5 Best Stocks to Buy According to Ric Dillon’s Diamond Hill Capital

4. Abbott Laboratories (NYSE: ABT)

Dillon’s Stake Value: $722,696,000
Percentage of Ric Dillon’s 13F Portfolio: 2.74%
Number of Hedge Fund Holders: 61

Abbott Laboratories (NYSE: ABT) is a healthcare company that develops, produces, and sells goods globally. It was founded in 1888 and is placed fourth on the list of 10 best stocks to buy according to Ric Dillon’s Diamond Hill Capital. Abbott Laboratories (NYSE: ABT) shares have offered investors 24.38% in returns over the course of the past 12 months.

On August 16, The Amplatzer Amulet Left Atrial Appendage Occluder from Abbott Laboratories (NYSE: ABT) received consent from the US Food and Drug Administration to treat patients with atrial fibrillation at risk of ischemic stroke. On July 23, Raymond James analyst Jayson Bedford raised the price target on Abbott Laboratories (NYSE: ABT) to $128 from $116 and maintained an “Outperform” rating on the shares. 

Diamond Hill Capital holds 6.23 million shares in Abbott Laboratories (NYSE: ABT), worth over $722 million. This represents 2.74% of their portfolio. However, overall, hedge fund sentiment declined. The number of hedge fund positions declined to 61 at the end of the second quarter compared to 65 positions in the prior quarter. 

Polen Capital, in its first-quarter 2021investor letter, mentioned Abbott Laboratories (NYSE: ABT). Here is what the fund said:

“Abbott Laboratories developed and commercialized multiple COVID tests during 2020, delivering a double-digit performance in what could have otherwise been a very challenging year. Management expects earnings per share to grow more than 30% in 2021. We believe it is poised to sustainably deliver double-digit earnings per share growth even as COVID testing sales decline from an expected $6.5-7.5 billion in the fiscal year 2021 to potentially as low as $300-$500 million several years from now….”(Click here to see the full text)