Allow me to administer a momentary proverbial pinch on the arm.

Ever had that feeling where you gaze upon a stock that's embedded in an industry as evergreen as the ancient trees? In the world of investing, there's a niche that stands as firm and unshakable as a century-old oak. You guessed it right – it's the healthcare industry.

Now, why does healthcare have such an eternal appeal? Simple – as long as we're breathing, we need healthcare. It's not a fleeting trend but a perennial necessity. This is the very lifeblood that ensures a higher quality of life.

Enter Abbott Laboratories (ABT).

Glance at the earnings numbers released last month, and you may think it's just another healthcare giant. But wait until you see the ripples beneath the surface.

Though COVID testing sales are receding, there's growth flourishing elsewhere, even leading to some optimistic nudges from analysts. A 1% dip in share price this year? That's merely a disguise. So the real question is, could Abbott be your golden ticket?

Take a look at the Q2 2023. The juggernaut showed robust organic sales growth across three main segments: medical devices, established pharmaceuticals, and nutrition. Recovery from the pandemic-induced slump, coupled with strong demand for FreeStyle Libre, Abbott's continuous glucose monitoring franchise, has fueled this impressive ascent.

But don't take this surge for granted. Abbott's double-digit organic sales growth for the year is not just another feat; it's a majestic leap for a company with a more moderate growth history.

A detailed dig into the numbers reveals revenues of just under $10 billion for the period ended June 30, an 11% decline YoY.

The COVID testing inflated diagnostics sales have dwindled, pulling down the overall figure. But let's shift the spotlight to Abbott's medical device business.

A growth rate of nearly 14% to a staggering $4.3 billion. In diabetes care alone, a 19% YoY rise. Sounds promising? Indeed, it does.

The company didn't stop at this.

With the acquisition of Cardiovascular Systems and strong results in nutrition and pharmaceutical segments, Abbott is growing into a multifaceted marvel in healthcare.

Look at the kaleidoscope of sales posted by Abbott Laboratories across four business segments in 2022.

Diagnostics, medical devices, nutrition, established pharmaceuticals - a dizzying $43.7 billion sales figure.

A 27.5% rise in non-GAAP diluted EPS is expected by 2026. A 1.9% dividend yield surpassing the S&P 500 index's 1.5%. A below-average forward P/E ratio of 22.9. Analysts targeting a 12-month share price of $125. It all screams "BUY!"

However, let's not get carried away.

A 24-times multiple of the company's future earnings might look lofty, considering the industry average is less than 19. It might seem too rich unless you're betting big on a healthcare recovery or Abbott's Libre 3 device.

Growth investors may shrug it off, but dividend enthusiasts, sit up.

With an above-average dividend yield of 1.9% and a royal status as a Dividend King, Abbott could be a charming buy. It's not just an investment but a long-term relationship where the recurring income grows over time, all while cushioned by diverse operating segments.

Abbott might not give you a thrill ride, but it's a rock-solid healthcare foundation to fortify your portfolio, especially if you prefer a steady hand and a dependable dividend.

Needless to say, this business is an excellent addition to your portfolio. After all, Abbott Laboratories is not a flash in the pan. It's a beacon in the healthcare universe that could either be a hidden treasure or a prudent safeguard, depending on your strategy.

In the grand chessboard of investment, it might just be your masterstroke.

Let's talk about the esteemed Dividend Kings, the crème de la crème of companies that have consistently raised their dividends for a minimum of 50 consecutive years. This select club is made up of less than 50 members, making them a truly elite bunch.

While investing in stocks with an impressive track record is a great way to build a low-volatility portfolio with decent long-term returns, there's a catch.

Due to their maturity, some Dividend Kings may lack long-term growth potential. However, this isn't necessarily a drawback if they're profitable cash cows. Still, some investors may prefer to incorporate stocks with greater growth potential into their portfolios.

This is where Abbott Laboratories (ABT) comes in.

