Cardinal Point Capital Management ULC Purchases New Position in Abbott Laboratories $ABT

Key Points

• Cardinal Point Capital Management ULC acquired a new position in Abbott Laboratories, purchasing 3,908 shares valued at approximately $532,000 in Q2.
• Analysts have raised their target prices for Abbott Laboratories, with estimates ranging from $146 to $162, reflecting a generally favorable outlook for the stock.
• Abbott Laboratories has announced a quarterly dividend of $0.59, yielding 1.9%, with a payout ratio of 29.57% as part of its commitment to returning value to shareholders.

Cardinal Point Capital Management ULC purchased a new stake in Abbott Laboratories (NYSE:ABT - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 3,908 shares of the healthcare product maker's stock, valued at approximately $532,000.

Other institutional investors have also recently made changes to their positions in the company. IMG Wealth Management Inc. lifted its holdings in shares of Abbott Laboratories by 759.1% in the 2nd quarter. IMG Wealth Management Inc. now owns 189 shares of the healthcare product maker's stock valued at $26,000 after acquiring an additional 167 shares during the last quarter. Hughes Financial Services LLC purchased a new stake in Abbott Laboratories in the 1st quarter worth about $27,000. Abound Financial LLC purchased a new stake in Abbott Laboratories in the 1st quarter worth about $28,000. Elequin Capital LP purchased a new stake in Abbott Laboratories in the 1st quarter worth about $30,000. Finally, Vision Financial Markets LLC purchased a new stake in Abbott Laboratories in the 1st quarter worth about $33,000. Institutional investors own 75.18% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Raymond James Financial increased their price objective on shares of Abbott Laboratories from $141.00 to $146.00 and gave the stock an "outperform" rating in a research report on Thursday, October 16th. Evercore ISI reduced their target price on shares of Abbott Laboratories from $144.00 to $142.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 15th. The Goldman Sachs Group raised their target price on shares of Abbott Laboratories from $153.00 to $157.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Jefferies Financial Group raised their target price on shares of Abbott Laboratories from $145.00 to $149.00 and gave the stock a "buy" rating in a research report on Thursday, October 16th. Finally, Barclays raised their target price on shares of Abbott Laboratories from $159.00 to $162.00 and gave the stock an "overweight" rating in a research report on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $147.00.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $126.78 on Friday. The firm has a market cap of $220.65 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 2.40 and a beta of 0.69. The company's 50 day moving average is $132.09 and its 200 day moving average is $131.55. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. Abbott Laboratories has a 52-week low of $110.86 and a 52-week high of $141.23.

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

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Wednesday, October 15th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.9%. The ex-dividend date is Wednesday, October 15th. Abbott Laboratories's dividend payout ratio (DPR) is 29.57%.

Insiders Place Their Bets

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were 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 in the company, valued at $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by company insiders.

Abbott Laboratories Profile

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.