5 Best Medical Device Stocks To Buy Now

2. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 68

Abbott Laboratories (NYSE:ABT) is one of the oldest health care companies in the world as it was founded in 1888 and is based in America. The company offers a host of medical devices such as testing kits, laboratory systems, and molecular diagnostics systems.

Abbott Laboratories (NYSE:ABT) is expected to strongly benefit from its coronavirus testing kits which saw the company raise its revenue guidance for these kits to $6.1 billion in July 2022. Additionally, the company will benefit from $21 billion in supplementary spending for COVID testing kits approved by the U.S. Senate in July 2022. It also pays a 47  cent dividend for a 1.72% yield.

Insider Monkey’s Q1 2022 survey of 912 hedge funds revealed that 65 had bought Abbott Laboratories (NYSE:ABT)’s shares.

Out of these, Ken Fisher’s Fisher Asset Management is the company’s largest investor through a $1 billion stake that comes through 9 million shares.

Diamond Hill Capital mentioned the company in its Q1 2022 investor letter. Here is what the fund said:

“Abbott Labs announced a recall of its infant formula brand Similac^® in the US. Though the recall will impact near-term revenues, we are not concerned about any long-term impacts. We remain optimistic about the company’s prospects over the long run because, in our view, it is one of the highest quality names in health care with a talented management team that makes smart capital allocation decisions. Abbott also has leading health care and consumer franchises with a particularly strong competitive position in the medical device business. Abbott continues to launch innovative products in key strategic areas (such as diabetes, structural heart and diagnostics), which should help drive not only revenue growth but margin expansion.”