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The S&P 500 reached new all-time highs 50 times in 2023, averaging a record-setting event every five trading days. This upward trend has contributed to challenges in finding bargains for investors, particularly in the dividend space.
AbbVie (NYSE: ABBV) recently experienced a nearly 20% stock dip, largely due to the disappointing trial results of its drug emraclidine, acquired through the $8.7 billion deal for Cerevel Therapeutics. Following this announcement, AbbVie lost as much as $69 billion in market capitalization but has since seen some recovery.
AbbVie generated $55 billion in sales over the past year and is expected to exceed this figure in the coming year as it anticipates strong sales from its leading drugs, Skyrizi and Rinvoq. It has consistently raised its dividend, currently at $1.64 per share quarterly, offering a forward yield of 3.7%.
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