Cardinal Point Capital Management ULC Takes $532,000 Position in Abbott Laboratories $ABT

Cardinal Point Capital Management ULC acquired a new stake in shares of Abbott Laboratories (NYSE:ABT) during the second quarter, Holdings Channel reports. The institutional investor acquired 3,908 shares of the healthcare product maker’s stock, valued at approximately $532,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. lifted its position in Abbott Laboratories by 759.1% during the second quarter. IMG Wealth Management Inc. now owns 189 shares of the healthcare product maker’s stock valued at $26,000 after purchasing an additional 167 shares during the period. Hughes Financial Services LLC acquired a new position in Abbott Laboratories during the first quarter valued at $27,000. Abound Financial LLC acquired a new position in Abbott Laboratories during the first quarter valued at $28,000. Elequin Capital LP acquired a new position in shares of Abbott Laboratories in the first quarter worth about $30,000. Finally, Vision Financial Markets LLC acquired a new position in shares of Abbott Laboratories in the first quarter worth about $33,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Abbott Laboratories

In other news, CFO Philip P. Boudreau sold 5,550 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $134.55, for a total value 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 represents a 9.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.46% of the stock is currently owned by company insiders.

Abbott Laboratories Stock Up 0.3%

Shares of NYSE ABT opened at $126.78 on Friday. Abbott Laboratories has a 12-month low of $110.86 and a 12-month high of $141.23. The stock has a market cap of $220.65 billion, a PE ratio of 15.89, a P/E/G ratio of 2.40 and a beta of 0.69. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average of $132.09 and a 200 day moving average of $131.55.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, October 15th. The healthcare product maker reported $1.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.30. Abbott Laboratories had a net margin of 31.88% and a return on equity of 17.78%. The company 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 company earned $1.21 EPS. Abbott Laboratories’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, sell-side analysts predict that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Wednesday, October 15th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.9%. Abbott Laboratories’s dividend payout ratio is 29.57%.

Analysts Set New Price Targets

A number of brokerages have weighed in on ABT. Daiwa Capital Markets upped their price objective on shares of Abbott Laboratories from $134.00 to $136.00 and gave the stock an “outperform” rating in a research report on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Abbott Laboratories in a research report on Friday. Wells Fargo & Company boosted their target price on shares of Abbott Laboratories from $142.00 to $146.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. BTIG Research reissued a “buy” rating and set a $145.00 target price on shares of Abbott Laboratories in a research note on Wednesday, October 15th. Finally, Sanford C. Bernstein boosted their target price on shares of Abbott Laboratories from $145.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $147.00.

About Abbott Laboratories

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.