Prudential PLC Has $3.56 Million Position in Abbott Laboratories (NYSE:ABT)

Key Points

• Prudential PLC reduced its holdings in Abbott Laboratories by 30.1% during the first quarter, now owning 26,844 shares valued at approximately $3.56 million.
• Numerous institutional investors, including Bank Pictet & Cie Europe AG and Edge Financial Advisors LLC, have increased their stakes in Abbott Laboratories, emphasizing the company's strong market interest.
• Abbott Laboratories recently declared a quarterly dividend of $0.59 per share, with an annualized dividend yield of 1.8%, reflecting its consistent profitability and growth strategy.

Prudential PLC reduced its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 30.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,844 shares of the healthcare product maker's stock after selling 11,532 shares during the quarter. Prudential PLC's holdings in Abbott Laboratories were worth $3,561,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Resona Asset Management Co. Ltd. boosted its holdings in shares of Abbott Laboratories by 7.6% during the first quarter. Resona Asset Management Co. Ltd. now owns 568,114 shares of the healthcare product maker's stock worth $75,183,000 after purchasing an additional 40,347 shares during the period. Rathbones Group PLC boosted its holdings in shares of Abbott Laboratories by 2.7% during the first quarter. Rathbones Group PLC now owns 2,697,536 shares of the healthcare product maker's stock worth $357,828,000 after purchasing an additional 71,430 shares during the period. Stone House Investment Management LLC acquired a new stake in shares of Abbott Laboratories during the first quarter worth approximately $85,000. Dillon & Associates Inc. boosted its holdings in shares of Abbott Laboratories by 0.7% during the first quarter. Dillon & Associates Inc. now owns 214,560 shares of the healthcare product maker's stock worth $28,536,000 after purchasing an additional 1,539 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Abbott Laboratories by 4.2% during the first quarter. Public Sector Pension Investment Board now owns 937,949 shares of the healthcare product maker's stock worth $124,419,000 after purchasing an additional 37,975 shares during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Abbott Laboratories

In related news, CFO Philip P. Boudreau sold 5,550 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $134.55, for a total transaction of $746,752.50. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.46% of the company's stock.

Abbott Laboratories Stock Performance

ABT stock traded up $2.38 on Friday, reaching $131.66. 6,784,441 shares of the company were exchanged, compared to its average volume of 6,973,725. Abbott Laboratories has a 12 month low of $110.33 and a 12 month high of $141.23. The stock's fifty day moving average price is $131.40 and its 200 day moving average price is $131.18. The firm has a market capitalization of $229.15 billion, a PE ratio of 16.50, a PEG ratio of 2.50 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.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The business had revenue of $11.14 billion for the quarter, compared to analyst estimates of $11.01 billion. During the same quarter in the previous year, the firm 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 anticipate that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. Abbott Laboratories's payout ratio is 29.57%.

Analyst Upgrades and Downgrades

ABT has been the topic of several recent research reports. Royal Bank Of Canada raised their price objective on shares of Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. William Blair raised shares of Abbott Laboratories to a "strong-buy" rating in a research report on Thursday, July 17th. Morgan Stanley raised their price objective on shares of Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. BTIG Research cut their price objective on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Finally, Mizuho raised their price objective on shares of Abbott Laboratories from $130.00 to $140.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target 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.