Meiji Yasuda Asset Management Co Ltd. acquired a new stake in Abbott Laboratories (NYSE:ABT – Free Report) in the second quarter, HoldingsChannel.com reports. The firm acquired 85,147 shares of the healthcare product maker’s stock, valued at approximately $7,726,000.
A number of other hedge funds have also modified their holdings of ABT. Nia Impact Advisors LLC raised its position in Abbott Laboratories by 2.2% in the 2nd quarter. Nia Impact Advisors LLC now owns 3,706 shares of the healthcare product maker’s stock valued at $504,000 after purchasing an additional 79 shares during the last quarter. Riggs Asset Managment Co. Inc. grew its position 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 increased its stake in Abbott Laboratories by 0.9% in the fourth quarter. Eley Financial Management Inc now owns 10,817 shares of the healthcare product maker’s stock valued at $1,355,000 after purchasing an additional 92 shares during the period. Copley Financial Group Inc. raised its holdings in shares of Abbott Laboratories by 2.1% in the fourth quarter. Copley Financial Group Inc. now owns 4,435 shares of the healthcare product maker’s stock valued at $556,000 after buying an additional 93 shares during the last quarter. Finally, Kelleher Financial Advisors boosted its stake 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. 75.18% of the stock is currently owned by hedge funds and other institutional investors.
Abbott Laboratories Stock Performance
Shares of ABT stock opened at $110.48 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57. The stock has a 50 day simple moving average of $103.06 and a 200-day simple moving average of $100.13. The company has a market cap of $191.17 billion, a price-to-earnings ratio of 35.75, a price-to-earnings-growth ratio of 2.18 and a beta of 0.59. Abbott Laboratories has a 12-month low of $81.97 and a 12-month high of $137.49.
Abbott Laboratories Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th were paid a dividend of $0.63 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.3%. Abbott Laboratories’s dividend payout ratio is 81.55%.
Analyst Ratings Changes
ABT has been the topic of a number of research reports. UBS Group lowered their price target on Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. Robert W. Baird initiated coverage on Abbott Laboratories in a research note on Wednesday, July 1st. They issued an “outperform” rating and a $121.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on Abbott Laboratories from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Bank of America lowered their price objective on shares of Abbott Laboratories from $120.00 to $102.00 in a research report on Friday, June 12th. Finally, The Goldman Sachs Group cut their price objective on shares of Abbott Laboratories from $121.00 to $113.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus target price of $119.50.
Check Out Our Latest Analysis on ABT
Abbott Laboratories Company 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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