ING Groep NV Increases Position in Abbott Laboratories (NYSE:ABT)

Key Points

• ING Groep NV increased its holdings in Abbott Laboratories by 149.6%, now owning 882,738 shares valued at approximately $117 million.
• 75.18% of Abbott Laboratories' stock is owned by institutional investors and hedge funds, indicating strong institutional interest.
• Abbott Laboratories reported a quarterly earnings per share of $1.26, meeting analyst expectations and reflecting a 7.4% increase in revenue compared to the same quarter last year.

ING Groep NV boosted its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 149.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 882,738 shares of the healthcare product maker's stock after purchasing an additional 529,065 shares during the quarter. Abbott Laboratories makes up 0.8% of ING Groep NV's holdings, making the stock its 23rd largest position. ING Groep NV owned about 0.05% of Abbott Laboratories worth $117,095,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Hughes Financial Services LLC acquired a new stake in Abbott Laboratories in the 1st quarter worth about $27,000. Abound Financial LLC acquired a new position in shares of Abbott Laboratories during the first quarter valued at approximately $28,000. Redwood Park Advisors LLC acquired a new stake in shares of Abbott Laboratories in the fourth quarter worth approximately $25,000. JCIC Asset Management Inc. purchased a new stake in shares of Abbott Laboratories during the first quarter worth approximately $32,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Abbott Laboratories in the 1st quarter valued at $34,000. 75.18% of the stock is owned by institutional investors and hedge funds.

Abbott Laboratories Price Performance

Abbott Laboratories stock opened at $127.32 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. Abbott Laboratories has a 52-week low of $107.11 and a 52-week high of $141.23. The firm has a market cap 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. The company's 50 day moving average is $131.78 and its two-hundred day moving average is $130.61.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its 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 during the quarter, compared to analyst estimates of $11.01 billion. During the same period last year, the business posted $1.14 earnings per share. Abbott Laboratories's revenue was up 7.4% compared to the same quarter last year. On average, research analysts expect that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Piper Sandler reissued an "overweight" rating and set a $145.00 price objective (up previously from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. Evercore ISI boosted their price target on shares of Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Leerink Partners started coverage on shares of Abbott Laboratories in a research note on Monday, June 16th. They set a "market perform" rating and a $143.00 target price on the stock. Morgan Stanley increased their price target on shares of Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Finally, William Blair raised shares of Abbott Laboratories to a "strong-buy" rating in a research report on Thursday, July 17th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $144.47.

Abbott Laboratories 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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