Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The US stock market started 2024 optimistically. In the first quarter, the fund returned 8.29% (gross) and 8.09% (net) compared to 11.41% for the Russell 1000 Growth Index and 10.56% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen Focus Growth Strategy featured stocks like Abbott Laboratories (NYSE:ABT) in the first quarter 2024 investor letter. Headquartered in North Chicago, Illinois, Abbott Laboratories (NYSE:ABT) engages in the discovery, development, manufacturing, and sale of health care products. On April 18, 2024, Abbott Laboratories (NYSE:ABT) stock closed at $105.27 per share. One-month return of Abbott Laboratories (NYSE:ABT) was -4.01%, and its shares lost 4.94% of their value over the last 52 weeks. Abbott Laboratories (NYSE:ABT) has a market capitalization of $183.868 billion.
Polen Focus Growth Strategy stated the following regarding Abbott Laboratories (NYSE:ABT) in its first quarter 2024 investor letter:
“We increased our positions in ThermoFisher Scientific, Visa, Zoetis, Nike, and Abbott Laboratories (NYSE:ABT). Each of these companies is durable and available at attractive valuations, in our view, for the growth we see ahead. In fact, in the case of ThermoFisher, Nike, and Abbott Labs, we expect accelerating earnings growth in the back half of 2024 after more difficult earnings growth periods pass for each of these companies. ThermoFisher and Abbott will finally wind down most of their COVID-19 testing and vaccine-related efforts due to a lack of demand, so these should no longer be revenue growth headwinds.”
An operating room with a doctor monitoring a patient’s vital signs during surgery with a medical device.
Abbott Laboratories (NYSE:ABT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Abbott Laboratories (NYSE:ABT) was held by 64 hedge fund portfolios, compared to 69 in the previous quarter, according to our database.
We previously discussed Abbott Laboratories (NYSE:ABT) in another article, where we shared the list of stocks Jim Cramer is Recommending in April. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
