5 Best Blue Chip Dividend Stocks Hedge Funds are Buying

In this article, we will be looking at the 5 best blue chip dividend stocks hedge funds are buying. To see our detailed analysis of blue chip stocks and dividend investing, you can go directly to the 10 Best Blue Chip Dividend Stocks Hedge Funds are Buying.

5. AbbVie Inc. (NYSE: ABBV)

Number of Hedge Fund Holders: 72
Dividend Yield: 4.5%

AbbVie Inc. (NYSE: ABBV), a healthcare and biotech company selling pharmaceuticals across the globe, ranks 5th on our list of the best blue chip dividend stocks hedge funds are buying. The company is based in North Chicago and was founded in 2012.

David Toung, an analyst at Argus, raised his price target on shares of AbbVie Inc. (NYSE: ABBV) this August. The new price target stands at $140, $10 higher than the previous target of $130. Toung also reiterated a Buy rating on the shares.

In the second quarter of 2021, AbbVie Inc. (NYSE: ABBV) had an EPS of $3.11, beating estimates by $0.08. The company’s revenue was $13.96 billion, up 33.9% year over year and also beating estimates by $322.64 million. AbbVie Inc. (NYSE: ABBV) has also gained 9.62% in the past 6 months and 8.21% year to date.

By the end of the first quarter of 2021, 72 hedge funds out of the 866 tracked by Insider Monkey held stakes in AbbVie Inc. (NYSE: ABBV) worth roughly $5.92 billion. This is compared to 83 hedge funds in the previous quarter with a total stake value of approximately $6.97 billion.