8 Best Dividend Kings To Invest In For Safe Dividend Growth

4. Abbott Laboratories (NYSE:ABT)

5-Year Average Annual Dividend Growth Rate: 11.44%

Abbott Laboratories (NYSE:ABT) is an Illinois-based multinational medical device and healthcare company. It benefits greatly from its diversified business model, which creates multiple growth opportunities and allows the company to generate revenue from various sources. In the third quarter of 2024, the company reported revenue exceeding $10.6 billion, reflecting a 5% year-over-year increase. It also gains from strategic partnerships with key industry players. Notably, in August, Abbott announced a groundbreaking global collaboration with Medtronic to integrate its advanced continuous glucose monitoring (CGM) system with Medtronic’s insulin delivery devices. The stock has surged by nearly 5% since the start of 2024.

Abbott Laboratories (NYSE:ABT) has long been known for its stability, drawing on its extensive experience in navigating the highly regulated healthcare industry. The company has established a strong reputation within its niche, as healthcare professionals, like most people, prefer to rely on products they know are proven to be effective, especially when it comes to life-critical situations. The company also benefits from a significant portfolio of patents that safeguard its innovations.

On September 19, Abbott Laboratories (NYSE:ABT) declared a quarterly dividend of $0.55 per share, which was in line with its previous dividend. Overall, the company maintains a 52-year streak of consecutive dividend growth, which makes it one of the best dividend kings on our list. In the past five years, the company has raised its payouts at an annual average rate of 11.44%. The stock offers a dividend yield of 1.92%, as of December 9.

As of the close of Q3 2024, 63 hedge funds in Insider Monkey’s database owned stakes in Abbott Laboratories (NYSE:ABT), compared with 69 in the previous quarter. The overall value of these stakes is approximately $4 billion. With over 11 million shares, Fisher Asset Management was the company’s largest stakeholder in Q3.