Abbott Laboratories $ABT Stock: GRIMES & Co WEALTH MANAGEMENT LLC Raises Holdings

Key Points

• GRIMES & Co WEALTH MANAGEMENT LLC increased its Abbott Laboratories stake by 25.9% in the third quarter, bringing its holdings to 135,384 shares valued at approximately $13.38 million. Institutional investors collectively own 75.18% of Abbott’s stock.
• Abbott reported quarterly revenue of $13.01 billion and adjusted earnings of $1.42 per share, while revenue rose 14.5% year over year. The company declared a quarterly dividend of $0.63, representing a 2.3% annualized yield.
• Analysts maintain a generally positive outlook, with Abbott carrying a consensus “Moderate Buy” rating and an average price target of $118.32, despite several firms recently lowering their targets.

GRIMES & Co WEALTH MANAGEMENT LLC boosted its position in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 25.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,384 shares of the healthcare product maker's stock after acquiring an additional 27,844 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Abbott Laboratories were worth $13,380,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Greenfield Seitz Capital Management LLC bought a new position in shares of Abbott Laboratories in the 3rd quarter valued at about $213,000. Signature Equity Partners LLC increased its stake in shares of Abbott Laboratories by 7.9% during the 3rd quarter. Signature Equity Partners LLC now owns 1,363 shares of the healthcare product maker's stock worth $135,000 after purchasing an additional 100 shares during the last quarter. Hurlow Wealth Management Group Inc. bought a new stake in shares of Abbott Laboratories in the 3rd quarter valued at about $206,000. Summit Wealth Group LLC Co. raised its holdings in shares of Abbott Laboratories by 177.9% in the 3rd quarter. Summit Wealth Group LLC Co. now owns 6,817 shares of the healthcare product maker's stock valued at $674,000 after purchasing an additional 4,364 shares during the period. Finally, Coerente Capital Management raised its holdings in shares of Abbott Laboratories by 3.5% in the 3rd quarter. Coerente Capital Management now owns 248,255 shares of the healthcare product maker's stock valued at $24,535,000 after purchasing an additional 8,444 shares during the period. Institutional investors and hedge funds own 75.18% of the company's stock.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $110.27 on Tuesday. The stock has a 50 day simple moving average of $104.23 and a 200 day simple moving average of $101.99. The stock has a market cap of $190.80 billion, a P/E ratio of 41.14, a PEG ratio of 1.80 and a beta of 0.59. Abbott Laboratories has a 1-year low of $81.97 and a 1-year high of $132.02. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The healthcare product maker reported $1.42 EPS for the quarter, meeting analysts' consensus estimates of $1.42. The firm had revenue of $13.01 billion for the quarter, compared to analyst estimates of $12.99 billion. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. The company's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.30 EPS. Research analysts anticipate that Abbott Laboratories will post 5.52 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be paid a $0.63 dividend. The ex-dividend date is Thursday, October 15th. This represents a $2.52 annualized dividend and a dividend yield of 2.3%. Abbott Laboratories's dividend payout ratio is 94.03%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ABT shares. Robert W. Baird lifted their price target on Abbott Laboratories from $121.00 to $123.00 and gave the stock an "outperform" rating in a report on Thursday, October 22nd. BTIG Research dropped their price objective on Abbott Laboratories from $134.00 to $125.00 and set a "buy" rating on the stock in a research note on Thursday, October 22nd. JPMorgan Chase & Co. cut their price objective on Abbott Laboratories from $120.00 to $118.00 and set an "overweight" rating for the company in a research report on Thursday, October 22nd. UBS Group reduced their target price on Abbott Laboratories from $135.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. Finally, Royal Bank Of Canada decreased their target price on Abbott Laboratories from $130.00 to $125.00 and set an "outperform" rating on the stock in a report on Thursday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $118.32.

About Abbott Laboratories

Abbott Laboratories is a global healthcare company that develops, manufactures and markets a broad range of medical products and services. Founded in 1888 by Wallace C. Abbott, the company is headquartered in Abbott Park, Illinois, and serves patients, healthcare providers and consumers in markets around the world.

Abbott operates across four principal businesses: medical devices, diagnostics, nutrition and established pharmaceutical products. Its offerings include glucose-monitoring systems such as FreeStyle Libre; cardiovascular devices, including stents and structural heart products; laboratory and point-of-care diagnostic systems; and branded generic medicines in areas such as gastroenterology, women's health and cardiometabolic care.

The company's nutrition portfolio includes infant and pediatric products such as Similac and PediaSure, adult nutritional products such as Ensure, and rehydration products such as Pedialyte.

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