Why Is Abbott Laboratories (ABT) Among Diamond Hill Capital’s Top Stock Picks?

Insider Monkey2024-12-28

We recently compiled a list of the Diamond Hill Capital’s Top 10 Stock Picks. In this article, we are going to take a look at where Abbott Laboratories (NYSE:ABT) stands against Diamond Hill Capital's...

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Mr. Dillon and several members of his team broke off to form VELA Investment Management that year, which led to the addition of Heather Brilliant to the CEO position at Diamond Hill.There’s been relatively little volatility in Diamond Hill’s overall sector allocations over the past year, with finance stocks continuing to account for nearly a quarter of the fund’s 13F portfolio, w","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4082":"医疗保健设备","LU2089984988.USD":"MANULIFE GF HEALTHCARE \"AA\" (USD) ACC","LU2112291526.USD":"BGF WORLD HEALTHSCIENCE \"A4\" (USD) INC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","BK4568":"美国抗疫概念","BK4588":"碎股","IE0009355771.USD":"骏利亨德森环球生命科技A Acc","BK4123":"调查和咨询服务","LU1023059063.AUD":"BGF WORLD HEALTHSCIENCE \"A2\" (AUDHDG) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1057294990.SGD":"Blackrock World Healthscience A2 SGD-H","IE00B2B36J28.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I1\" (USD) INC","IE00BJT1NW94.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (SGDHDG) ACC","LU1721429741.USD":"BNP PARIBAS SMART FOOD \"CRH\" (USD) INC","SG9999002232.USD":"Allianz Global High Payout USD","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4581":"高盛持仓","BK4504":"桥水持仓","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU1989763690.USD":"东方汇理世代食品基金A2 Acc","SG9999002224.SGD":"Allianz Global High Payout SGD","HIL":"希尔国际管理","LU1989763427.SGD":"CPR Invest - Food For Generations A2 Acc SGD-H","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU1061106388.HKD":"BGF WORLD HEALTHSCIENCE \"A2\" (HKDHDG) ACC","LU1721429402.USD":"BNP PARIBAS SMART FOOD \"C\" (USD) ACC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU0122379950.USD":"贝莱德世界健康科学A2","BK4592":"伊斯兰概念","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","IE0002141913.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I2\" (USD) ACC","IE00BJJMRZ35.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I2\" (SGDHDG) ACC","DHIL":"Diamond Hill Investment Group","BK4585":"ETF&股票定投概念","LU2468319806.SGD":"MANULIFE GF HEALTHCARE \"AA\" (SGDHDG) ACC","IE00BFTCPJ56.SGD":"Janus Henderson Global Life Sciences A Acc SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","ABT":"雅培","IE00B4R5TH58.HKD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (HKD) ACC"},"translate_title":"为什么雅培实验室(ABT)是钻石山资本的首选股票之一？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ABT":1,"HIL":1,"DHIL":0.9},"content_text":"We recently compiled a list of the Diamond Hill Capital’s Top 10 Stock Picks. In this article, we are going to take a look at where Abbott Laboratories (NYSE:ABT) stands against Diamond Hill Capital's other stock picks.\nHeather Brilliant’s Diamond Hill Capital is a Columbus, Ohio-based investment management firm founded in 1997 by Ric Dillon, who managed the company until 2019. Mr. Dillon and several members of his team broke off to form VELA Investment Management that year, which led to the addition of Heather Brilliant to the CEO position at Diamond Hill.\nMs. Brilliant earned an MBA from the University of Chicago Booth School of Business, as well as a degree in economics from Northwestern University. She has since accrued more than two decades of experience in the domestic and international investment markets, including nearly 14 years at Morningstar that culminated in her managing the company’s Australasia division, as well as a successful run as CEO, Americas at First State Investments.\nMs. Brilliant has taken major strides to refocus Diamond Hill in her five years at the helm of the company, closing its private asset management division and several of its investment strategies that didn’t align with the fund’s core value investing ethos. Meanwhile, the fund has bulked up its focus on long-term value and fixed income investing by reworking and growing its teams in those disciplines, and adjusting its operational processes and expectations.\nIn a November interview on Bloomberg’s The Close, Ms. Brilliant noted that in the current environment of earnings volatility, her team is focused on uncovering high-quality businesses trading at fair valuations. When asked about her team’s approach to investing in broader sectors experiencing secular tailwinds, specifically the utilities sector, Ms. Brilliant said that while the “story” of power-hungry AI is a good one, she was unconvinced by the valuations in the space, noting that she instead likes some of the pricing trends in the insurance space.