5 Biggest Medical Device Companies in the World

1. Abbott Laboratories (NYSE:ABT)

Market Cap as of November 18: $178.82 B
Number of Hedge Fund Holders: 62

Abbott Laboratories (NYSE:ABT) tops the list of the 15 biggest medical device companies in the world. It is involved in researching, developing, producing, and marketing a vast and varied range of medical goods. Currently, Abbott Laboratories (NYSE:ABT) sells branded generic drugs, food nutritional items, medical devices, equipment, and diagnostics.

Mizuho analyst Anthony Petrone commenced coverage of Abbott Laboratories (NYSE:ABT) on October 26, rating it as ‘Neutral’ with a price objective of $105. Among the hedge funds tracked by Insider Monkey, Ken Fisher’s Fisher Asset Management is the leading position holder in Abbott Laboratories (NYSE:ABT), with 9.13 million shares worth about $883.29 million. Overall, 62 hedge funds were long Abbott Laboratories (NYSE:ABT) at the end of September 2022, down from 61 funds in the earlier quarter.

Here’s what Diamond Hill Capital said about Abbott Laboratories (NYSE:ABT) in its Q3 2022 investor letter:

“Also among our bottom contributors were health care products manufacturer Abbott Laboratories (NYSE:ABT), global pharmaceutical company Pfizer, media and technology giant Alphabet, and insurance company American International Group (AIG).

Abbott has been working through a recall of its infant formula brand Similac in the US, which has continued to pressure its share price. Although the recall will impact near-term revenues, we are not concerned about any long-term impacts. We remain optimistic about the company given it is one of the highest quality names in health care, in our view, 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 its medical device business. The company 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.”

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