Factory Mutual Insurance Co. raised its position in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 48.2% in the third quarter, HoldingsChannel.com reports. The firm owned 290,835 shares of the healthcare product maker’s stock after purchasing an additional 94,585 shares during the quarter. Factory Mutual Insurance Co.’s holdings in Abbott Laboratories were worth $28,743,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Foresight Capital Management Advisors Inc. acquired a new position in shares of Abbott Laboratories in the 3rd quarter worth approximately $31,000. Manning & Napier Advisors LLC bought a new stake in shares of Abbott Laboratories in the 2nd quarter valued at $31,000. Balance Wealth Partners LLC acquired a new stake in shares of Abbott Laboratories during the third quarter worth $34,000. Summit Securities Group LLC increased its position in shares of Abbott Laboratories by 41.3% during the second quarter. Summit Securities Group LLC now owns 404 shares of the healthcare product maker’s stock worth $37,000 after buying an additional 118 shares during the period. Finally, Addison Advisors LLC bought a new position in Abbott Laboratories during the second quarter worth $40,000. Institutional investors and hedge funds own 75.18% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on ABT shares. Argus lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, October 27th. Royal Bank Of Canada cut their price target on shares of Abbott Laboratories from $130.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, October 22nd. Wolfe Research upgraded Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 price target for the company in a report on Thursday, August 13th. Wells Fargo & Company lifted their price objective on Abbott Laboratories from $112.00 to $119.00 and gave the stock an “overweight” rating in a research report on Thursday, October 22nd. Finally, Rothschild & Co Redburn raised Abbott Laboratories from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $119.00 to $127.00 in a research note on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.32.
Check Out Our Latest Report on ABT
Abbott Laboratories Price Performance
Abbott Laboratories stock opened at $109.43 on Wednesday. The stock has a market capitalization of $189.35 billion, a price-to-earnings ratio of 40.83, a PEG ratio of 1.93 and a beta of 0.54. Abbott Laboratories has a 52-week low of $81.97 and a 52-week high of $132.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.97 and a current ratio of 1.38. The stock’s 50 day moving average price is $104.09 and its two-hundred day moving average price is $101.91.
Abbott Laboratories (NYSE:ABT – Get Free Report) last released its quarterly earnings data 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 net margin of 9.75% and a return on equity of 17.97%. The company had revenue of $13.01 billion during the quarter, compared to analyst estimates of $12.99 billion. During the same quarter in the previous year, the business posted $1.30 EPS. Abbott Laboratories’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities analysts predict that Abbott Laboratories will post 5.52 earnings per share for the current year.
Abbott Laboratories Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Thursday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 94.03%.
About Abbott Laboratories
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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