Parnassus Investments LLC Invests $70.25 Million in Abbott Laboratories $ABT

Parnassus Investments LLC acquired a new position in shares of Abbott Laboratories (NYSE:ABT) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 524,454 shares of the healthcare product maker’s stock, valued at approximately $70,245,000.

Several other institutional investors have also recently bought and sold shares of the business. Carr Financial Group Corp increased its position in Abbott Laboratories by 2.0% during the 3rd quarter. Carr Financial Group Corp now owns 3,880 shares of the healthcare product maker’s stock worth $520,000 after purchasing an additional 76 shares in the last quarter. Tortoise Investment Management LLC lifted its stake in shares of Abbott Laboratories by 10.7% in the 2nd quarter. Tortoise Investment Management LLC now owns 795 shares of the healthcare product maker’s stock valued at $108,000 after acquiring an additional 77 shares during the last quarter. Gemmer Asset Management LLC boosted its holdings in shares of Abbott Laboratories by 2.9% during the 3rd quarter. Gemmer Asset Management LLC now owns 2,750 shares of the healthcare product maker’s stock valued at $368,000 after acquiring an additional 78 shares in the last quarter. FF Advisors LLC grew its position in Abbott Laboratories by 4.3% during the 2nd quarter. FF Advisors LLC now owns 1,904 shares of the healthcare product maker’s stock worth $259,000 after acquiring an additional 79 shares during the last quarter. Finally, Charles Schwab Trust Co increased its holdings in Abbott Laboratories by 0.6% in the 2nd quarter. Charles Schwab Trust Co now owns 14,018 shares of the healthcare product maker’s stock worth $1,907,000 after purchasing an additional 79 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 0.2%

Abbott Laboratories stock opened at $125.95 on Friday. The company has a market capitalization of $219.00 billion, a PE ratio of 15.78, a PEG ratio of 2.09 and a beta of 0.72. Abbott Laboratories has a 12-month low of $110.86 and a 12-month high of $141.23. The firm’s fifty day moving average is $126.13 and its 200 day moving average is $129.42. The company has a quick ratio of 1.24, a current ratio of 1.70 and a debt-to-equity ratio of 0.23.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, October 15th. The healthcare product maker reported $1.30 earnings per share 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 17.60%. The firm had revenue of $11.37 billion for the quarter, compared to analyst estimates of $11.40 billion. During the same quarter in the prior year, the business earned $1.21 earnings per share. The business’s quarterly 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Thursday, January 15th will be issued a $0.63 dividend. The ex-dividend date is Thursday, January 15th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.59. Abbott Laboratories’s dividend payout ratio (DPR) is 29.57%.

Analyst Ratings Changes

Several research firms have recently weighed in on ABT. Jefferies Financial Group boosted their price target on Abbott Laboratories from $145.00 to $149.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Evercore ISI upped their price target on shares of Abbott Laboratories from $142.00 to $144.00 and gave the company an “outperform” rating in a research report on Monday, January 5th. Barclays lifted their price target on shares of Abbott Laboratories from $162.00 to $169.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Benchmark initiated coverage on Abbott Laboratories in a research report on Friday, October 10th. They set a “buy” rating and a $145.00 target price for the company. Finally, The Goldman Sachs Group upped their price target on Abbott Laboratories from $153.00 to $157.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Two research 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.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus target price of $147.68.

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.