Pinnacle Financial Partners Inc Has $16.43 Million Position in Abbott Laboratories $ABT

Pinnacle Financial Partners Inc raised its position in Abbott Laboratories (NYSE:ABT) by 21.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,698 shares of the healthcare product maker’s stock after buying an additional 21,301 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Abbott Laboratories were worth $16,434,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ABT. Norges Bank acquired a new position in shares of Abbott Laboratories in the second quarter valued at about $3,026,180,000. Laurel Wealth Advisors LLC grew its position in shares of Abbott Laboratories by 13,347.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 6,056,934 shares of the healthcare product maker’s stock worth $823,804,000 after purchasing an additional 6,011,891 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Abbott Laboratories by 1.8% during the second quarter. Vanguard Group Inc. now owns 172,800,851 shares of the healthcare product maker’s stock worth $23,502,644,000 after purchasing an additional 2,977,715 shares during the period. First Trust Advisors LP raised its position in shares of Abbott Laboratories by 180.7% in the second quarter. First Trust Advisors LP now owns 3,063,443 shares of the healthcare product maker’s stock valued at $416,659,000 after buying an additional 1,972,097 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in shares of Abbott Laboratories by 98.6% in the second quarter. TD Asset Management Inc now owns 3,467,896 shares of the healthcare product maker’s stock valued at $471,669,000 after buying an additional 1,721,523 shares during the period. Institutional investors and hedge funds own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ABT shares. BTIG Research restated a “buy” rating and set a $145.00 price objective on shares of Abbott Laboratories in a research note on Thursday, November 20th. The Goldman Sachs Group reduced their target price on Abbott Laboratories from $157.00 to $152.00 and set a “buy” rating on the stock in a report on Friday, January 9th. William Blair raised Abbott Laboratories to a “strong-buy” rating in a research note on Thursday, November 20th. Wells Fargo & Company upped their price objective on shares of Abbott Laboratories from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $147.00 target price on shares of Abbott Laboratories in a report on Thursday, October 16th. Two equities research 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $147.42.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $121.82 on Friday. Abbott Laboratories has a twelve month low of $113.39 and a twelve month high of $141.23. The company has a quick ratio of 1.24, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. The stock’s 50-day simple moving average is $126.01 and its 200 day simple moving average is $129.00. The firm has a market capitalization of $211.83 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 2.05 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 15th. The healthcare product maker reported $1.30 EPS for the quarter, hitting the consensus estimate of $1.30. Abbott Laboratories had a return on equity of 17.60% and a net margin of 31.88%.The firm had revenue of $11.37 billion during the quarter, compared to the consensus estimate of $11.40 billion. During the same quarter in the previous year, the firm earned $1.21 earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Thursday, January 15th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, January 15th. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.59. Abbott Laboratories’s payout ratio is currently 31.58%.

About Abbott Laboratories

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.