Abbott Laboratories $ABT Stock Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Abbott Laboratories position by 5.7%, selling 223,875 shares and retaining 3.70 million shares valued at approximately $365.9 million. Institutional investors collectively own 75.18% of Abbott.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $118.32, despite several firms recently lowering their targets.
• Abbott reported quarterly earnings of $1.42 per share and revenue of $13.01 billion, while revenue increased 14.5% year over year. The company declared a quarterly dividend of $0.63 per share, representing a 2.4% annualized yield.

Sumitomo Mitsui Trust Group Inc. cut its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 5.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,701,859 shares of the healthcare product maker's stock after selling 223,875 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Abbott Laboratories worth $365,855,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Bank of America Corp DE acquired a new stake in Abbott Laboratories in the 2nd quarter worth about $1,603,607,000. Legal & General Group Plc acquired a new position in shares of Abbott Laboratories during the 2nd quarter worth approximately $1,082,524,000. Flossbach Von Storch SE acquired a new position in shares of Abbott Laboratories during the 2nd quarter worth approximately $902,938,000. Jupiter Topco LLC bought a new position in shares of Abbott Laboratories during the second quarter worth approximately $732,788,000. Finally, BlackRock Inc. increased its holdings in shares of Abbott Laboratories by 4.6% during the second quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker's stock worth $13,843,610,000 after purchasing an additional 6,769,518 shares during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ABT. BTIG Research dropped their price target on shares of Abbott Laboratories from $134.00 to $125.00 and set a "buy" rating for the company in a research report on Thursday, October 22nd. TD Cowen reduced their price target on Abbott Laboratories from $135.00 to $118.00 and set a "buy" rating on the stock in a research report on Thursday, October 22nd. Citigroup reduced their price target on Abbott Laboratories from $125.00 to $122.00 and set a "buy" rating on the stock in a research report on Thursday, October 22nd. Piper Sandler restated an "overweight" rating and set a $118.00 price objective (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. Finally, Wells Fargo & Company lifted their price objective on Abbott Laboratories from $112.00 to $119.00 and gave the company an "overweight" rating in a report on Thursday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $118.32.

Abbott Laboratories Trading Up 1.7%

Shares of Abbott Laboratories stock opened at $106.33 on Friday. The company has a market capitalization of $183.99 billion, a price-to-earnings ratio of 39.68, a PEG ratio of 1.86 and a beta of 0.59. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. Abbott Laboratories has a 12-month low of $81.97 and a 12-month high of $132.02. The firm's 50-day moving average price is $104.36 and its two-hundred day moving average price is $102.06.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 EPS for the quarter, meeting the consensus estimate 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 net margin of 9.75% and a return on equity of 17.97%. The business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the firm earned $1.30 EPS. On average, analysts forecast that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

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 given 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 currently 94.03%.

More Abbott Laboratories News

Here are the key news stories impacting Abbott Laboratories this week:

• Positive Sentiment: Abbott began the pivotal CROWN-MV trial for its investigational Cephea Mitral Valve System, designed as a minimally invasive treatment for symptomatic mitral valve disease patients who are ineligible for surgery or transcatheter repair. Successful development could expand Abbott’s structural-heart portfolio, although the device remains investigational and carries clinical and regulatory risk. Abbott initiates pivotal trial for Cephea device
• Positive Sentiment: Industry reports forecast strong expansion in point-of-care diagnostics across South and Central America and continued growth in home INR monitoring. Abbott is listed among the key suppliers, suggesting potential long-term opportunities for its diagnostics business through testing volume, instruments and recurring consumables. South and Central America point-of-care diagnostics market Point-of-care INR testing market
• Neutral Sentiment: Discussion of Abbott’s approaching breakup highlights the potential for value creation through separating businesses, but also raises questions about execution, valuation and how costs and growth prospects will be allocated among the resulting companies. Can Abbott Laboratories Stay Reasonable As Its Breakup Nears?
• Negative Sentiment: Dexcom exceeded expectations and raised guidance, underscoring robust demand for continuous glucose-monitoring wearables but also intensifying competitive pressure on Abbott’s FreeStyle Libre franchise. Stronger execution by Dexcom could weigh on expectations for Abbott’s diabetes-care growth. Dexcom shakes off Abbott-tied malaise
• Negative Sentiment: Argus downgraded Abbott Laboratories, adding a near-term valuation and analyst-sentiment headwind. Abbott Laboratories stock gets downgrade from Argus

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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