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Healthcare dividend stocks to compare with Medtronic include Johnson & Johnson, Amgen and AbbVie—but none is a like-for-like substitute for Medtronic’s medical-device business. Johnson & Johnson combines medicines and MedTech; Amgen and AbbVie are medicine-focused. The most useful choice depends on whether you prioritize a mixed healthcare business, biotechnology exposure or an announced dividend increase—not on yield alone. The declared dividend amounts below are not yields, and no matched current share-price yields, payout ratios or safest-stock ranking are established here.
Dividend figures and company announcements are current through November 2026. Check the latest declared dividend, share price, filings and—if considering a fund—its official documents before making an investment decision.
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At a glance
| Name | Best for | Key spec | Checked |
|---|---|---|---|
| Johnson & Johnson (JNJ) | Investors seeking exposure to both medicines and medical technology, alongside a long dividend-increase record | Quarterly dividend raised to $1.34 per share in 2026; $5.36 annualized | November 2026 |
| Amgen (AMGN) | Investors comparing a biotechnology and medicines business with dividend growth | $2.52 per share declared for each of the first three 2026 quarters; 6% above the same quarters in 2025 | November 2026 |
| AbbVie (ABBV) | Investors comparing a medicines-focused company with an announced future dividend increase | Quarterly dividend set to rise from $1.73 to $1.82 per share beginning with the February 2027 payment | November 2026 |
Prices checked November 2026.
These are comparison candidates, not a ranked recommendation. The dividend amounts are company-declared rates, not yields. Yield requires a share price and can change as the price moves.
Which healthcare dividend stocks are worth comparing with Medtronic?
Johnson & Johnson, Amgen and AbbVie are supported candidates for comparison, but they serve different purposes. Johnson & Johnson has both Innovative Medicine and MedTech businesses; Amgen and AbbVie are medicine-focused companies. None should be described as a direct operating replacement for a medical-device company.
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Use the comparison to define what “alternative” means for you. If you want a diversified healthcare business that includes medical technology, Johnson & Johnson is the closest match among these three on business mix. If you want biotechnology or medicines exposure, Amgen and AbbVie are more relevant comparisons, but their product, regulatory and competition risks differ from a device maker’s. If the objective is a particular income level, none can be selected responsibly from the declared dividend figures alone: you need current share prices and a consistent yield calculation.
In April 2026, Johnson & Johnson announced its 64th consecutive annual dividend increase, raising the quarterly payment from $1.30 to $1.34 per share. Amgen’s third-quarter 2026 Form 10-Q says its board declared $2.52 per share for each of the first three quarters of 2026, a 6% increase over the corresponding quarters of 2025. AbbVie announced an increase from $1.73 to $1.82 per quarter, approximately 5.2%, beginning with the February 2027 payment. These are distinct facts about declared or announced rates; they do not establish which stock has the highest current yield or best dividend coverage.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteHow do the dividend records and announced payments compare?
The records provide useful context, but they are not interchangeable measures of income. Johnson & Johnson’s 2026 release calls the increase its 64th consecutive year of dividend increases. Amgen’s filing reports a year-over-year increase for the first three quarterly declarations of 2026. AbbVie’s latest cited announcement sets out a future payment increase beginning in February 2027.
| Company | What the cited source establishes | What it does not establish |
|---|---|---|
| Johnson & Johnson | In April 2026, the quarterly dividend rose from $1.30 to $1.34 per share, a 3.1% increase; the annualized rate is $5.36. The release marked 64 consecutive years of increases. Johnson & Johnson’s dividend announcement | A price-based yield, future payment guarantees, or a payout ratio using a specified earnings measure. |
| Amgen | Its third-quarter 2026 Form 10-Q reports $2.52 per share declared for each of the first three 2026 quarters, 6% above the same quarters in 2025. Amgen’s Form 10-Q filed November 4, 2026 | A full-year 2026 dividend total based only on those three declarations, a yield, or a complete assessment of dividend coverage. |
| AbbVie | The quarterly rate is set to rise from $1.73 to $1.82 per share, approximately 5.2%, starting with the February 2027 payment. AbbVie’s third-quarter 2026 results announcement | A payment at the new rate before its stated start, a current yield, or a payout ratio. |
An annualized rate is a way to express the current quarterly rate as a 12-month pace; for Johnson & Johnson, $1.34 multiplied by four equals $5.36. It is not a promise that every future payment will be made at that rate. Amgen’s figure here covers three quarters because that is what the cited filing establishes; do not multiply it by four and present the result as an announced full-year total.
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Why is dividend yield not enough to choose an alternative?
Yield describes a dividend relative to a share price at a point in time; it does not by itself tell you whether the payment is sustainable, how quickly it may grow or whether the stock is attractively valued. A higher yield can result from a lower share price, and a price decline may reflect concerns that deserve investigation.
To calculate a simple indicated yield, divide the annualized dividend per share by the share price, then multiply by 100. For example, use the share price and declared annualized dividend rate from the same date. The result is a snapshot, not a forecast. Because no matched share prices are provided here, this article does not quote current yields for the three companies.
Payout ratios also need a consistent definition. A ratio based on reported earnings may differ from one based on adjusted earnings, free cash flow or another period. Before comparing companies, specify the measure, period and source, then inspect whether unusual earnings items or cash-flow needs change the interpretation. The cited MarketBeat comparison lists healthcare-stock yield and payout statistics, but those figures are date- and methodology-sensitive; consult its current healthcare-stock comparison for its definitions and figures rather than treating a number as timeless.
A fuller income comparison should also account for the business behind the payment: product concentration, financial obligations, cash generation, research and development needs, regulatory exposure and competitive pressure. A long increase streak is evidence of a past pattern, not a standalone test of future capacity. Review current company filings for updated financial statements and risk disclosures.
