5 Stocks to Buy Before Their Earnings Reports

4. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 64 

Earnings Due On: April 20

Abbott Laboratories (NYSE:ABT) makes and sells healthcare products. On March 24, the company announced that it had won a $1 billion contract from the US Army for the supply of COVID-19 rapid antigen tests. The company plans to finish the project by the end of June this year. The stock has also benefited from the decision by the authorities in the US to extend the COVID-19 emergency by another two weeks in the area. The company is based in Chicago and employs over 1,000 people. 

On March 1, Bank of America analyst Travis Steed reinstated coverage of Abbott Laboratories (NYSE:ABT) stock with a Buy rating and a price target of $140, noting that the company was offering investors a “sustainable top-quartile organic growth profile”. 

Among the hedge funds being tracked by Insider Monkey, Ohio-based investment firm Diamond Hill Capital is a leading shareholder in Abbott Laboratories (NYSE:ABT) with 6 million shares worth more than $851 million.

In its Q4 2021 investor letter, Richie Capital Group, 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) – 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.”