Broker Recommendation: Abbot Laboratories (NYSE: ABT)

Abbot develops and sells a diversified line of healthcare products. The *134-year old company is a Dividend King*, having logged *50 consecutive years of dividend growth*. Its key segments include *diagnostics* and *medical devices* which make up 35.26% and 34.73% of Q3 revenue respectively. *FreeStyle Libre, ABT's blood glucose monitoring device for type 2 diabetes*, is on track to log *$4B in sales this year*, and should continue growing given the increasing prevalence of diabetes.

Abbott's *annual revenue* is on track to grow for the 10th straight year. It has also *beaten EPS estimates in 12 consecutive quarters*. Its *diversified business model* should provide the stock with greater resiliency if the economy falls into a recession next year. Abbot appears to be attractively valued at a *blended forward P/E ratio of 24.4x*, a *10% discount* to peers.