Abbott Laboratories $ABT Stock: Banque Pictet & Cie SA Increases Stake

Key Points

• Banque Pictet & Cie SA increased its Abbott Laboratories stake by 61.8% in the third quarter, purchasing 101,676 additional shares for a total holding valued at approximately $26.3 million. Institutional investors and hedge funds own 75.18% of Abbott’s outstanding stock.
• Abbott reported quarterly EPS of $1.31, beating estimates by $0.03, while revenue rose 13% year over year to $12.59 billion. Analysts expect full-year EPS of $5.52.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $118.88, compared with the stock’s reported price of $104.79. Abbott also declared a quarterly dividend of $0.63 per share, representing a 2.4% annualized yield.

Banque Pictet & Cie SA boosted its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 61.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 266,135 shares of the healthcare product maker's stock after buying an additional 101,676 shares during the period. Banque Pictet & Cie SA's holdings in Abbott Laboratories were worth $26,302,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Farther Finance Advisors LLC grew its position in shares of Abbott Laboratories by 14.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 84,377 shares of the healthcare product maker's stock worth $8,339,000 after buying an additional 10,431 shares during the period. Juncture Wealth Strategies LLC acquired a new position in shares of Abbott Laboratories in the third quarter valued at approximately $658,000. Aureus Asset Management LLC lifted its holdings in shares of Abbott Laboratories by 25.0% in the first quarter. Aureus Asset Management LLC now owns 331,920 shares of the healthcare product maker's stock valued at $34,078,000 after purchasing an additional 66,422 shares in the last quarter. Thompson Investment Management Inc. raised its holdings in shares of Abbott Laboratories by 786.0% in the second quarter. Thompson Investment Management Inc. now owns 14,061 shares of the healthcare product maker's stock valued at $1,276,000 after purchasing an additional 12,474 shares during the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new stake in Abbott Laboratories in the second quarter valued at $4,889,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Price Performance

Shares of NYSE: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 stock's fifty day simple moving average is $105.91 and its two-hundred day simple moving average is $98.31. Abbott Laboratories has a 1-year low of $81.97 and a 1-year high of $132.02. The stock has a market cap of $181.32 billion, a PE ratio of 19.90, a price-to-earnings-growth ratio of 1.94 and a beta of 0.59.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.03. The firm had revenue of $12.59 billion during the quarter, compared to analyst estimates of $12.52 billion. Abbott Laboratories had a net margin of 11.65% and a return on equity of 17.69%. The business's revenue was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.26 EPS. As a group, analysts forecast that Abbott Laboratories will post 5.52 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 16th. Investors of record on Thursday, October 15th will be issued a dividend of $0.63 per share. The ex-dividend date is Thursday, October 15th. This represents a $2.52 annualized dividend and a yield of 2.4%. Abbott Laboratories's payout ratio is 81.55%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Wolfe Research raised Abbott Laboratories from a "peer perform" rating to an "outperform" rating and set a $130.00 target price on the stock in a report on Thursday, August 13th. Citigroup boosted their target price on shares of Abbott Laboratories from $108.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, July 17th. UBS Group dropped their price target on shares of Abbott Laboratories from $135.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. TD Cowen reiterated a "buy" rating and set a $135.00 price target on shares of Abbott Laboratories in a report on Friday. Finally, Piper Sandler reissued an "overweight" rating and issued a $118.00 price objective (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $118.88.

Abbott Laboratories Company Profile

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.

Want to see what other hedge funds are holding ABT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Abbott Laboratories (NYSE:ABT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.