AbbVie just raised its dividend

Article Excerpt

ABBVIE INC. $159 is a top pick for 2022. The company (New York symbol ABBV; High-Growth Dividend Payer Portfolio, Manufacturing sector; Shares outstanding: 1.8 billion; Market cap: $286.2 billion; Dividend yield: 3.7%; Dividend Sustainability Rating: Above Average; www.abbvie.com) makes biopharmaceuticals, with leading positions in immunology, oncology, aesthetics, neuroscience and eye care. AbbVie will raise your quarterly dividend with the February 2023 payment by 5.0%, to $1.48 a share from $1.41. The new annual rate of $5.92 yields 3.7%. In the three months ended September 30, 2022, AbbVie’s revenue rose 3.3%, to $14.81 billion from $14.34 billion a year earlier. A 14.6% increase in its global immunology portfolio powered that overall increase. A 25.9% drop in European sales of its autoimmune disorder drug Humira—as biosimilars continued to enter the market—only partially offset those gains. Earnings per share rose 29.3%, to $3.66 from $2.83. The company will probably earn $13.86 a share for all of 2022. The stock trades at just 11.5 times that forecast. AbbVie is a top pick…