5 Best Healthcare Stocks To Buy In 2022

3. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 63

Headquartered in Illinois, Abbott Laboratories (NYSE:ABT) is a multinational company providing branded generic medicines, medical devices, diagnostic assays, and nutritionals. 

On January 26, Abbott Laboratories (NYSE:ABT) reported its Q4 results. The company posted earnings per share of $1.32, exceeding estimates by $0.11. Abbott Laboratories (NYSE:ABT)’s fourth quarter revenue came in at $11.47 billion, up 7.17% year-over-year, outperforming estimates by $760.41 million. 

Abbott Laboratories (NYSE:ABT) on December 10 declared a $0.47 per share quarterly dividend, which is a 4.4% increase from its prior dividend of $0.45. The dividend will be paid on February 15, to shareholders of record on January 14. 

Raymond James analyst Jayson Bedford on January 27 lowered the price target on Abbott Laboratories (NYSE:ABT) to $143 from $150 and kept an Outperform rating on the shares. According to the analyst, Abbott Laboratories (NYSE:ABT)’s base business was up 10% year-on-year in Q4 and this momentum is expected to continue into 2022, owing to exposure to two of the fastest growing medical tech markets, namely diabetes and structural heart.

Among the hedge funds tracked by Insider Monkey, 63 funds were bullish on Abbott Laboratories (NYSE:ABT) in Q3 2021, with stakes totaling $3.6 billion, as compared to 61 funds holding stakes worth $4.3 billion in Abbott Laboratories (NYSE:ABT) in the quarter earlier. 

Here is what Saturna Capital Sextant Funds has to say about Abbott Laboratories (NYSE:ABT) in its Q3 2021 investor letter:

“Last quarter, Abbott Labs was among the top detractors as it sharply cut guidance on the expectation of fewer COVID-19 test kit sales. That conclusion turned out to be premature and was, in any event, short-term in nature.”