NewEdge Advisors LLC Decreases Position in Abbott Laboratories $ABT

Key Points

• NewEdge Advisors reduced its Abbott Laboratories stake by 16.2% in the second quarter, selling 43,755 shares and retaining 227,122 shares valued at approximately $20.6 million.
• Institutional ownership remains high at 75.18%, with major investors including BlackRock, State Street and Capital International Investors increasing their positions.
• Analysts maintain a positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $119.50. Abbott also exceeded quarterly earnings and revenue expectations, reporting $1.31 EPS and $12.59 billion in revenue.

NewEdge Advisors LLC lessened its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 16.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 227,122 shares of the healthcare product maker's stock after selling 43,755 shares during the quarter. NewEdge Advisors LLC's holdings in Abbott Laboratories were worth $20,609,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ABT. California State Teachers Retirement System raised its stake in shares of Abbott Laboratories by 9,127.1% during the 2nd quarter. California State Teachers Retirement System now owns 246,828,861 shares of the healthcare product maker's stock valued at $22,397,251,000 after purchasing an additional 244,153,804 shares during the period. BlackRock Inc. lifted its holdings in shares of Abbott Laboratories by 4.6% in the second quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker's stock worth $13,843,610,000 after buying an additional 6,769,518 shares in the last quarter. State Street Corp lifted its holdings in shares of Abbott Laboratories by 2.1% in the fourth quarter. State Street Corp now owns 79,853,782 shares of the healthcare product maker's stock worth $10,004,880,000 after buying an additional 1,627,791 shares in the last quarter. Capital International Investors boosted its position in shares of Abbott Laboratories by 2.6% in the fourth quarter. Capital International Investors now owns 63,229,445 shares of the healthcare product maker's stock valued at $7,922,519,000 after acquiring an additional 1,614,706 shares during the period. Finally, J. Stern & Co. LLP grew its stake in Abbott Laboratories by 12,439.6% during the fourth quarter. J. Stern & Co. LLP now owns 39,319,009 shares of the healthcare product maker's stock valued at $4,926,279,000 after acquiring an additional 39,005,451 shares in the last quarter. 75.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ABT shares. Piper Sandler reiterated an "overweight" rating and issued a $118.00 target price (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. The Goldman Sachs Group decreased their price target on shares of Abbott Laboratories from $121.00 to $113.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. UBS Group lowered their price objective on Abbott Laboratories from $135.00 to $125.00 and set a "buy" rating on the stock in a research report on Tuesday, July 28th. TD Cowen reissued a "buy" rating and set a $135.00 price objective on shares of Abbott Laboratories in a research note on Tuesday. Finally, JPMorgan Chase & Co. upped their target price on Abbott Laboratories from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Three research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold 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 $119.50.

Abbott Laboratories Trading Down 1.8%

NYSE ABT opened at $103.37 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. The stock's 50-day simple moving average is $105.46 and its two-hundred day simple moving average is $99.84. Abbott Laboratories has a twelve month low of $81.97 and a twelve month high of $137.49. The company has a market capitalization of $178.87 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 1.95 and a beta of 0.59.

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

About Abbott Laboratories

Abbott Laboratories NYSE: ABT is a global healthcare company that develops, manufactures and sells medical products and technologies. Its operations span four principal areas: medical devices, diagnostics, established pharmaceutical products and nutrition. Abbott serves healthcare providers, institutions and consumers in markets around the world.

The company's medical device portfolio includes products for cardiovascular care, diabetes management and other specialties. Its diagnostics business provides laboratory systems, tests and point-of-care solutions, while its nutrition products include infant, child and adult nutritional offerings sold under brands such as Similac, Ensure and Pedialyte.

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.