\nThat was evidenced by the fund’s large-cap strategy (Q3 investor letter here) adding two big insurance names to its portfolio in Q3, a quarter in which the fund returned 7.84% net of fees, beating the benchmark Russell 1000 Index by 1.76 percentage points. That lifted its year-to-date returns to 14.7% net of fees, ahead of last year’s 13.7% return. The large-cap strategy returned 25.7% in 2021 and 32.2% in 2019.\nThe Diamond Hill Small Cap Fund (Q3 2024 investor letter here) also added some insurance names to its portfolio during Q3 and rattled off a solid quarter of 8.43% gains, though that trailed the benchmark Russell 2000 Index by 84 basis points. The fund has returned just under 10% annually since inception, beating the Russell 2000 by nearly 200 basis points.\nThere’s been relatively little volatility in Diamond Hill’s overall sector allocations over the past year, with finance stocks continuing to account for nearly a quarter of the fund’s 13F portfolio, which was valued at $24.7 billion on September 30, up from $23.4 billion at the end of June. Consumer discretionary, healthcare, and industrials stocks were next at 15.9%, 14.1%, and 13.7% exposure respectively. Tech stocks rounded out the fund’s top 5 sectors at 8.6% exposure.\nOur Methodology\nThe following data is gathered from Diamond Hill Capital’s latest 13F filing with the SEC.\nWhy are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here). That’s why you should pay close attention to this important indicator.\nNote: All hedge fund data is based on the exclusive group of 900+ active funds tracked by Insider Monkey that filed 13Fs for the Q3 2024 reporting period.\n An operating room with a doctor monitoring a patient's vital signs during surgery with a medical device. \nAbbott Laboratories (NYSE:ABT)\nValue of Diamond Hill Capital’s 13F Position (9/30/2024): $762 million\nNumber of Hedge Fund Shareholders (9/30/2024): 64\nAbbott Laboratories (NYSE:ABT) has been one of Diamond Hill’s major holdings dating all the way back to 2014, and has featured as the fund’s top stock pick on multiple occasions. The fund raised its stake in Abbott by 9% during Q3, with the holding jumping from 4th to 2nd among its top stock picks as a result.\nAbbott Laboratories (NYSE:ABT) has an extensive portfolio of medical devices and diagnostic tests that are relied upon for conditions both severe and relatively benign. The company has exhibited strong overall growth despite the continued decline in sales of its Covid-19 testing kits, with organic sales growing by 8.2% year-over-year in the third quarter when excluding that unit. Overall revenue rose by 4.9% during the quarter to $10.6 billion.\nDespite its standing as a Dividend King, Abbott has not skimped in the slightest when it comes to further growing its dividend payments to shareholders. It recently raised its quarterly payout by another 7.3% to $0.59 per share, pushing its overall dividend growth to 60% since 2020. Barclay’s expects the company’s earnings to grow by about 11% annually between 2024 and 2026, excluding the small contribution from the Covid unit, so Abbott should have no difficulty covering the increased payouts to shareholders.\nThe Diamond Hill Select Strategy discussed why it likes Abbott Laboratories (NYSE:ABT) in the fund’s Q2 2024 investor letter:\n\n“Abbott Laboratories (NYSE:ABT) is a diversified health care company with an extensive portfolio that spans medical devices, pharmaceuticals, nutritionals and diagnostics. With a substantial portion of its revenues generated internationally, emerging markets contribute about 40% of overall sales. We have always liked Abbott’s diverse mix of businesses and its fundamental growth prospects. The management team has consistently demonstrated skill in capital allocation, highlighted by strategic divestitures such as the European generic business in 2014, and significant acquisitions like St. Jude in 2016.”\n\nOverall ABT ranks 2nd on our list of Diamond Hill Capital's stock picks. While we acknowledge the potential of ABT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ABT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.   \nREAD NEXT: 8 Most Promising Robotics Stocks According to Hedge Funds and 10 Best UK Stocks to Invest in Now   \nDisclosure: None. This article is originally published at Insider Monkey.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2494319421"}