Mitsubishi UFJ Asset Management Co. Ltd. lowered its holdings in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 12.4% in the 2nd quarter, Holdings Channel.com reports. The fund owned 4,303,186 shares of the healthcare product maker’s stock after selling 610,882 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Abbott Laboratories were worth $390,471,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of ABT. Nia Impact Advisors LLC raised its position in Abbott Laboratories by 2.2% during the 2nd quarter. Nia Impact Advisors LLC now owns 3,706 shares of the healthcare product maker’s stock worth $504,000 after purchasing an additional 79 shares during the last quarter. Riggs Asset Managment Co. Inc. raised its holdings in Abbott Laboratories by 9.3% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,031 shares of the healthcare product maker’s stock worth $140,000 after purchasing an additional 88 shares during the last quarter. Eley Financial Management Inc lifted its position in shares of Abbott Laboratories by 0.9% in the 4th quarter. Eley Financial Management Inc now owns 10,817 shares of the healthcare product maker’s stock worth $1,355,000 after purchasing an additional 92 shares during the period. Copley Financial Group Inc. boosted its stake in shares of Abbott Laboratories by 2.1% in the 4th quarter. Copley Financial Group Inc. now owns 4,435 shares of the healthcare product maker’s stock valued at $556,000 after purchasing an additional 93 shares during the last quarter. Finally, Kelleher Financial Advisors increased its position in shares of Abbott Laboratories by 2.9% during the third quarter. Kelleher Financial Advisors now owns 3,301 shares of the healthcare product maker’s stock worth $442,000 after buying an additional 93 shares during the period. Institutional investors own 75.18% of the company’s stock.
Abbott Laboratories Stock Performance
Shares of Abbott Laboratories stock opened at $111.46 on Friday. Abbott Laboratories has a 52 week low of $81.97 and a 52 week high of $137.49. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average price of $102.12 and a 200-day moving average price of $100.13. The company has a market cap of $192.87 billion, a PE ratio of 36.07, a price-to-earnings-growth ratio of 2.21 and a beta of 0.59.
Abbott Laboratories Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th were paid a $0.63 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $2.52 annualized dividend and a dividend yield of 2.3%. Abbott Laboratories’s dividend payout ratio is presently 81.55%.
Key Headlines Impacting Abbott Laboratories
Here are the key news stories impacting Abbott Laboratories this week:
- Positive Sentiment: The FDA authorized Abbott’s Libre Duo 10 Day, the first U.S. wearable designed to continuously monitor both glucose and ketones. The device is cleared for diabetes patients age two and older and could strengthen Abbott’s Libre franchise, particularly as the company works toward integration with insulin pumps. What Does Abbott Laboratories FDA Clearance Mean for Its Diabetes Device Push?
- Positive Sentiment: Abbott received the European CE Mark for its next-generation Amulet 360 left atrial appendage occluder. The device is intended to reduce stroke risk in patients with non-valvular atrial fibrillation and may reduce reliance on blood-thinning medication. Recent trial data reportedly met safety and effectiveness benchmarks, supporting Abbott’s structural-heart and electrophysiology businesses. Abbott Amulet 360 Receives CE Mark
- Positive Sentiment: TD Cowen analyst commentary indicated that Abbott’s stock could rise, providing an additional vote of confidence in the company’s outlook. TD Cowen Says Abbott Stock Could Rise
- Neutral Sentiment: The regulatory approvals are strategically important, but their financial benefits will depend on commercial adoption, reimbursement, competitive responses and the timing of integration with insulin-pump systems.
- Negative Sentiment: Abbott underperformed while the broader market gained. The pullback suggests that investors may be focusing on the stock’s relatively high valuation and the fact that the newly approved products are longer-term growth catalysts rather than immediate earnings drivers. Why Abbott Stock Declined as the Market Gained
Analyst Upgrades and Downgrades
ABT has been the topic of several recent analyst reports. UBS Group dropped their target price on shares of Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. BTIG Research boosted their price objective on Abbott Laboratories from $131.00 to $134.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 target price on shares of Abbott Laboratories in a research note on Friday, July 17th. Wells Fargo & Company increased their price target on Abbott Laboratories from $109.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, TD Cowen upped their price objective on shares of Abbott Laboratories from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $119.50.
Abbott Laboratories Profile
Abbott Laboratories is a global healthcare company headquartered in Abbott Park, Illinois, that develops, manufactures and markets a broad portfolio of medical products and services. Founded in 1888, Abbott operates through multiple business areas that focus on diagnostics, medical devices, nutritionals and established pharmaceuticals. The company supplies hospitals, clinics, laboratories, retailers and direct-to-consumer channels with products intended to diagnose, treat and manage a wide range of health conditions.
In diagnostics, Abbott provides laboratory and point-of-care testing platforms and assays used to detect infectious diseases, chronic conditions and biomarkers; its Alinity family of instruments and rapid-test solutions are examples of this capability.
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