#3 - Abbott Laboratories (NYSE:ABT)
Abbott Laboratories (ABT)
Years of Consecutive Dividend Growth: 48 Years (Dividend Aristocrat)
Abbott Laboratories (NYSE:ABT) has been rewarding shareholders for years. In fact, ABT stock has often been a signature part of a dividend investor’s portfolio. Abbott has increased its dividend every year for 48 consecutive years. Most recently, the company raised its quarterly dividend, which now sits at 36 cents per share, in December.
Right now, Abbott stock is on fire based on its role in providing rapid testing for the novel coronavirus. On March 27, the company received emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for its rapid point-of-care COVID-19 test. COVID-19 is the underlying disease that causes the coronavirus.
This was the second such authorization that Abbott received in the month of March. Considering the key role that testing will play in getting the U.S. economy (if not the global economy) back to any semblance of normal, Abbott should be a solid growth stock for the remainder of 2020.
Fortunately, the need for testing should decline. However, the company has much more in its pipeline than its recent contributions to combat the novel coronavirus. The company’s portfolio also includes Similac infant formulas, Glucerna diabetes management products, and i-Stat diagnostic devices.
About Abbott Laboratories
Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.
Read More - Current Price
- $106.29
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 6 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $121.50 (14.3% Upside)
