Trust Co. of Vermont bought a new position in shares of Abbott Laboratories (NYSE:ABT – Free Report) during the second quarter, HoldingsChannel reports. The institutional investor bought 191,092 shares of the healthcare product maker’s stock, valued at approximately $17,340,000.
A number of other large investors have also added to or reduced their stakes in ABT. Plato Investment Management Ltd increased its stake in Abbott Laboratories by 0.4% during the 2nd quarter. Plato Investment Management Ltd now owns 44,606 shares of the healthcare product maker’s stock worth $4,024,000 after buying an additional 157 shares during the period. Bell Investment Advisors Inc grew its holdings in Abbott Laboratories by 5.6% during the 2nd quarter. Bell Investment Advisors Inc now owns 2,300 shares of the healthcare product maker’s stock worth $209,000 after acquiring an additional 122 shares in the last quarter. Hexagon Capital Partners LLC increased its holdings in Abbott Laboratories by 5.5% in the second quarter. Hexagon Capital Partners LLC now owns 3,400 shares of the healthcare product maker’s stock valued at $309,000 after buying an additional 177 shares during the last quarter. Simplicity Wealth LLC grew its position in shares of Abbott Laboratories by 7.4% in the 2nd quarter. Simplicity Wealth LLC now owns 26,908 shares of the healthcare product maker’s stock worth $2,442,000 after acquiring an additional 1,852 shares in the last quarter. Finally, Wealth Effects LLC boosted its holdings in Abbott Laboratories by 14.1% in the second quarter. Wealth Effects LLC now owns 6,647 shares of the healthcare product maker’s stock worth $603,000 after purchasing an additional 823 shares during the period. 75.18% of the stock is owned by institutional investors and hedge funds.
Abbott Laboratories Stock Performance
Shares of ABT opened at $111.46 on Friday. The firm has a market capitalization of $192.87 billion, a PE ratio of 36.07, a P/E/G ratio of 2.21 and a beta of 0.59. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $102.12 and a 200 day moving average price of $100.13. Abbott Laboratories has a 52-week low of $81.97 and a 52-week high of $137.49.
Abbott Laboratories Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Wednesday, July 15th were given a dividend of $0.63 per share. The ex-dividend date was Wednesday, July 15th. This represents a $2.52 annualized dividend and a dividend yield of 2.3%. Abbott Laboratories’s dividend payout ratio (DPR) is 81.55%.
Key Stories Impacting Abbott Laboratories
Here are the key news stories impacting Abbott Laboratories this week:
- Positive Sentiment: The FDA authorized Abbott’s Libre Duo 10 Day, the first U.S. wearable designed to continuously monitor both glucose and ketones. The device is cleared for diabetes patients age two and older and could strengthen Abbott’s Libre franchise, particularly as the company works toward integration with insulin pumps. What Does Abbott Laboratories FDA Clearance Mean for Its Diabetes Device Push?
- Positive Sentiment: Abbott received the European CE Mark for its next-generation Amulet 360 left atrial appendage occluder. The device is intended to reduce stroke risk in patients with non-valvular atrial fibrillation and may reduce reliance on blood-thinning medication. Recent trial data reportedly met safety and effectiveness benchmarks, supporting Abbott’s structural-heart and electrophysiology businesses. Abbott Amulet 360 Receives CE Mark
- Positive Sentiment: TD Cowen analyst commentary indicated that Abbott’s stock could rise, providing an additional vote of confidence in the company’s outlook. TD Cowen Says Abbott Stock Could Rise
- Neutral Sentiment: The regulatory approvals are strategically important, but their financial benefits will depend on commercial adoption, reimbursement, competitive responses and the timing of integration with insulin-pump systems.
- Negative Sentiment: Abbott underperformed while the broader market gained. The pullback suggests that investors may be focusing on the stock’s relatively high valuation and the fact that the newly approved products are longer-term growth catalysts rather than immediate earnings drivers. Why Abbott Stock Declined as the Market Gained
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on ABT shares. Wolfe Research upgraded Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 price target on the stock in a research report on Thursday, August 13th. Robert W. Baird started coverage on shares of Abbott Laboratories in a research report on Wednesday, July 1st. They issued an “outperform” rating and a $121.00 price objective on the stock. Weiss Ratings upgraded shares of Abbott Laboratories from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. raised their price target on shares of Abbott Laboratories from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Piper Sandler reiterated an “overweight” rating and set a $118.00 price objective (up from $115.00) on shares of Abbott Laboratories in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $119.50.
Check Out Our Latest Report on Abbott Laboratories
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.
Featured Stories
- Five stocks we like better than Abbott Laboratories
- Nutanix’s Rally Has a Bigger Story Than Earnings as AMD’s AI Bet Takes Shape
- SEC Probe Puts Wall Street Leverage Risk Back in Focus
- A Bearish-Dollar Options Surge Raises the Stakes for Warsh at Jackson Hole
- Five Below’s Turnaround Is Working—But Has the Stock Run Too Far?
Want to see what other hedge funds are holding ABT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Abbott Laboratories (NYSE:ABT – Free Report).
Receive News & Ratings for Abbott Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abbott Laboratories and related companies with MarketBeat.com's FREE daily email newsletter.
