5 Dividend Stocks Better Than Cryptocurrencies

1. AbbVie Inc. (NYSE:ABBV)

Dividend Yield as of March 24: 3.52%

Number of Hedge Fund Holders: 82

AbbVie Inc. (NYSE:ABBV) is an American pharmaceutical retailer, focusing on multiple therapeutic areas including immunology, oncology, neuroscience, and virology. The stock yields 3.52% as of March 24. 

On February 17, AbbVie Inc. (NYSE:ABBV) declared a quarterly per share dividend of $1.41. The dividend will be paid on May 16, to shareholders of record on April 15. AbbVie Inc. (NYSE:ABBV) has increased its dividend by more than 250 percent since its inception in 2013, and the company is a notable dividend aristocrat.

Citi analyst Andrew Baum on March 1 raised the price target on AbbVie Inc. (NYSE:ABBV) to $170 from $155 and reiterated a Buy rating on the shares. The analyst boosted estimates given higher optimism for AbbVie Inc. (NYSE:ABBV)’s Rinvoq across all indications and the projected delay of generic biosimilars in the U.S. until at least 2032.

According to the Q4 database of Insider Monkey, 82 hedge funds were bullish on AbbVie Inc. (NYSE:ABBV), compared to 81 funds in the earlier quarter. Diamond Hill Capital is a significant shareholder of the company, with 2.2 million shares worth $299.4 million. 

Here is what Miller Howard Investments had to say about AbbVie Inc. (NYSE:ABBV) in its Q3 2021 investor letter:

“While optimistic about a recovery, we continue to balance our cyclical holdings with dividend-payers in stable, less economically-sensitive industries. We hold three pharmaceutical companies, (which includes) AbbVie (ABBV). All three have strong cash flows and balance sheets, making their high dividends reasonably safe. The investment controversy surrounding these pharma companies is whether they can develop or acquire new products to replace their current blockbuster drugs. The low valuations on these stocks reflects what we believe to be undue pessimism by investors on the prospects for new drugs.”

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