At 24/7 Wall St., we know how important dividend size, stability and growth are to growth and income investors who rely on a dependable stream of income. We often have written about the opportunities that the Dividend Aristocrats offer for long-term investors. These are the companies that meet the guidelines for inclusion and have raised their dividends every year for 25 consecutive years. In 2022, 66 stocks made the cut, and they remain top picks across Wall Street.
For those seeking even greater dividend dependability, investors may be drawn to the Dividend Kings. These are the 39 companies in the S&P 500 that have raised the dividends they pay to shareholders a stunning 50 years in a row.
We screened the 39 Dividend Kings looking for two things: those that pay the highest dividends and those that have Buy ratings from top Wall Street firms. We found six that all make sense for growth and income investors looking for safety and dependability in a time when many investors have grown nervous.
While all six are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
This is a top pharmaceutical stock pick across Wall Street. AbbVie Inc. (NYSE: ABBV) is a global, research-based biopharmaceutical company formed in 2013 following separation from Abbott Laboratories. The company develops and markets drugs in areas such as immunology, virology, renal disease, dyslipidemia and neuroscience.
One of the biggest concerns with AbbVie is what might happen eventually with anti-inflammatory therapy Humira, which has some of the largest sales for a drug ever recorded. The company was concerned, so in June of 2019 it announced that it has agreed to pay $63 billion for rival drugmaker Allergan, the latest merger in an industry in which some of the biggest companies have been willing to pay a high price to resolve questions about their future growth. The purchase officially closed in May of last year.
AbbVie may be nearing the limits of how far it can boost Humira’s price as cheaper competitors come to market, a problem Allergan is already grappling with as more alternatives to Botox emerge.
Shareholders receive a 3.62% dividend. J.P. Morgan has a Wall Street high target price of $180. The consensus target for AbbVie stock is $152.79. Shares closed on Monday at $161.97 apiece.
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