Harvest Portfolios Group Inc. Has $58.23 Million Stake in Abbott Laboratories $ABT

Key Points

• Harvest Portfolios Group Inc. holds a $58.23 million stake in Abbott Laboratories, accounting for about 1.7% of its investment portfolio, after reducing its shares by 3.3%.
• Abbott Laboratories reported a quarterly earnings result of $1.26 EPS, meeting analysts' expectations, with a revenue of $11.14 billion, up 7.4% year-over-year.
• The company has announced a quarterly dividend of $0.59 per share, representing an annualized yield of 1.8% and a payout ratio of 29.57%.

Harvest Portfolios Group Inc. trimmed its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 3.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 439,005 shares of the healthcare product maker's stock after selling 14,773 shares during the period. Abbott Laboratories makes up about 1.7% of Harvest Portfolios Group Inc.'s investment portfolio, making the stock its 11th biggest position. Harvest Portfolios Group Inc.'s holdings in Abbott Laboratories were worth $58,234,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Hughes Financial Services LLC acquired a new position in shares of Abbott Laboratories during the first quarter worth approximately $27,000. Abound Financial LLC acquired a new position in Abbott Laboratories in the first quarter valued at approximately $28,000. Elequin Capital LP acquired a new position in Abbott Laboratories in the first quarter valued at approximately $30,000. JCIC Asset Management Inc. acquired a new position in Abbott Laboratories in the first quarter valued at approximately $32,000. Finally, Vision Financial Markets LLC acquired a new position in Abbott Laboratories in the first quarter valued at approximately $33,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $134.55, for a total value of $746,752.50. Following the completion of the sale, the chief financial officer owned 51,003 shares in the company, valued at $6,862,453.65. The trade was a 9.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by company insiders.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $132.0240 on Tuesday. The stock has a market cap of $229.78 billion, a P/E ratio of 16.54, a P/E/G ratio of 2.51 and a beta of 0.70. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30. The company has a fifty day moving average price of $131.04 and a two-hundred day moving average price of $131.33. Abbott Laboratories has a one year low of $110.86 and a one year 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. The firm had revenue of $11.14 billion during the quarter, compared to analysts' expectations of $11.01 billion. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The company's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.14 earnings per share. Abbott Laboratories has set its FY 2025 guidance at 5.100-5.200 EPS. Q3 2025 guidance at 1.280-1.320 EPS. As a group, equities analysts predict that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were paid a $0.59 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $2.36 annualized dividend and a yield of 1.8%. Abbott Laboratories's payout ratio is 29.57%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ABT. Royal Bank Of Canada increased their price objective on shares of Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Raymond James Financial lowered their target price on shares of Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating for the company in a research note on Friday, July 18th. Wells Fargo & Company lowered their target price on shares of Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Leerink Partners began coverage on shares of Abbott Laboratories in a research note on Monday, June 16th. They issued a "market perform" rating and a $143.00 target price for the company. Finally, Leerink Partnrs raised shares of Abbott Laboratories to a "hold" rating in a research note on Monday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $144.47.

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.

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