Abbott Laboratories has been blazing a trail in healthcare and beyond. From its top-tier medical devices to nutrition solutions, the company is leading innovation across multiple industries – including providing low-cost generic pharmaceuticals for less developed countries.

With a market cap of $172 billion, it's no wonder this powerhouse has become revered as an unstoppable force. Founded in the bustle and hustle of Chicago back in 1888, Abbott Alkaloidal Company has since cemented itself as a pioneer across multiple industries - building up fortifications through several key pillars to guarantee its dominance in the industry.

In fact, its success can be attributed to its prowess in a diverse range of fields. It has made its mark in medical devices, accounting for 34% of its 2022 sales, and has also become a major player in the diagnostics sector, which makes up a significant 38% of its sales.

In addition to its accomplishments in the medical devices and diagnostics sector, this company has made significant progress in the nutrition industry, accounting for 17% of its sales. Moreover, they've established a strong portfolio of pharmaceuticals that have proven to be reliable earners, representing 11% of their sales.

Needless to say, the breadth of expertise and consistent success in multiple industries make this company a compelling choice for investors seeking a reliable, diversified portfolio.

Apart from these, Abbott Laboratories has maintained an impressive track record of dividend payouts, with an unprecedented 51 consecutive years of increases.

These accomplishments underscore the company's unwavering commitment to growth, innovation, and value creation, making it an attractive option for investors looking to secure long-term returns.

While Abbott's history is undoubtedly impressive, the company's future is equally important. One of Abbott's greatest strengths is its innovative culture, which has enabled it to stay ahead of the curve in a rapidly evolving healthcare industry.

Given the persistent demand for revolutionary healthcare products, Abbott has consistently delivered, earning a reputation as a trusted leader in the field over the years.

Here's an example of the company's innovativeness.

When COVID-19 first hit, Abbott wasted no time in developing and launching a suite of diagnostic tests for the virus, solidifying its position as a leader in the space. This strategic move proved to be a lifeline for the company, as its medical device revenue took a hit in the early days of the pandemic.

Another example is Abbott’s blockbuster FreeStyle Libre franchise.

The FreeStyle Libre is a game-changing continuous glucose monitoring (CGM) system that provides real-time blood glucose level tracking for people with diabetes. Its impressive technology earned it the coveted title of "Best Medical Technology of the Last Half-Century" from the highly respected Galien Foundation, an organization dedicated to recognizing breakthroughs in the life sciences.

Abbott's FreeStyle Libre system has been a smashing success, raking in $4.3 billion in sales in 2022 - that's a sweet 16% YoY improvement. The company has high hopes for the product line, targeting a revenue of $10 billion by 2028.

And Abbott isn't stopping there - they plan to keep the momentum going with new product launches in areas such as structural heart and heart failure.

However, investors seeking income may overlook Abbott’s 2.0% dividend yield, but there's more to the stock than just yield. This low-volatility option offers a strong potential for long-term outperformance, with the added benefit of consistent dividend growth leading to a high yield on cost in the future.

In other words, Abbott Labs may not be a high-yield stock today, but it has the potential to become one over time.

More importantly, in the fiercely regulated healthcare industry, Abbott has built a strong brand name over the years, leading to a solid moat that is difficult for competitors to breach. Just like how customers tend to stick with familiar brands, physicians, and patients trust Abbott's products, making it easier for the company to maintain a consistent revenue stream.

This could translate into sustained earnings and stock price growth in the long term, as investors continue to place their trust in Abbott's reputation for quality and innovation.

If you're looking for a stock to add to your dividend growth portfolio, Abbott might just be the answer. With a solid brand reputation and a range of products that consistently generate revenue, including both mature cash cows and fast-growing options, it offers the best of both worlds. Plus, with a healthy dividend yield and consistent dividend growth, you can expect steady returns while enjoying an attractive valuation.

Needless to say, Abbott truly is a king deserving of its title–a king amongst kings, so to speak. Hence, I suggest you buy the dip.