Jim Cramer is Recommending These 5 Stocks

3. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Investors: 64

Cramer is cautious on Abbott Laboratories (NYSE:ABT) after its rival Reckitt Benckiser lost a case after which it’d have to pay $60 million over claims that a premature child died after consuming its baby formula. Abbott Laboratories (NYSE:ABT) is also facing lawsuits over its decision to recall some baby formula brands due to fears of contamination, which led to a nationwide shortage in 2022.

Cramer, however, said that he expects this is “not going to be a big deal.” Cramer said he’s waiting for the stock to come down to $100 to be “able to buy more.” He said he “believes” in Abbott Laboratories (NYSE:ABT).

Polen Focus Growth Strategy stated the following regarding Abbott Laboratories (NYSE:ABT) in its first quarter 2024 investor letter:

“We increased our positions in ThermoFisher Scientific, Visa, Zoetis, Nike, and Abbott Laboratories (NYSE:ABT). Each of these companies is durable and available at attractive valuations, in our view, for the growth we see ahead. In fact, in the case of ThermoFisher, Nike, and Abbott Labs, we expect accelerating earnings growth in the back half of 2024 after more difficult earnings growth periods pass for each of these companies. ThermoFisher and Abbott will finally wind down most of their COVID-19 testing and vaccine-related efforts due to a lack of demand, so these should no longer be revenue growth headwinds.”