5 Most Anticipated Earnings to Watch on Wednesday

2. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 68

Abbott Laboratories (NYSE:ABT) is one of the largest medical devices and health care companies in the U.S. The company is set to post its second-quarter results before the market opens on Wednesday, July 20, 2022.

Analysts are calling for earnings of $1.12 per share and revenue of $10.31 billion. Abbott Laboratories (NYSE:ABT) is expected to beat the consensus for earnings as its medical devices segment is likely to have benefitted from a spike in the number of procedures carried out during the quarter. However, the company faced production hurdles at one if its facilities that could hurt some of its sales growth.

Earlier this year, investment management firm Diamond Hill Capital also discussed Abbott Laboratories (NYSE:ABT) in its first-quarter 2022 investor letter. Here’s what the firm 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.”