Cidel Asset Management Inc. Lowers Stock Position in Abbott Laboratories $ABT

Key Points

• Cidel Asset Management reduced its Abbott Laboratories stake by 44.8% in the second quarter, selling 184,792 shares and retaining 227,603 shares valued at approximately $20.7 million.
• Wall Street’s consensus remains positive, with an average “Moderate Buy” rating and a $119.50 price target, despite some analysts recently lowering their targets.
• Abbott exceeded quarterly earnings and revenue expectations, reporting $1.31 in EPS and $12.59 billion in revenue. The company also pays a $0.63 quarterly dividend, representing a 2.4% annualized yield.

Cidel Asset Management Inc. cut its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 44.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 227,603 shares of the healthcare product maker's stock after selling 184,792 shares during the quarter. Cidel Asset Management Inc.'s holdings in Abbott Laboratories were worth $20,653,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its position in shares of Abbott Laboratories by 9,127.1% in the second quarter. California State Teachers Retirement System now owns 246,828,861 shares of the healthcare product maker's stock worth $22,397,251,000 after purchasing an additional 244,153,804 shares during the period. J. Stern & Co. LLP raised its position in shares of Abbott Laboratories by 12,439.6% during the 4th quarter. J. Stern & Co. LLP now owns 39,319,009 shares of the healthcare product maker's stock valued at $4,926,279,000 after purchasing an additional 39,005,451 shares during the period. Norges Bank purchased a new position in shares of Abbott Laboratories during the 4th quarter valued at $2,938,892,000. Bank of America Corp DE bought a new position in Abbott Laboratories in the 2nd quarter worth $1,603,607,000. Finally, Legal & General Group Plc bought a new position in Abbott Laboratories in the 2nd quarter worth $1,082,524,000. Institutional investors own 75.18% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ABT shares. Wolfe Research raised Abbott Laboratories from a "peer perform" rating to an "outperform" rating and set a $130.00 price target on the stock in a report on Thursday, August 13th. The Goldman Sachs Group decreased their target price on Abbott Laboratories from $121.00 to $113.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. TD Cowen restated a "buy" rating and issued a $135.00 price target on shares of Abbott Laboratories in a research note on Tuesday. Citigroup increased their price objective on shares of Abbott Laboratories from $108.00 to $112.00 and gave the company a "buy" rating in a report on Friday, July 17th. Finally, Bank of America lowered their target price on shares of Abbott Laboratories from $120.00 to $102.00 in a report on Friday, June 12th. Three research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Abbott Laboratories currently has an average rating of "Moderate Buy" and an average target price of $119.50.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $105.66 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.38 and a quick ratio of 0.97. Abbott Laboratories has a 1 year low of $81.97 and a 1 year high of $137.49. The stock's 50 day simple moving average is $105.04 and its two-hundred day simple moving average is $99.95. The company has a market cap of $182.82 billion, a price-to-earnings ratio of 34.19, a PEG ratio of 2.01 and a beta of 0.59.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share for the quarter, beating analysts' consensus estimates of $1.28 by $0.03. The firm had revenue of $12.59 billion during the quarter, compared to analyst estimates of $12.52 billion. Abbott Laboratories had a net margin of 11.65% and a return on equity of 17.69%. Abbott Laboratories's revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period last year, the firm posted $1.26 earnings per share. Abbott Laboratories has set its Q3 2026 guidance at 1.380-1.46 EPS and its FY 2026 guidance at 5.450-5.60 EPS. As a group, equities analysts anticipate that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Wednesday, July 15th were issued a $0.63 dividend. The ex-dividend date of this dividend was Wednesday, July 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%.

Abbott Laboratories Profile

Abbott Laboratories NYSE: ABT is a global healthcare company that develops, manufactures and sells medical products and technologies. Its operations span four principal areas: medical devices, diagnostics, established pharmaceutical products and nutrition. Abbott serves healthcare providers, institutions and consumers in markets around the world.

The company's medical device portfolio includes products for cardiovascular care, diabetes management and other specialties. Its diagnostics business provides laboratory systems, tests and point-of-care solutions, while its nutrition products include infant, child and adult nutritional offerings sold under brands such as Similac, Ensure and Pedialyte.

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