Abbott Laboratories $ABT Holdings Boosted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Abbott Laboratories stake by 61.2% in the third quarter, adding nearly 2 million shares and bringing its holdings to 5.19 million shares valued at approximately $512.7 million.
• Abbott reported quarterly earnings of $1.31 per share and revenue of $12.59 billion, exceeding analyst expectations; revenue rose 13% year over year.
• The company declared a quarterly dividend of $0.63 per share, equal to an annualized $2.52 dividend and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $118.88.

Assenagon Asset Management S.A. raised its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 61.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,187,488 shares of the healthcare product maker's stock after buying an additional 1,968,916 shares during the period. Assenagon Asset Management S.A. owned about 0.30% of Abbott Laboratories worth $512,679,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Purpose Unlimited Inc. purchased a new stake in shares of Abbott Laboratories in the fourth quarter worth approximately $25,000. Manning & Napier Advisors LLC bought a new stake in Abbott Laboratories during the second quarter worth $31,000. Summit Securities Group LLC grew its holdings in Abbott Laboratories by 41.3% during the second quarter. Summit Securities Group LLC now owns 404 shares of the healthcare product maker's stock worth $37,000 after buying an additional 118 shares in the last quarter. Addison Advisors LLC purchased a new stake in Abbott Laboratories in the 2nd quarter valued at $40,000. Finally, Hoey Investments Inc. raised its position in Abbott Laboratories by 59.3% in the 1st quarter. Hoey Investments Inc. now owns 446 shares of the healthcare product maker's stock valued at $46,000 after buying an additional 166 shares during the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Performance

Shares of ABT opened at $104.79 on Friday. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $181.33 billion, a price-to-earnings ratio of 33.91, a PEG ratio of 1.91 and a beta of 0.59. The stock has a 50 day moving average of $105.97 and a 200 day moving average of $98.26. Abbott Laboratories has a 12 month low of $81.97 and a 12 month high of $132.02.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $1.28 by $0.03. The business had revenue of $12.59 billion for the quarter, compared to analyst estimates of $12.52 billion. Abbott Laboratories had a return on equity of 17.69% and a net margin of 11.65%. Abbott Laboratories's quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the company posted $1.26 earnings per share. As a group, sell-side analysts forecast that Abbott Laboratories will post 5.52 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be paid a dividend of $0.63 per share. The ex-dividend date is Thursday, October 15th. This represents a $2.52 annualized dividend and a dividend yield of 2.4%. Abbott Laboratories's dividend payout ratio (DPR) is presently 81.55%.

Analysts Set New Price Targets

ABT has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective on shares of Abbott Laboratories from $109.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. JPMorgan Chase & Co. upped their target price on shares of Abbott Laboratories from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. UBS Group lowered their target price on shares of Abbott Laboratories from $135.00 to $125.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. Wolfe Research upgraded shares of Abbott Laboratories from a "peer perform" rating to an "outperform" rating and set a $130.00 target price for the company in a report on Thursday, August 13th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $130.00 price target 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-one have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $118.88.

About Abbott Laboratories

Abbott Laboratories NYSE: ABT is a diversified healthcare company that develops, manufactures and sells medical devices, diagnostic products, nutritional products and branded generic pharmaceuticals. Founded in 1888 by Wallace C. Abbott, the company serves healthcare providers, institutions, retailers and consumers worldwide.

Abbott's medical device portfolio includes cardiovascular products, such as coronary stents, structural heart systems and heart failure devices, as well as diabetes-care technologies, including the FreeStyle Libre continuous glucose monitoring system.

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