2023), AbbVie has broadened its pipeline, highlighted by its Allergan acquisition. Shares fell on results that missed consensus and indications that legacy franchises were outperforming newer product launches, calling into question AbbVie’s long-term strategy. With promising assets in the pipeline and its robust cash flow profile, we believe AbbVie will grow well into the future.”