Connable Office Inc. Decreases Stock Holdings in Abbott Laboratories (NYSE:ABT)

Key Points

• Connable Office Inc. has decreased its stock holdings in Abbott Laboratories by 21.3%, selling 4,004 shares, and now owns 14,816 shares valued at approximately $1.97 million.
• Abbott Laboratories reported a quarterly earnings per share (EPS) of $1.26, meeting analysts' expectations and showing a 7.4% increase in revenue compared to the previous year, totaling $11.14 billion.
• The company declared a quarterly dividend of $0.59 per share with a yield of 1.9%, set to be paid on August 15th to stockholders of record on July 15th.

Connable Office Inc. reduced its position in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 21.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,816 shares of the healthcare product maker's stock after selling 4,004 shares during the period. Connable Office Inc.'s holdings in Abbott Laboratories were worth $1,965,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Earned Wealth Advisors LLC increased its stake in shares of Abbott Laboratories by 94.5% during the first quarter. Earned Wealth Advisors LLC now owns 4,157 shares of the healthcare product maker's stock valued at $551,000 after buying an additional 2,020 shares during the period. SGL Investment Advisors Inc. boosted its holdings in Abbott Laboratories by 30.2% in the first quarter. SGL Investment Advisors Inc. now owns 2,506 shares of the healthcare product maker's stock valued at $336,000 after acquiring an additional 581 shares in the last quarter. Allianz SE increased its position in Abbott Laboratories by 23.7% during the 1st quarter. Allianz SE now owns 91,443 shares of the healthcare product maker's stock valued at $12,130,000 after purchasing an additional 17,494 shares during the period. Commonwealth Equity Services LLC raised its holdings in Abbott Laboratories by 3.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 893,801 shares of the healthcare product maker's stock worth $118,563,000 after purchasing an additional 30,612 shares in the last quarter. Finally, Blair William & Co. IL boosted its stake in shares of Abbott Laboratories by 0.4% during the 1st quarter. Blair William & Co. IL now owns 1,579,024 shares of the healthcare product maker's stock valued at $209,458,000 after purchasing an additional 6,940 shares in the last quarter. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Stock Performance

ABT stock opened at $127.32 on Monday. The stock's 50 day simple moving average is $131.78 and its 200 day simple moving average is $130.61. 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 has a 12-month low of $107.11 and a 12-month high of $141.23. The stock has a market capitalization of $221.60 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 2.41 and a beta of 0.70.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (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 firm had revenue of $11.14 billion for the quarter, compared to the consensus estimate of $11.01 billion. During the same period in the prior year, the company posted $1.14 earnings per share. The company's quarterly revenue was up 7.4% on a year-over-year basis. As a group, research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's payout ratio is presently 29.57%.

Analysts Set New Price Targets

A number of research firms recently issued reports on ABT. Piper Sandler reissued an "overweight" rating and issued a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. 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. Jefferies Financial Group upgraded Abbott Laboratories from a "hold" rating to a "buy" rating and lifted their price target for the company from $143.00 to $145.00 in a research report on Friday, July 18th. William Blair raised Abbott Laboratories to a "strong-buy" rating in a research note on Thursday, July 17th. Finally, Mizuho raised their price objective on Abbott Laboratories from $130.00 to $140.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $144.47.

Abbott Laboratories Company 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.

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