10 Best Cancer Stocks To Buy Now

7. Abbott Laboratories (NYSE:ABT)

Hedge Fund Holdings: 69 

Abbott Laboratories (NYSE:ABT) is a global healthcare company known for its diverse range of medical devices, diagnostics, nutritional products, and branded generics. The company excels in innovation, with standout products like the FreeStyle Libre for diabetes management and its growing portfolio of minimally invasive cardiovascular technologies, including MitraClip and Amplatzer Amulet. Abbott’s key driver in oncology is its innovative diagnostic technologies, particularly the Alinity m system, which enhances early cancer detection. The recent acquisition of Cardiovascular Systems, Inc. (CSI) also expands Abbott’s vascular device portfolio, offering potential new opportunities in cancer-related vascular treatments.

Abbott Laboratories (NYSE:ABT) reported Q2 2024 financial results with $10.4 billion in sales, driven by a strong base business performance. The company saw a 4.0% reported sales growth and 9.3% organic growth, led by double-digit growth in Medical Devices. GAAP diluted EPS was $0.74, with adjusted EPS at $1.14. Abbott raised its full-year 2024 EPS guidance to $3.30-$3.40 GAAP and $4.61-$4.71 adjusted. The company also narrowed its organic sales growth guidance to 9.5%-10.0%. Key product approvals include the Esprit™ BTK system, Lingo™ and Libre Rio™ glucose monitoring systems, and the AVEIR dual chamber leadless pacemaker.

As of Q2 2024, there were 69 hedge fund holders in the stock with Fisher Asset Management being the largest hedge fund with 10,516,289 worth $1,092,747,717. The stock also has a strong buy rating based on 14 Wall Street analysts. The average price target is $127.08, with a high of $143.00 and a low of $107.00, indicating a 12.56% increase from the last price of $112.90.