5 Magnificent Dividend Growth Stocks to Buy and Hold Forever

This article presents an overview of 5 Magnificent Dividend Growth Stocks to Buy and Hold Forever. For a detailed overview of such stocks, read our article, 11 Magnificent Dividend Growth Stocks to Buy and Hold Forever.

5. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Investors: 64

In December last year, healthcare company Abbott Laboratories (NYSE:ABT) increased its dividend by 7.8%, marking the 52nd consecutive year of dividend increases. Abbott Laboratories (NYSE:ABT) recently said it received an approval from the FDA for its i-STAT TBI test cartridge to be used with whole blood in the evaluation of patients with suspected concussions, allowing for lab-quality results within 15 minutes.

As of the end of the fourth quarter of 2023, 64 hedge funds tracked by Insider Monkey had stakes in Abbott Laboratories (NYSE:ABT).

Polen Global Growth Strategy stated the following regarding Abbott Laboratories (NYSE:ABT) in its fourth quarter 2023 investor letter:

“Abbott Laboratories (NYSE:ABT), a globally dominant healthcare business serving a broad range of end markets, was another position we added to in the period. The stock has come under pressure in recent quarters as the company has experienced a significant (and expected) decline in sales tied to pandemic-era COVID testing. However, we feel this amounts to little more than a distraction, as the core business continues to perform very well. Nothing has changed around our expectations for long-term growth, yet the stock’s valuation has compressed, making for an attractive opportunity to add to the position given the long-term durable growth profile of this business.”