5 Magnificent Dividend Growth Stocks to Buy and Hold Forever

3. AbbVie Inc (NYSE:ABBV)

Number of Hedge Fund Investors: 76

With a decent dividend yield of 3.4% and 52 years of consistent dividend growth under its belt, AbbVie Inc (NYSE:ABBV) is a magnificent dividend growth stock with a lot of growth catalysts since AbbVie Inc (NYSE:ABBV) is investing heavily in new drugs and R&D. Over the past decade AbbVie Inc (NYSE:ABBV) increased its dividend by 300%.

A total of 76 hedge funds tracked by Insider Monkey had stakes in AbbVie Inc (NYSE:ABBV). The most notable stake in AbbVie Inc (NYSE:ABBV) belongs to Paul Marshall and Ian Wace’s Marshall Wace LLP which owns a $492 million stake in AbbVie Inc (NYSE:ABBV).

Carillon Eagle Mid Cap Growth Fund made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q3 2023 investor letter:

“AbbVie Inc. (NYSE:ABBV) reported strong, broad-based second-quarter performance that exceeded analysts’ expectations. The company’s raised guidance was a nice recovery after its mildly disappointing first-quarter report.”