Pinnacle Wealth Management LLC Invests $2.57 Million in Abbott Laboratories $ABT

Key Points

• Pinnacle Wealth Management LLC has invested approximately $2.57 million in Abbott Laboratories during the second quarter, purchasing 18,864 shares which represent about 2.1% of its investment portfolio.
• Abbott Laboratories announced a quarterly dividend of $0.59 per share to be paid on November 17th, with an annualized dividend yield of 1.8%.
• Several analysts have recently adjusted their price targets for Abbott Laboratories, with Barclays raising its target from $159 to $162 and Evercore ISI lowering it from $144 to $142.

Pinnacle Wealth Management LLC purchased a new position in shares of Abbott Laboratories (NYSE:ABT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,864 shares of the healthcare product maker's stock, valued at approximately $2,566,000. Abbott Laboratories makes up about 2.1% of Pinnacle Wealth Management LLC's investment portfolio, making the stock its 19th biggest holding.

Other institutional investors have also added to or reduced their stakes in the company. Hughes Financial Services LLC acquired a new stake in Abbott Laboratories in the 1st quarter valued at $27,000. Abound Financial LLC acquired a new stake in Abbott Laboratories in the 1st quarter valued at $28,000. Elequin Capital LP acquired a new stake in Abbott Laboratories in the 1st quarter valued at $30,000. JCIC Asset Management Inc. acquired a new stake in Abbott Laboratories in the 1st quarter valued at $32,000. Finally, Vision Financial Markets LLC acquired a new stake in Abbott Laboratories in the 1st quarter valued at $33,000. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $128.69 on Friday. The company has a market capitalization of $223.98 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 2.44 and a beta of 0.69. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.82. The company has a 50-day simple moving average of $132.38 and a 200 day simple moving average of $131.54. Abbott Laboratories has a 52 week low of $110.86 and a 52 week high of $141.23.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its earnings results on Wednesday, October 15th. The healthcare product maker reported $1.30 EPS for the quarter, hitting the consensus estimate of $1.30. The business had revenue of $11.37 billion during the quarter, compared to the consensus estimate of $11.40 billion. Abbott Laboratories had a net margin of 31.88% and a return on equity of 17.78%. Abbott Laboratories's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.21 EPS. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. On average, sell-side analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ABT shares. Evercore ISI lowered their price target on shares of Abbott Laboratories from $144.00 to $142.00 and set an "outperform" rating on the stock in a research note on Wednesday. Barclays boosted their price objective on shares of Abbott Laboratories from $159.00 to $162.00 and gave the stock an "overweight" rating in a research note on Friday. Royal Bank Of Canada restated an "outperform" rating and set a $147.00 price objective on shares of Abbott Laboratories in a research note on Thursday. Wells Fargo & Company boosted their price objective on shares of Abbott Laboratories from $142.00 to $146.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, Sanford C. Bernstein boosted their price objective on shares of Abbott Laboratories from $145.00 to $150.00 and gave the stock an "outperform" rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $147.61.

Insider Activity at Abbott Laboratories

In related 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 transaction of $746,752.50. Following the completion of the sale, the chief financial officer owned 51,003 shares of the company's stock, valued at approximately $6,862,453.65. The trade was a 9.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company's stock.

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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