Benin Management CORP Trims Stock Holdings in Abbott Laboratories $ABT

Key Points

• Benin Management CORP reduced its stake in Abbott Laboratories by 22.6% in Q2 2023, owning 6,907 shares worth approximately $939,000 after selling 2,015 shares.
• Several institutional investors increased their positions in Abbott, with IMG Wealth Management increasing its stake by 759.1% during the same quarter.
• Abbott Laboratories reported $1.30 EPS for the latest quarter, meeting analysts' estimates, and set its FY 2025 guidance at 5.120-5.180 EPS.

Benin Management CORP decreased its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 22.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,907 shares of the healthcare product maker's stock after selling 2,015 shares during the quarter. Benin Management CORP's holdings in Abbott Laboratories were worth $939,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABT. IMG Wealth Management Inc. increased its position in Abbott Laboratories by 759.1% in the second quarter. IMG Wealth Management Inc. now owns 189 shares of the healthcare product maker's stock worth $26,000 after buying an additional 167 shares in the last quarter. Hughes Financial Services LLC purchased a new stake in Abbott Laboratories in the first quarter worth about $27,000. Abound Financial LLC purchased a new stake in Abbott Laboratories in the first quarter worth about $28,000. Elequin Capital LP purchased a new stake in shares of Abbott Laboratories during the first quarter worth about $30,000. Finally, JCIC Asset Management Inc. purchased a new stake in shares of Abbott Laboratories during the first quarter worth about $32,000. Hedge funds and other institutional investors own 75.18% of the company's stock.

Analyst Upgrades and Downgrades

ABT has been the subject of several research analyst reports. The Goldman Sachs Group increased their target price on Abbott Laboratories from $153.00 to $157.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Daiwa Capital Markets increased their target price on Abbott Laboratories from $134.00 to $136.00 and gave the stock an "outperform" rating in a research report on Tuesday. Jefferies Financial Group increased their target price on Abbott Laboratories from $145.00 to $149.00 and gave the stock a "buy" rating in a research report on Thursday, October 16th. Morgan Stanley increased their target price on Abbott Laboratories from $127.00 to $137.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Finally, Sanford C. Bernstein increased their target price on Abbott Laboratories from $145.00 to $150.00 and gave the stock an "outperform" rating in a research report on Thursday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Abbott Laboratories has an average rating of "Moderate Buy" and a consensus target price of $147.00.

Insider Activity

In other news, CFO Philip P. Boudreau sold 5,550 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $134.55, for a total value 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 $6,862,453.65. This trade represents a 9.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is owned by insiders.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock opened at $127.68 on Wednesday. The stock has a 50 day moving average of $132.28 and a 200 day moving average of $131.54. Abbott Laboratories has a 12 month low of $110.86 and a 12 month high of $141.23. The firm has a market cap of $222.21 billion, a PE ratio of 16.00, a PEG ratio of 2.46 and a beta of 0.69. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings results on Wednesday, October 15th. The healthcare product maker reported $1.30 EPS for the quarter, meeting analysts' consensus estimates of $1.30. Abbott Laboratories had a return on equity of 17.78% and a net margin of 31.88%.The company had revenue of $11.37 billion during the quarter, compared to analyst estimates of $11.40 billion. During the same period in the prior year, the company earned $1.21 earnings per share. The firm's revenue was up 6.9% on a year-over-year basis. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. On average, research analysts expect that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Wednesday, October 15th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Wednesday, October 15th. Abbott Laboratories's dividend payout ratio (DPR) is presently 29.57%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.