DAVENPORT & Co LLC Buys 7,707 Shares of Abbott Laboratories $ABT

Key Points

• DAVENPORT & Co LLC increased its stake in Abbott Laboratories by 0.8%, acquiring an additional 7,707 shares, bringing its total holdings to 961,062 shares valued at approximately $130.4 million.
• Abbott Laboratories reported a net revenue of $11.14 billion for the last quarter, exceeding analysts' expectations, and achieving a 7.4% year-over-year growth.
• The company announced a quarterly dividend of $0.59 per share, payable on November 17th, representing an annualized yield of 1.8%.

DAVENPORT & Co LLC grew its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 961,062 shares of the healthcare product maker's stock after buying an additional 7,707 shares during the period. DAVENPORT & Co LLC owned 0.06% of Abbott Laboratories worth $130,392,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Nuveen LLC bought a new position in Abbott Laboratories in the 1st quarter worth approximately $1,658,180,000. Goldman Sachs Group Inc. increased its stake in Abbott Laboratories by 29.2% during the first quarter. Goldman Sachs Group Inc. now owns 15,985,797 shares of the healthcare product maker's stock worth $2,120,516,000 after acquiring an additional 3,616,471 shares during the last quarter. Wellington Management Group LLP raised its holdings in Abbott Laboratories by 12.8% during the 1st quarter. Wellington Management Group LLP now owns 29,763,415 shares of the healthcare product maker's stock valued at $3,948,117,000 after buying an additional 3,371,113 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Abbott Laboratories by 12.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 14,451,305 shares of the healthcare product maker's stock worth $1,916,966,000 after acquiring an additional 1,639,954 shares during the last quarter. Finally, Jensen Investment Management Inc. lifted its stake in Abbott Laboratories by 1,221.2% in the first quarter. Jensen Investment Management Inc. now owns 1,365,785 shares of the healthcare product maker's stock worth $181,171,000 after purchasing an additional 1,262,407 shares during the last quarter. Institutional investors own 75.18% of the company's stock.

Insider Activity at Abbott Laboratories

In related news, CFO Philip P. Boudreau sold 5,550 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $134.55, for a total transaction of $746,752.50. Following the completion of the transaction, the chief financial officer owned 51,003 shares of the company's stock, valued at approximately $6,862,453.65. This trade represents a 9.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company's stock.

Abbott Laboratories Price Performance

ABT stock opened at $134.49 on Monday. Abbott Laboratories has a 1 year low of $110.86 and a 1 year high of $141.23. The firm has a market capitalization of $234.07 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 2.55 and a beta of 0.69. The business has a 50 day simple moving average of $131.94 and a 200-day simple moving average of $131.39. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30.

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 for the quarter, meeting the consensus estimate of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The firm had revenue of $11.14 billion for the quarter, compared to analysts' expectations of $11.01 billion. During the same quarter in the previous year, the company posted $1.14 EPS. The company's revenue was up 7.4% compared to the same quarter last year. Abbott Laboratories has set its FY 2025 guidance at 5.100-5.200 EPS. Q3 2025 guidance at 1.280-1.320 EPS. Equities research analysts anticipate that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on ABT shares. Evercore ISI boosted their target price on shares of Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Morgan Stanley increased their target price on Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Royal Bank Of Canada boosted their price objective on shares of Abbott Laboratories from $145.00 to $147.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Raymond James Financial decreased their price target on Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating for the company in a research note on Friday, July 18th. Finally, Jefferies Financial Group raised shares of Abbott Laboratories from a "hold" rating to a "buy" rating and raised their price target for the stock from $143.00 to $145.00 in a report on Friday, July 18th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $145.39.

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.