5 Best Medical Technology Stocks to Buy

3. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 61    

Abbott Laboratories (NYSE:ABT) discovers, develops, manufactures, and sells health care products worldwide. The firm is among the best medical technology stocks to invest in. The company has an impressive dividend profile. It has consistently paid a dividend to shareholders for the past thirty-two years. On September 15, the firm declared a quarterly dividend of $0.47 per share, in line with previous. The forward yield was a solid 1.78%. The dividend is payable to shareholders by late September and early October. 

On July 21, RBC Capital analyst Shagun Singh maintained an Outperform rating on Abbott Laboratories (NYSE:ABT) stock and lowered the price target to $132 from $143, appreciating the solid second quarter earnings results of the firm. 

At the end of the second quarter of 2022, 61 hedge funds in the database of Insider Monkey held stakes worth $3.6 billion in Abbott Laboratories (NYSE:ABT), compared to 68 in the previous quarter worth $4.1 billion.

In its Q1 2022 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and Abbott Laboratories (NYSE:ABT) was one of them. Here is what the fund said:

“Abbott Laboratories (NYSE:ABT) 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.”