Dividend Kings List by Yield: Top 10 Stocks

7. AbbVie Inc. (NYSE:ABBV)

Dividend Yield as of November 11: 3.95%

AbbVie Inc. (NYSE:ABBV) is an American biotech company that was formed after the spin-off of Abbott Laboratories in 2013. On October 28, the company announced a 5% hike in its quarterly dividend to $1.48 per share. Including its years as a subsidiary of Abbott Laboratories, the company has been raising its dividends consistently for the past 50 years. Moreover, it has raised its payouts by 270% since 2013. As of November 11, the stock has a dividend yield of 3.95%.

In Q3 2022, AbbVie Inc. (NYSE:ABBV) reported revenue of $14.8 billion, up 3.3% from the same period last year. The company’s operating cash flow for the quarter came in at $7.6 billion and it generated $7.4 billion in free cash flow. It has a solid dividend payout ratio of 41%.

In October, Piper Sandler raised its price target on AbbVie Inc. (NYSE:ABBV) to $155 with an Overweight rating on the shares, highlighting the company’s solid performance in its neurology franchise.

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.

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.”