Dividend Kings and Aristocrats List: 10 Biggest Stocks

7. AbbVie Inc. (NYSE:ABBV)

Market Cap as of January 28: $258.6 billion 

An American biotech company, AbbVie Inc. (NYSE:ABBV) is another best dividend stock on our list. In January, JPMorgan raised its price target on the stock to $190 with an Overweight rating on the shares. The firm appreciated the company’s overall performance and sees an increasingly ‘attractive setup’ for it.

AbbVie Inc. (NYSE:ABBV) currently pays a quarterly dividend of $1.48 per share, having raised it by 5% in October 2022. The company has raised its dividends for 50 years in a row. As of January 28, the stock has a dividend yield of 4.05%.

Of the 895 hedge funds tracked by Insider Monkey, 71 funds reported owning stakes in AbbVie Inc. (NYSE:ABBV) in Q2 2022, compared with 75 in the preceding quarter. These stakes are collectively worth over $2.88 billion. Arrowstreet Capital was one of the company’s leading stakeholders in Q3.

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.”