Patten Group Inc. Boosts Stock Position in Abbott Laboratories $ABT

Patten Group Inc. raised its position in shares of Abbott Laboratories (NYSE:ABT) by 2.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,733 shares of the healthcare product maker’s stock after purchasing an additional 182 shares during the quarter. Patten Group Inc.’s holdings in Abbott Laboratories were worth $1,052,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ABT. Nuveen LLC purchased a new stake in shares of Abbott Laboratories in the first quarter worth about $1,658,180,000. Goldman Sachs Group Inc. boosted its stake in shares of Abbott Laboratories by 29.2% in the first quarter. Goldman Sachs Group Inc. now owns 15,985,797 shares of the healthcare product maker’s stock worth $2,120,516,000 after buying an additional 3,616,471 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Abbott Laboratories by 12.8% in the first quarter. Wellington Management Group LLP now owns 29,763,415 shares of the healthcare product maker’s stock worth $3,948,117,000 after buying an additional 3,371,113 shares during the last quarter. 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 worth $471,669,000 after buying an additional 1,721,523 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Abbott Laboratories by 12.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 14,451,305 shares of the healthcare product maker’s stock worth $1,916,966,000 after buying an additional 1,639,954 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock opened at $127.68 on Wednesday. The business has a 50 day simple moving average of $132.28 and a two-hundred day simple moving average of $131.54. Abbott Laboratories has a 12 month low of $110.86 and a 12 month high of $141.23. The stock has a market capitalization of $222.21 billion, a P/E ratio of 16.00, a PEG ratio of 2.46 and a beta of 0.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 15th. The healthcare product maker reported $1.30 EPS for the quarter, meeting analysts’ consensus estimates of $1.30. Abbott Laboratories had a return on equity of 17.78% and a net margin of 31.88%.The business had revenue of $11.37 billion during the quarter, compared to analysts’ expectations of $11.40 billion. During the same quarter in the prior year, the firm earned $1.21 earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. As a group, analysts predict that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $2.36 annualized dividend and a yield of 1.8%. Abbott Laboratories’s dividend payout ratio (DPR) is 29.57%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ABT. Morgan Stanley increased their price target on Abbott Laboratories from $127.00 to $137.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. Royal Bank Of Canada reiterated an “outperform” rating and set a $147.00 price target on shares of Abbott Laboratories in a research report on Thursday, October 16th. BTIG Research reiterated a “buy” rating and set a $145.00 price target on shares of Abbott Laboratories in a research report on Wednesday, October 15th. Mizuho increased their price target on Abbott Laboratories from $135.00 to $140.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Finally, Evercore ISI lowered their price target on Abbott Laboratories from $144.00 to $142.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $147.00.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $134.55, for a total transaction of $746,752.50. Following the completion of the sale, the chief financial officer owned 51,003 shares of the company’s stock, valued at $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is currently owned by company insiders.

Abbott Laboratories Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière’s disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.