5 Safe Stocks to Buy During Recessions

4. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 68

Abbott Laboratories (NYSE:ABT) is a Chicago, Illinois-based healthcare company that manufactures and sells branded generic medicines, diagnostic tools, medical devices, and nutritional products.

In Q1 2022, Abbott Laboratories (NYSE:ABT) saw its revenue increase by 17.5% to $11.89 billion. In a note issued to investors on May 23, equity strategist Mike Wilson at Morgan Stanley picked Abbott Laboratories (NYSE:ABT) as one of the 15 stocks that can weather a bear market. Following the emergence of monkeypox cases around the world, Abbott Laboratories (NYSE:ABT) is working on developing a test for monkeypox.

As of Q1 2022, Fisher Asset Management was the leading investor in Abbott Laboratories (NYSE:ABT). The number of hedge funds invested in Abbott Laboratories (NYSE:ABT) increased by four to 68 on a sequential basis.

Richie Capital Group shared its insights on Abbott Laboratories (NYSE:ABT) in its Q4 2021 investor letter. Here’s what it said:

“Abbott Labs (ABT – up 20.08%) – Abbot Labs continues to benefit from resurging demand for Covid testing kits. The company is planning to increase their monthly production of BinaxNOW athome rapid tests to 100M a month, a 43% increase from current levels.”