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3 Dividend Growth Stocks You Can Buy and Hold Forever
In the immortal words of the late, great entertainer Prince, forever “is a mighty long time.” For investors, though 15 to 20 years can practically feel like forever. It can be hard to find stocks you’ll feel comfortable holding onto for that long.
However, three Motley Fool contributors think they’ve identified excellent dividend growth stocks you can buy and hold forever (or at least, the investing version of forever): Abbott Laboratories (NYSE: ABT), AbbVie (NYSE: ABBV), and Johnson & Johnson (NYSE: JNJ).
David Jagielski (Abbott Laboratories): When you’re looking for good dividend growth stocks to hold for years or even decades, start by looking for businesses with diverse revenue streams and excellent track records of increasing their payouts. Healthcare giant Abbott Laboratories checks off both of those boxes for investors.
At the current share price, its dividend yields just 1.8%, which may look unimpressive at first. However, the company has increased its payouts for 52 consecutive years, making it a Dividend King. Moreover, Abbott has been paying dividends steadily for a century, with its first payment taking place back in 1924. Along the way, the company has delivered dividends to its shareholders despite wars, inflation, economic downturns, and a lot of other turbulence.
Over the past decade, Abbott has increased its quarterly payout by 150%, from $0.22 in 2014 to $0.55 today. The only reason the healthcare stock’s yield isn’t higher now is because its valuation rose by more than 180% over that same period. When including dividend reinvestment, the total return investors would have achieved from owning shares of Abbott for the past 10 years is around 250%.
Abbott has a slow-and-steady growing healthcare business, and has many opportunities it can pursue. Its growth rate isn’t massive, but it is sustainable. And with multiple segments, including pharmaceuticals, diagnostics, medical devices, and nutrition, its operations look solid. Excluding the impact of its COVID-19 testing business, the company is projecting organic sales growth of around 10% this year.
For long-term dividend investors, this could be an ideal stock to buy and forget about.
Keith Speights (AbbVie): If you like Abbott, you might love AbbVie. The big drugmaker spun off from Abbott in 2013. Since then, it has increased its dividend by a whopping 288%. Thanks to the time it was part of Abbott, AbbVie also qualifies as a Dividend King. At the current share price, its forward dividend yield is 3.3%.
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UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
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