Cary Street Partners Financial LLC Has $7.48 Million Stake in Abbott Laboratories (NYSE:ABT)

Key Points

• Cary Street Partners Financial LLC increased its stake in Abbott Laboratories by 4.8%, owning 56,364 shares worth approximately $7.48 million following the purchase of 2,569 additional shares.
• Analysts have raised their price targets for Abbott Laboratories, with Mizuho increasing it from $130.00 to $140.00 and Jefferies Financial lifting it from $143.00 to $145.00, contributing to a generally positive outlook with a consensus rating of "Moderate Buy."
• Abbott Laboratories recently reported a quarterly revenue of $11.14 billion, exceeding analysts' expectations, along with earnings per share matching the consensus at $1.26.

Cary Street Partners Financial LLC increased its position in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 4.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 56,364 shares of the healthcare product maker's stock after purchasing an additional 2,569 shares during the quarter. Cary Street Partners Financial LLC's holdings in Abbott Laboratories were worth $7,477,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of ABT. Redwood Park Advisors LLC acquired a new position in Abbott Laboratories during the fourth quarter worth approximately $25,000. Hughes Financial Services LLC purchased a new stake in shares of Abbott Laboratories during the first quarter worth about $27,000. Abound Financial LLC acquired a new stake in shares of Abbott Laboratories during the first quarter worth approximately $28,000. Wormser Freres Gestion acquired a new stake in shares of Abbott Laboratories in the 4th quarter valued at about $32,000. Finally, JCIC Asset Management Inc. bought a new position in Abbott Laboratories during the 1st quarter worth approximately $32,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ABT. Mizuho increased their price objective on shares of Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Stifel Nicolaus boosted their target price on shares of Abbott Laboratories from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. Evercore ISI boosted their price objective on Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Piper Sandler reissued an "overweight" rating and set a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Finally, Wells Fargo & Company lowered their price target on shares of Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.47.

Abbott Laboratories Trading Up 0.9%

NYSE:ABT traded up $1.16 on Thursday, hitting $132.09. 4,690,281 shares of the stock were exchanged, compared to its average volume of 7,877,068. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.82. The stock has a market capitalization of $229.90 billion, a price-to-earnings ratio of 16.55, a P/E/G ratio of 2.48 and a beta of 0.70. The company's 50-day moving average price is $131.68 and its 200 day moving average price is $130.85. Abbott Laboratories has a 52 week low of $107.11 and a 52 week high of $141.23.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, meeting analysts' consensus estimates of $1.26. Abbott Laboratories had a return on equity of 18.32% and a net margin of 32.43%. The company had revenue of $11.14 billion during the quarter, compared to analysts' expectations of $11.01 billion. During the same period in the prior year, the business posted $1.14 EPS. Abbott Laboratories's revenue was up 7.4% on a year-over-year basis. On average, equities research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $2.36 annualized dividend and a yield of 1.8%. Abbott Laboratories's dividend payout ratio (DPR) is currently 29.57%.

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.