Today, we’re revisiting the bull market in health care…
Regular readers know our colleague Dr. David “Doc” Eifrig has been bullish on health care stocks for years. Baby Boomers are getting older, which means they are spending more than ever on their health. Today’s company is perfectly positioned to profit as this trend continues…
Abbott Laboratories (ABT) is a $230 billion health care giant. Its business segments cover diagnostic tools, medical devices, and nutrition. This diverse range of businesses means that Abbott is in a great position to ride the health care bull market.
And its third-quarter results are the perfect example… Abbott grew total revenues by 22% during the period, hitting nearly $11 billion. While that included a huge boost from COVID-19 diagnostics – which helped fuel 47% growth in the company’s diagnostics business – core revenues grew 12% as well.
As you can see in today’s chart, ABT has climbed to new highs. And it’s up more than 240% over the past five years. As long as the health care boom continues, this stock should keep soaring…
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Source: Daily Wealth’s Market Notes