Resona Asset Management Co. Ltd. Boosts Stock Position in Abbott Laboratories (NYSE:ABT)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Abbott Laboratories by 7.6%, acquiring an additional 40,347 shares, bringing their total holdings to 568,114 shares valued at approximately $75.18 million.
• Analysts have provided mixed ratings for Abbott shares, with the consensus price target set at $144.47, and seventeen analysts rating the stock as a buy.
• Abbott Laboratories recently reported EPS of $1.26 for the quarter, achieving revenue of $11.14 billion, surpassing analysts' expectations, while also announcing a quarterly dividend of $0.59 per share.

Resona Asset Management Co. Ltd. lifted its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 7.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 568,114 shares of the healthcare product maker's stock after purchasing an additional 40,347 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Abbott Laboratories were worth $75,183,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ABT. Cim LLC increased its position in shares of Abbott Laboratories by 0.4% during the 4th quarter. Cim LLC now owns 16,967 shares of the healthcare product maker's stock worth $1,919,000 after purchasing an additional 73 shares during the last quarter. Capital Square LLC grew its holdings in Abbott Laboratories by 2.7% in the 4th quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker's stock valued at $368,000 after buying an additional 77 shares in the last quarter. Consilium Wealth Advisory LLC grew its holdings in Abbott Laboratories by 2.1% in the 1st quarter. Consilium Wealth Advisory LLC now owns 3,822 shares of the healthcare product maker's stock valued at $507,000 after buying an additional 78 shares in the last quarter. Mayflower Financial Advisors LLC lifted its position in shares of Abbott Laboratories by 0.5% during the 1st quarter. Mayflower Financial Advisors LLC now owns 17,327 shares of the healthcare product maker's stock valued at $2,298,000 after acquiring an additional 78 shares during the period. Finally, Opes Wealth Management LLC lifted its position in shares of Abbott Laboratories by 2.9% during the 1st quarter. Opes Wealth Management LLC now owns 2,854 shares of the healthcare product maker's stock valued at $379,000 after acquiring an additional 80 shares during the period. Institutional investors and hedge funds own 75.18% of the company's stock.

Insider Activity

In other news, CFO Philip P. Boudreau sold 5,550 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $134.55, for a total value of $746,752.50. Following the completion of the transaction, the chief financial officer owned 51,003 shares of the company's stock, valued at approximately $6,862,453.65. This represents a 9.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ABT shares. Mizuho upped their price objective on Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Evercore ISI increased their price target on Abbott Laboratories from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Barclays upped their price target on Abbott Laboratories from $158.00 to $159.00 and gave the stock an "overweight" rating in a report on Thursday, April 17th. BTIG Research dropped their price objective on Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Finally, Leerink Partnrs upgraded shares of Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $144.47.

Abbott Laboratories Trading Up 1.8%

ABT traded up $2.38 during midday trading on Friday, reaching $131.66. 6,778,187 shares of the company's stock traded hands, compared to its average volume of 6,899,147. The firm has a fifty day moving average of $131.44 and a two-hundred day moving average of $131.15. The stock has a market capitalization of $229.15 billion, a price-to-earnings ratio of 16.50, a P/E/G ratio of 2.45 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 has a 52 week low of $110.33 and a 52 week high of $141.23.

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

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.8%. Abbott Laboratories's dividend payout ratio is currently 29.57%.

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.