10 Best Pharma Stocks To Buy Right Now

6. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 69

Abbott Laboratories (NYSE:ABT) is a global healthcare leader producing a broad range of medical devices, diagnostics, nutritional products, and branded generic pharmaceuticals. Its top products include Pedialyte, Similac, BinaxNOW, Ensure, and Glucerna.

In its strong Q3 earnings report, Abbott Laboratories (NYSE:ABT) exceeded both revenue and EPS expectations, posting $10.64 billion in revenue and $1.21 EPS. Moreover, the company’s sales rose 4.9%, with its Medical Devices segment achieving 13.3% organic growth, primarily due to Diabetes Care sales topping $1.6 billion. Abbott Laboratories (NYSE:ABT) also raised its full-year EPS guidance for the third time in 2024, setting a new range of $4.64 to $4.70.

Following the robust Q3 performance, Piper Sandler raised ABT’s price target to $133 from $131, keeping an Overweight rating on the stock. Among the 69 hedge funds holding stakes in Abbott Laboratories (NYSE:ABT) per Insider Monkey, Fisher Asset Management held the largest position, with 10.5 million shares valued at $1.09 billion.