5 Best Pharma Dividend Stocks To Buy in 2023

In this article, we discuss 5 best pharma dividend stocks to buy in 2023. If you want to read our detailed analysis of the pharmaceutical sector and its outlook this year, go directly to read 12 Best Pharma Dividend Stocks To Buy in 2023. 

5. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 73

An Illinois-based pharmaceutical company, AbbVie Inc. (NYSE:ABBV) is next on our list of the best dividend stocks from the pharma sector. Morgan Stanley raised its price target on the stock in April to $181 with an Overweight rating on the shares, expecting the company to deliver growth in the second half of the year.

On February 16, AbbVie Inc. (NYSE:ABBV) declared a quarterly dividend of $1.48 per share, which fell in line with its previous dividend. The stock’s dividend yield on April 17 came in at 3.67%. The company is a Dividend King as it has been raising its dividends consistently for the past 50 years.

At the end of December 2022, 73 hedge funds in Insider Monkey’s database reported owning stakes in AbbVie Inc. (NYSE:ABBV), compared with 80 in the previous quarter. The collective value of these stakes is over $1.5 billion.

Baron Funds mentioned AbbVie Inc. (NYSE:ABBV) in its Q3 2022 investor letter. Here is what the firm has to say:

“AbbVie Inc. (NYSE:ABBV) is a drug developer best known for Humira, an immunosuppressant that is the best selling drug of all time. Given outsized key product risk (patent cliff and generic launches beginning in 2023), AbbVie has broadened its pipeline, highlighted by its Allergan acquisition. Shares fell on results that missed consensus and indications that legacy franchises were outperforming newer product launches, calling into question AbbVie’s long-term strategy. With promising assets in the pipeline and its robust cash flow profile, we believe AbbVie will grow well into the future.”