5 Best Medical Stocks To Invest In

3. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 60

Abbott Laboratories (NYSE:ABT) develops, manufactures, and sells health care products worldwide. It operates in four segments – Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. It is one of the premier medical stocks to invest in. On February 17, Abbott Laboratories (NYSE:ABT) declared a quarterly dividend of $0.51 per share, in line with previous. The dividend is payable on May 15, to shareholders of record on April 14. 

On March 28, in a sector note on the U.S. Medical Supplies and Devices, UBS initiated coverage of Abbott Laboratories (NYSE:ABT) with a Buy rating and a $117 price target.

According to Insider Monkey’s fourth quarter database, 60 hedge funds were bullish on Abbott Laboratories (NYSE:ABT), compared to 62 funds in the earlier quarter. Ric Dillon’s Diamond Hill Capital is the largest stakeholder of the company, with 5.3 million shares worth $583.5 million. 

Diamond Hill Large Cap Concentrated Strategy made the following comment about Abbott Laboratories (NYSE:ABT) in its Q4 2022 investor letter:

“Abbott Laboratories (NYSE:ABT) outperformed during the quarter as investors flocked to safety. Although we are pleased with the stock’s performance, we are interested in the company due to its favorable long-term positioning. Abbott is a high-quality company with a talented management team that makes smart capital allocation decisions. The company has leading health care and consumer franchises with a particularly strong competitive position in its 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.”