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How do the businesses differ from a medical-device company?
The main difference is what drives each company’s revenue and risk. Johnson & Johnson reports both Innovative Medicine and MedTech businesses, while Amgen and AbbVie are medicine-focused. That makes Johnson & Johnson the closest of these candidates by business mix, but it still is not a pure device-company substitute.
- Johnson & Johnson: Its two reported businesses span medicines and MedTech. That mix can offer exposure to more than one healthcare activity, but it does not eliminate company-specific commercial, regulatory or financial risks. A long history of dividend increases is relevant to income investors, but it cannot substitute for checking current results and the payment’s coverage.
- Amgen: This is a biotechnology and medicines comparison, not a medical-device peer. Its filing identifies risks that include successful product commercialization, clinical and regulatory developments, competition including biosimilars, manufacturing delays and global economic conditions. Those factors can affect business performance and should be considered alongside the dividend record.
- AbbVie: This is also a medicines-focused comparison rather than a device business. The cited 2026 announcement supports the stated increase and timing, but no current payout ratio, valuation or complete risk analysis for AbbVie is established here. Review its latest filings before drawing conclusions about dividend coverage or business concentration.
The distinction matters because sector labels can hide different economics. Sales of devices, medicines and biotechnology products do not face identical development timelines, competitive dynamics or regulatory risks. A healthcare label alone does not make two companies interchangeable.
How should you compare dividend safety, growth and valuation?
Compare each company using the same date and method, and separate the income question from the valuation question. A stock can have a long dividend-growth record yet still be unsuitable for a particular investor’s risk tolerance or purchase price.
- Fix the comparison date. Record the share price, latest declared quarterly dividend and the date of each. This prevents a stale price or dividend rate from being paired with newer information.
- Calculate indicated yield consistently. Use an annualized rate only when the company has declared a rate that supports it. Label it as indicated, show the price date and do not imply future payments are guaranteed.
- Choose a payout measure. State whether you are using reported earnings, adjusted earnings or cash flow, and use the same period and method for each candidate. If the figures are not comparable, say so instead of ranking companies by them.
- Check growth history and timing. Distinguish a long run of annual increases from a recent percentage increase. Also distinguish an increase already reflected in a declared rate from one announced for a future payment, as with AbbVie’s February 2027 start date.
- Read business and risk disclosures. Examine product mix, competition, regulatory and clinical developments, manufacturing issues, and financial statements in the latest filings. Amgen’s risk disclosures show why dividend history alone is not a safety assessment.
- Assess valuation separately. Decide what valuation evidence matters to your investment approach and use current, consistently sourced financial data. The available evidence does not support a valuation call for any of the three stocks.
This process avoids a common error: treating the largest headline yield or the longest dividend streak as a complete investment case. If your priority is income reliability, the ability to fund payments matters; if your priority is growth, future business prospects and valuation also matter. Neither objective can be answered with the dividend amount alone.
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Would a healthcare ETF be a better alternative?
A healthcare ETF is an option for sector exposure rather than a single-company substitute. A fund may spread exposure across multiple holdings, but the specific diversification, costs, holdings and yield depend on the fund.
No official fund-specific expenses, holdings or yield for any particular healthcare ETF are established here, so the evidence does not support a named fund recommendation or a stock-versus-fund return comparison. Before choosing a fund, check its current prospectus or official fund page for expense ratio, holdings, concentration, distribution history and investment objective. Diversification can reduce dependence on one company, but it does not remove sector-wide risks or guarantee income.
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What is the practical takeaway for an investor comparing these stocks?
Start with the exposure you want, then check the dividend against current financial evidence. Johnson & Johnson is the candidate here with both medicines and MedTech and the strongest documented dividend-increase history among the sources cited here. Amgen offers a biotechnology and medicines comparison with a documented 6% year-over-year increase in its first three 2026 quarterly declarations. AbbVie has an announced quarterly increase that begins with its February 2027 payment. Those observations describe different attributes; they do not identify the highest-yielding, safest or most attractively valued stock.
Before investing, verify each company’s latest dividend declaration, share price, filings and business risks. If you cannot establish a comparable yield, payout measure and valuation basis, avoid ranking the stocks on those grounds. The evidence supports a structured comparison—not individualized investment advice or a conclusion that any one company is a guaranteed income substitute.
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How these options were compared
The candidates are included because the cited evidence supports a meaningful healthcare-dividend comparison: Johnson & Johnson has a documented dividend increase and both Innovative Medicine and MedTech businesses; Amgen has a filed 2026 dividend record and disclosed business risks; and AbbVie announced a specific future dividend increase. They are not ranked by yield, payout ratio, safety or valuation because comparable current figures for those measures are not established here. Bristol Myers Squibb appears in a third-party comparison, but official dividend and risk detail is not established, so it is not presented as a fully supported pick. No individual ETF is named because fund-specific costs, holdings and yield are not established.
Frequently Asked Questions
What does an annualized dividend rate tell me?
It expresses a stated quarterly payment as a 12-month pace, usually by multiplying it by four. It is a calculation from the stated rate, not a guarantee that the company will keep paying that amount.
Why can two websites show different dividend yields for the same stock?
Yield changes as the share price changes, and data providers may use different price dates or dividend assumptions. Check both the calculation basis and the date before comparing quoted figures.
Does a long record of dividend increases mean a stock is low risk?
No. A record describes past decisions, while future payments depend on business performance, cash generation and company decisions. Read recent filings for risks that could affect the business and its ability to fund distributions.
Can a healthcare ETF remove the risk of one company cutting its dividend?
A fund can spread holdings across companies, reducing reliance on any one issuer, but it does not guarantee distributions or eliminate sector-wide risks. Its actual diversification and income profile depend on its holdings and fund structure.
