Xcel Wealth Management LLC cut its stake in Abbott Laboratories (NYSE:ABT – Free Report) by 28.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 21,484 shares of the healthcare product maker’s stock after selling 8,698 shares during the quarter. Xcel Wealth Management LLC’s holdings in Abbott Laboratories were worth $1,949,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in the stock. Freemont Management S.A. boosted its position in shares of Abbott Laboratories by 197.2% in the fourth quarter. Freemont Management S.A. now owns 10,700 shares of the healthcare product maker’s stock valued at $1,341,000 after acquiring an additional 7,100 shares during the period. PFA Pension Forsikringsaktieselskab bought a new stake in Abbott Laboratories during the 4th quarter worth approximately $116,580,000. Thrivent Financial for Lutherans increased its holdings in Abbott Laboratories by 24.3% during the 4th quarter. Thrivent Financial for Lutherans now owns 246,586 shares of the healthcare product maker’s stock worth $30,931,000 after acquiring an additional 48,286 shares during the period. Aureus Asset Management LLC lifted its stake in Abbott Laboratories by 25.0% in the 1st quarter. Aureus Asset Management LLC now owns 331,920 shares of the healthcare product maker’s stock worth $34,078,000 after purchasing an additional 66,422 shares in the last quarter. Finally, Concurrent Investment Advisors LLC boosted its holdings in Abbott Laboratories by 23.9% in the 4th quarter. Concurrent Investment Advisors LLC now owns 88,784 shares of the healthcare product maker’s stock valued at $11,124,000 after purchasing an additional 17,137 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.
Abbott Laboratories Stock Performance
Shares of NYSE ABT opened at $116.62 on Friday. The stock has a market cap of $201.80 billion, a price-to-earnings ratio of 37.74, a P/E/G ratio of 2.26 and a beta of 0.59. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57. Abbott Laboratories has a 1-year low of $81.97 and a 1-year high of $137.49. The stock’s 50-day moving average is $100.08 and its 200 day moving average is $100.05.
Abbott Laboratories Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Wednesday, July 15th were given a $0.63 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $2.52 annualized dividend and a yield of 2.2%. Abbott Laboratories’s payout ratio is presently 81.55%.
Key Stories Impacting Abbott Laboratories
Here are the key news stories impacting Abbott Laboratories this week:
- Positive Sentiment: Abbott’s Instinct continuous glucose sensor is now commercially shipping in the U.S. integrated with MiniMed’s Flex automated insulin-delivery system. The partnership expands Abbott’s presence in diabetes technology and could support sensor adoption and recurring revenue. MiniMed Ships MiniMed Flex With Abbott’s Smallest Instinct Sensor
- Positive Sentiment: Abbott also entered a multiyear agreement with HealthTab to distribute its Afinion 2 point-of-care analyzers through NHS-linked pharmacies in the United Kingdom. The deal may broaden access to Abbott’s HbA1c and lipid-testing products, although financial details were not disclosed. HealthTab Enters Multi-Year Collaboration Agreement with Abbott
- Neutral Sentiment: Abbott agreed to pay approximately $670 million to resolve the Gill case and claims from roughly 2,000 individuals involving specialty formulas for premature infants. The settlement resolves a portion of the litigation, including the appeal of a prior $495 million verdict, reducing uncertainty and potentially avoiding additional legal costs. Abbott denied that its products cause necrotizing enterocolitis and said regulators and medical professionals consider the formulas safe and necessary. Abbott agrees to $670 million settlement of infant formula cases
- Negative Sentiment: The settlement represents a significant cash and earnings cost and does not resolve all potential litigation related to the infant formulas. Investors may continue to assess the scope of remaining claims and the effect on Abbott’s legal reserves and profitability. Abbott reaches agreements to resolve a portion of litigation involving its specialty formulas
Analysts Set New Price Targets
ABT has been the subject of a number of recent analyst reports. UBS Group reduced their price target on shares of Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Tuesday, July 28th. Robert W. Baird began coverage on Abbott Laboratories in a research note on Wednesday, July 1st. They set an “outperform” rating and a $121.00 price objective for the company. TD Cowen restated a “buy” rating and set a $115.00 target price on shares of Abbott Laboratories in a research report on Friday, July 17th. Weiss Ratings upgraded Abbott Laboratories from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, August 6th. Finally, Wolfe Research raised Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 price target on the stock in a report on Thursday, August 13th. Three analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $118.67.
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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