GRIMES & Co WEALTH MANAGEMENT LLC Cuts Stock Position in Abbott Laboratories $ABT

GRIMES & Co WEALTH MANAGEMENT LLC cut its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 10.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 107,540 shares of the healthcare product maker's stock after selling 12,396 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Abbott Laboratories were worth $9,758,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ABT. MidAtlantic Capital Management Inc. purchased a new position in Abbott Laboratories during the 4th quarter worth $25,000. Cornerstone Financial Management LLC purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $25,000. Purpose Unlimited Inc. purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $25,000. Portfolio Resources Advisor Group Inc. acquired a new position in shares of Abbott Laboratories during the fourth quarter worth about $26,000. Finally, Abound Financial LLC purchased a new position in Abbott Laboratories during the fourth quarter worth about $26,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lifted their price objective on Abbott Laboratories from $109.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Weiss Ratings raised Abbott Laboratories from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. UBS Group reduced their price target on Abbott Laboratories from $135.00 to $125.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. BTIG Research lifted their price target on Abbott Laboratories from $131.00 to $134.00 and gave the company a "buy" rating in a research note on Friday, July 17th. Finally, Leerink Partners dropped their price objective on Abbott Laboratories from $119.00 to $106.00 and set a "market perform" rating on the stock in a report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.67.

Abbott Laboratories Trading Down 0.5%

Shares of ABT opened at $110.68 on Tuesday. Abbott Laboratories has a twelve month low of $81.97 and a twelve month high of $137.49. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $191.52 billion, a P/E ratio of 35.82, a PEG ratio of 2.15 and a beta of 0.59. The firm's 50-day moving average is $98.08 and its two-hundred day moving average is $99.79.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.03. The company had revenue of $12.59 billion during the quarter, compared to the consensus estimate of $12.52 billion. Abbott Laboratories had a net margin of 11.65% and a return on equity of 17.69%. The company's revenue for the quarter was up 13.0% on a year-over-year basis. During the same period last year, the firm earned $1.26 EPS. 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. On average, research analysts predict that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Wednesday, July 15th were issued a dividend of $0.63 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $2.52 annualized dividend and a yield of 2.3%. Abbott Laboratories's payout ratio is currently 81.55%.

Abbott Laboratories Profile

Abbott Laboratories is a global healthcare company headquartered in Abbott Park, Illinois, that develops, manufactures and markets a broad portfolio of medical products and services. Founded in 1888, Abbott operates through multiple business areas that focus on diagnostics, medical devices, nutritionals and established pharmaceuticals. The company supplies hospitals, clinics, laboratories, retailers and direct-to-consumer channels with products intended to diagnose, treat and manage a wide range of health conditions.

In diagnostics, Abbott provides laboratory and point-of-care testing platforms and assays used to detect infectious diseases, chronic conditions and biomarkers; its Alinity family of instruments and rapid-test solutions are examples of this capability.

Want to see what other hedge funds are holding ABT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Abbott Laboratories (NYSE:ABT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source