Corebridge Financial Inc. Has $51.32 Million Stock Holdings in Abbott Laboratories $ABT

Key Points

• Corebridge Financial Inc. reduced its stake in Abbott Laboratories by 3.0%, selling 11,789 shares and holding 386,844 shares valued at $51.3 million by the end of Q1.
• Abbott Laboratories reported $1.26 EPS for the last quarter, meeting expectations, with revenue increasing 7.4% year-over-year to $11.14 billion.
• The company declared a quarterly dividend of $0.59 per share, translating to an annualized yield of 1.8%.

Corebridge Financial Inc. cut its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 3.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 386,844 shares of the healthcare product maker's stock after selling 11,789 shares during the quarter. Corebridge Financial Inc.'s holdings in Abbott Laboratories were worth $51,315,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Hughes Financial Services LLC bought a new stake in shares of Abbott Laboratories in the 1st quarter valued at about $27,000. Abound Financial LLC acquired a new position in shares of Abbott Laboratories in the 1st quarter valued at approximately $28,000. Elequin Capital LP acquired a new position in shares of Abbott Laboratories in the 1st quarter valued at approximately $30,000. JCIC Asset Management Inc. acquired a new position in shares of Abbott Laboratories in the 1st quarter valued at approximately $32,000. Finally, Vision Financial Markets LLC acquired a new position in shares of Abbott Laboratories in the 1st quarter valued at approximately $33,000. 75.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories stock in a transaction that occurred 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 directly owned 51,003 shares of the company's stock, valued at approximately $6,862,453.65. This trade represents a 9.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company's stock.

Abbott Laboratories Stock Performance

Shares of NYSE ABT traded up $0.01 during midday trading on Thursday, hitting $131.47. 4,674,515 shares of the company's stock were exchanged, compared to its average volume of 5,499,934. 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 12 month low of $110.86 and a 12 month high of $141.23. The company's 50 day moving average price is $131.01 and its 200 day moving average price is $131.33. The firm has a market capitalization of $228.81 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 2.49 and a beta of 0.70.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, hitting the consensus estimate of $1.26. The business had revenue of $11.14 billion during the quarter, compared to analysts' expectations of $11.01 billion. Abbott Laboratories had a return on equity of 18.32% and a net margin of 32.43%.The firm's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the firm posted $1.14 EPS. Abbott Laboratories has set its FY 2025 guidance at 5.100-5.200 EPS. Q3 2025 guidance at 1.280-1.320 EPS. As a group, analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 15th. Abbott Laboratories's dividend payout ratio (DPR) is presently 29.57%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ABT. Wells Fargo & Company decreased their price objective on Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Morgan Stanley boosted their price objective on Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Leerink Partners assumed coverage on shares of Abbott Laboratories in a research report on Monday, June 16th. They issued a "market perform" rating and a $143.00 price objective on the stock. Mizuho boosted their price objective on shares of Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Finally, Leerink Partnrs raised shares of Abbott Laboratories to a "hold" rating in a research report on Monday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $144.47.

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.