Top Dividend Stocks to Buy in 2024 According to Billionaire Paul Tudor Jones

4. Abbott Laboratories (NYSE:ABT)

Billionaire Paul Tudor Jones Q1’2024 Stake: $56,040,063

With 52 straight years of consistent dividend increases, Abbott Laboratories (NYSE:ABT) is one of the best dividend stocks to buy according to billionaire Paul Tudor Jones. Jones’ fund owns a $56 million stake in Abbott Laboratories (NYSE:ABT) as of the end of Q1.

Abbott Laboratories (NYSE:ABT) specializes in a wide range of products and services which reduces its dependency on any single market and helps it to generate revenue from multiple channels.  Wall Street analysts are especially bullish on the company’s growth catalysts in the medical devices segment. The industry is expected to grow by 6.3% annually from $518.5 billion in 2023 revenue to reach $886.8 billion by 2032. During the first quarter, Abbott’s organic sales growth came in at 10.8% YoY, marking its fifth consecutive quarter of double-digit growth.

Abbott’s forward P/E ratio of 23.52 is a bit higher than the industry median of 19, but justified given Wall Street expectations of a 11.00% earnings growth in 2025. Average analyst estimate for ABT is $113.57, which presents a 16% upside potential from the current levels.

Polen Focus Growth Strategy stated the following regarding Abbott Laboratories (NYSE:ABT) in its first quarter 2024 investor letter:

“We increased our positions in ThermoFisher Scientific, Visa, Zoetis, Nike, and Abbott Laboratories (NYSE:ABT). Each of these companies is durable and available at attractive valuations, in our view, for the growth we see ahead. In fact, in the case of ThermoFisher, Nike, and Abbott Labs, we expect accelerating earnings growth in the back half of 2024 after more difficult earnings growth periods pass for each of these companies. ThermoFisher and Abbott will finally wind down most of their COVID-19 testing and vaccine-related efforts due to a lack of demand, so these should no longer be revenue growth headwinds.”