HBK Sorce Advisory LLC Cuts Stock Holdings in Abbott Laboratories $ABT

HBK Sorce Advisory LLC decreased its holdings in shares of Abbott Laboratories (NYSE:ABT) by 3.0% during the second quarter, HoldingsChannel reports. The firm owned 23,564 shares of the healthcare product maker’s stock after selling 732 shares during the period. HBK Sorce Advisory LLC’s holdings in Abbott Laboratories were worth $3,205,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. IMG Wealth Management Inc. increased its position in Abbott Laboratories by 759.1% during the 2nd 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 purchased a new position in Abbott Laboratories during the 1st quarter valued at about $27,000. Abound Financial LLC purchased a new position in Abbott Laboratories during the 1st quarter valued at about $28,000. Elequin Capital LP purchased a new position in Abbott Laboratories during the 1st quarter valued at about $30,000. Finally, Vision Financial Markets LLC purchased a new position in Abbott Laboratories during the 1st quarter valued at about $33,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 1.7%

ABT stock opened at $124.42 on Thursday. The firm has a 50 day moving average of $131.78 and a 200 day moving average of $131.64. The stock has a market capitalization of $216.55 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 2.40 and a beta of 0.69. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. Abbott Laboratories has a 52 week low of $110.86 and a 52 week high of $141.23.

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

Abbott Laboratories Dividend Announcement

The firm also recently disclosed 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. This represents a $2.36 annualized dividend and a yield of 1.9%. The ex-dividend date is Wednesday, October 15th. Abbott Laboratories’s payout ratio is presently 29.57%.

Insider Buying and Selling

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories stock in a transaction that occurred on Friday, August 8th. The shares were 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 directly owned 51,003 shares in the company, valued at approximately $6,862,453.65. The trade was a 9.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Daiwa Capital Markets raised their price target on shares of Abbott Laboratories from $134.00 to $136.00 and gave the company an “outperform” rating in a report on Tuesday, October 21st. Sanford C. Bernstein raised their price target on shares of Abbott Laboratories from $145.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Raymond James Financial raised their price target on shares of Abbott Laboratories from $141.00 to $146.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. BTIG Research restated a “buy” rating and issued a $145.00 price target on shares of Abbott Laboratories in a report on Wednesday, October 15th. Finally, Morgan Stanley raised their price target on shares of Abbott Laboratories from $127.00 to $137.00 and gave the company an “equal weight” rating in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.