This Stock Keeps Raising Its Dividend No Matter What the Market Does -- and Wall Street Thinks It's a Buy Right Now
There is no end in sight for the drugmaker's dividend growth streak.
Overview
Over the past few years, AbbVie (NYSE: ABBV) has faced significant challenges, including the loss of patent exclusivity for its longtime growth driver, Humira, an immunology medicine. The drugmaker also encountered clinical setbacks, while weakness in the broader healthcare sector hasn't helped either. However, AbbVie continues to post robust financial results.
In the second quarter, the company's revenue increased 10.2% year over year to nearly $17 billion, while its adjusted earnings per share climbed 23% year over year to $3.65. AbbVie's troubles in recent years haven't destroyed its business, not even close. In fact, Wall Street thinks the stock could perform fairly well over the next 12 months. Its average price target of $272.14 (according to Yahoo! Finance) implies an almost 12% jump from current levels. Here's why I think Wall Street is right.
Image source: The Motley Fool.
Details
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Originally published at www.fool.com.