Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Abbott Laboratories (NYSE:ABT – Free Report) in the third quarter, Holdings Channel.com reports. The fund acquired 1,920,886 shares of the healthcare product maker’s stock, valued at approximately $189,841,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new position in Abbott Laboratories in the second quarter valued at $1,603,607,000. Legal & General Group Plc bought a new stake in Abbott Laboratories during the second quarter worth about $1,082,524,000. Flossbach Von Storch SE bought a new stake in Abbott Laboratories during the second quarter worth about $902,938,000. Jupiter Topco LLC purchased a new position in shares of Abbott Laboratories in the 2nd quarter worth about $732,788,000. Finally, BlackRock Inc. boosted its holdings in shares of Abbott Laboratories by 4.6% in the 2nd quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock worth $13,843,610,000 after purchasing an additional 6,769,518 shares in the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.
Abbott Laboratories Stock Up 1.7%
ABT opened at $106.33 on Friday. Abbott Laboratories has a 12 month low of $81.97 and a 12 month high of $132.02. 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 business’s 50-day moving average price is $104.36 and its 200-day moving average price is $102.06. The company has a market cap of $183.99 billion, a P/E ratio of 39.68, a P/E/G ratio of 1.86 and a beta of 0.59.
Abbott Laboratories (NYSE:ABT – Get Free Report) last issued its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share for the quarter, meeting the consensus estimate of $1.42. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. The company had revenue of $13.01 billion during the quarter, compared to analysts’ expectations of $12.99 billion. During the same period in the prior year, the business posted $1.30 EPS. Abbott Laboratories’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, equities analysts expect that Abbott Laboratories will post 5.52 EPS for the current year.
Abbott Laboratories Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, October 15th. Abbott Laboratories’s dividend payout ratio is 94.03%.
Key Stories Impacting Abbott Laboratories
Here are the key news stories impacting Abbott Laboratories this week:
- Positive Sentiment: Abbott began the pivotal CROWN-MV trial for its investigational Cephea Mitral Valve System, designed as a minimally invasive treatment for symptomatic mitral valve disease patients who are ineligible for surgery or transcatheter repair. Successful development could expand Abbott’s structural-heart portfolio, although the device remains investigational and carries clinical and regulatory risk. Abbott initiates pivotal trial for Cephea device
- Positive Sentiment: Industry reports forecast strong expansion in point-of-care diagnostics across South and Central America and continued growth in home INR monitoring. Abbott is listed among the key suppliers, suggesting potential long-term opportunities for its diagnostics business through testing volume, instruments and recurring consumables. South and Central America point-of-care diagnostics market Point-of-care INR testing market
- Neutral Sentiment: Discussion of Abbott’s approaching breakup highlights the potential for value creation through separating businesses, but also raises questions about execution, valuation and how costs and growth prospects will be allocated among the resulting companies. Can Abbott Laboratories Stay Reasonable As Its Breakup Nears?
- Negative Sentiment: Dexcom exceeded expectations and raised guidance, underscoring robust demand for continuous glucose-monitoring wearables but also intensifying competitive pressure on Abbott’s FreeStyle Libre franchise. Stronger execution by Dexcom could weigh on expectations for Abbott’s diabetes-care growth. Dexcom shakes off Abbott-tied malaise
- Negative Sentiment: Argus downgraded Abbott Laboratories, adding a near-term valuation and analyst-sentiment headwind. Abbott Laboratories stock gets downgrade from Argus
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on ABT shares. TD Cowen decreased their price objective on Abbott Laboratories from $135.00 to $118.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. UBS Group cut their target price on Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. Robert W. Baird increased their price target on shares of Abbott Laboratories from $121.00 to $123.00 and gave the company an “outperform” rating in a research report on Thursday, October 22nd. Piper Sandler reiterated an “overweight” rating and set a $118.00 price target (up from $115.00) on shares of Abbott Laboratories in a research report on Friday, July 17th. Finally, Wells Fargo & Company lifted their price target on shares of Abbott Laboratories from $112.00 to $119.00 and gave the stock an “overweight” rating in a research note on Thursday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $118.32.
Get Our Latest Analysis on ABT
Abbott Laboratories Company Profile
Abbott Laboratories is a global healthcare company that develops, manufactures and markets a broad range of medical products and services. Founded in 1888 by Wallace C. Abbott, the company is headquartered in Abbott Park, Illinois, and serves patients, healthcare providers and consumers in markets around the world.
Abbott operates across four principal businesses: medical devices, diagnostics, nutrition and established pharmaceutical products. Its offerings include glucose-monitoring systems such as FreeStyle Libre; cardiovascular devices, including stents and structural heart products; laboratory and point-of-care diagnostic systems; and branded generic medicines in areas such as gastroenterology, women’s health and cardiometabolic care.
The company’s nutrition portfolio includes infant and pediatric products such as Similac and PediaSure, adult nutritional products such as Ensure, and rehydration products such as Pedialyte.
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