Abbott Laboratories $ABT Stock: Ninety One UK Ltd Trims Position

Key Points

• Ninety One UK Ltd. cut its Abbott Laboratories stake by 27.8% in the third quarter, selling 690,686 shares and retaining 1.79 million shares worth approximately $177.2 million. Institutional investors collectively own 75.18% of ABT.
• Analysts remain broadly bullish, with a consensus rating of “Moderate Buy” and an average price target of $118.88. Several firms recently initiated or upgraded coverage, including Rothschild & Co. Redburn, which raised its target to $127.
• Abbott shares recently traded at $104.49, up 1.5%, while the company reported quarterly EPS and revenue above expectations. It also declared a quarterly dividend of $0.63 per share, representing a 2.4% annualized yield.

Ninety One UK Ltd lowered its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 27.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,793,214 shares of the healthcare product maker's stock after selling 690,686 shares during the period. Ninety One UK Ltd owned 0.10% of Abbott Laboratories worth $177,223,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ABT. Purpose Unlimited Inc. purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $25,000. Abound Financial LLC purchased a new position in Abbott Laboratories during the fourth quarter worth about $26,000. Manning & Napier Advisors LLC purchased a new position in Abbott Laboratories during the second quarter worth about $31,000. Summit Securities Group LLC boosted its holdings in Abbott Laboratories by 41.3% in the 2nd quarter. Summit Securities Group LLC now owns 404 shares of the healthcare product maker's stock valued at $37,000 after purchasing an additional 118 shares during the last quarter. Finally, Addison Advisors LLC acquired a new position in Abbott Laboratories in the 2nd quarter valued at about $40,000. Institutional investors and hedge funds own 75.18% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Barclays began coverage on shares of Abbott Laboratories in a research note on Wednesday, October 7th. They issued an "overweight" rating and a $120.00 price target for the company. Robert W. Baird assumed coverage on shares of Abbott Laboratories in a research report on Wednesday, July 1st. They set an "outperform" rating and a $121.00 price target on the stock. Rothschild & Co Redburn upgraded Abbott Laboratories from a "neutral" rating to a "buy" rating and upped their price objective for the company from $119.00 to $127.00 in a report on Friday, October 2nd. Wells Fargo & Company upped their price objective on Abbott Laboratories from $109.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. increased their price objective on Abbott Laboratories from $110.00 to $120.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Three equities research 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. Based on data from MarketBeat.com, Abbott Laboratories currently has an average rating of "Moderate Buy" and a consensus target price of $118.88.

Abbott Laboratories Trading Up 1.5%

NYSE ABT traded up $1.52 during trading hours on Thursday, reaching $104.49. The company had a trading volume of 5,193,704 shares, compared to its average volume of 11,256,545. 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 has a market capitalization of $180.81 billion, a P/E ratio of 33.85, a price-to-earnings-growth ratio of 1.90 and a beta of 0.59. The stock has a 50-day moving average of $106.03 and a 200 day moving average of $98.26. Abbott Laboratories has a 1-year low of $81.97 and a 1-year high of $132.02.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.03. The business had revenue of $12.59 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm earned $1.26 EPS. As a group, research analysts anticipate that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

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

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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