Pinnacle Wealth Management Group Inc. Takes $303,000 Position in Abbott Laboratories $ABT

Pinnacle Wealth Management Group Inc. acquired a new position in Abbott Laboratories (NYSE:ABT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,230 shares of the healthcare product maker’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. IMG Wealth Management Inc. increased its position in shares of Abbott Laboratories by 759.1% during the second quarter. IMG Wealth Management Inc. now owns 189 shares of the healthcare product maker’s stock worth $26,000 after purchasing an additional 167 shares in the last quarter. Hughes Financial Services LLC purchased a new position in Abbott Laboratories during the 1st quarter worth $27,000. Abound Financial LLC acquired a new position in Abbott Laboratories during the 1st quarter valued at about $28,000. Elequin Capital LP purchased a new stake in Abbott Laboratories in the first quarter valued at about $30,000. Finally, Vision Financial Markets LLC acquired a new stake in Abbott Laboratories in the first quarter worth about $33,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Trading Up 0.3%

NYSE ABT opened at $126.78 on Friday. The company has a fifty day moving average of $132.09 and a 200 day moving average of $131.55. The company has a market capitalization of $220.65 billion, a PE ratio of 15.89, a P/E/G ratio of 2.40 and a beta of 0.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30. Abbott Laboratories has a 1 year low of $110.86 and a 1 year high of $141.23.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, October 15th. The healthcare product maker reported $1.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.30. The business had revenue of $11.37 billion during the quarter, compared to analyst estimates of $11.40 billion. Abbott Laboratories had a return on equity of 17.78% and a net margin of 31.88%.The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $1.21 EPS. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. Research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Wednesday, October 15th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.9%. Abbott Laboratories’s payout ratio is presently 29.57%.

Insider Buying and Selling

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $134.55, for a total value of $746,752.50. Following the sale, the chief financial officer owned 51,003 shares in the company, valued at approximately $6,862,453.65. This represents a 9.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ABT. BTIG Research restated a “buy” rating and set a $145.00 price objective on shares of Abbott Laboratories in a report on Wednesday, October 15th. Mizuho upped their price target on shares of Abbott Laboratories from $135.00 to $140.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Barclays lifted their price objective on shares of Abbott Laboratories from $159.00 to $162.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Raymond James Financial boosted their price objective on shares of Abbott Laboratories from $141.00 to $146.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Finally, Evercore ISI reduced their target price on Abbott Laboratories from $144.00 to $142.00 and set an “outperform” rating for the company in a research note on Wednesday, October 15th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Abbott Laboratories currently has an average rating of “Moderate Buy” and a consensus price target of $147.00.

Abbott Laboratories Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière’s disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.