Rathbones Group PLC Raises Stock Position in Abbott Laboratories (NYSE:ABT)

Key Points

• Rathbones Group PLC increased its holdings in Abbott Laboratories by 2.7%, owning approximately 2.69 million shares, which makes it the 12th largest position in their portfolio.
• Abbott Laboratories recently announced a quarterly dividend of $0.59, reflecting an annualized dividend of $2.36 and a yield of 1.8%.
• Despite a recent earnings report meeting expectations, Abbott's stock has seen a 2.2% decline in trading, opening at $131.38.

Rathbones Group PLC boosted its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 2.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 2,697,536 shares of the healthcare product maker's stock after acquiring an additional 71,430 shares during the period. Abbott Laboratories accounts for 1.7% of Rathbones Group PLC's portfolio, making the stock its 12th largest position. Rathbones Group PLC owned 0.16% of Abbott Laboratories worth $357,828,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ABT. Stone House Investment Management LLC acquired a new stake in Abbott Laboratories in the 1st quarter valued at $85,000. Dillon & Associates Inc. increased its stake in shares of Abbott Laboratories by 0.7% during the 1st 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 last quarter. Public Sector Pension Investment Board increased its stake in shares of Abbott Laboratories by 4.2% during the 1st 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 last quarter. AIA Group Ltd increased its stake in shares of Abbott Laboratories by 16.1% during the 1st quarter. AIA Group Ltd now owns 64,208 shares of the healthcare product maker's stock worth $8,517,000 after purchasing an additional 8,901 shares during the last quarter. Finally, Financial Engines Advisors L.L.C. increased its stake in shares of Abbott Laboratories by 3.3% during the 1st quarter. Financial Engines Advisors L.L.C. now owns 28,556 shares of the healthcare product maker's stock worth $3,788,000 after purchasing an additional 907 shares during the last quarter. Institutional investors and hedge funds own 75.18% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ABT shares. Barclays upped their price target on shares of Abbott Laboratories from $158.00 to $159.00 and gave the company an "overweight" rating in a research note on Thursday, April 17th. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 price target (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Jefferies Financial Group upgraded shares of Abbott Laboratories from a "hold" rating to a "buy" rating and upped their price objective for the stock from $143.00 to $145.00 in a research report on Friday, July 18th. Stifel Nicolaus upped their price target on shares of Abbott Laboratories from $135.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, April 17th. Finally, Mizuho upped their price target 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 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's stock. Based on data from MarketBeat, Abbott Laboratories presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.47.

Insider Transactions at Abbott Laboratories

In related news, CFO Philip P. Boudreau sold 5,550 shares of the firm's 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 in the company, valued at approximately $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.46% of the company's stock.

Abbott Laboratories Stock Up 1.8%

Shares of NYSE:ABT traded up $2.38 during mid-day trading on Friday, hitting $131.66. 6,778,187 shares of the company traded hands, compared to its average volume of 6,899,147. The stock has a market cap of $229.15 billion, a P/E ratio of 16.50, a P/E/G ratio of 2.45 and a beta of 0.70. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25. Abbott Laboratories has a 12-month low of $110.33 and a 12-month high of $141.23. The stock has a 50-day moving average price of $131.44 and a two-hundred day moving average price of $131.15.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, meeting analysts' consensus estimates of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The company had revenue of $11.14 billion for the quarter, compared to analyst estimates of $11.01 billion. During the same period last year, the firm earned $1.14 earnings per share. The firm's revenue was up 7.4% on a year-over-year basis. On average, equities research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio (DPR) is 29.57%.

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.