Sumitomo Mitsui Trust Group Inc. Has $562.88 Million Position in Abbott Laboratories $ABT

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Abbott Laboratories by 3.7%, owning 4,138,539 shares valued at approximately $562.88 million as of the latest SEC filing.
• Abbott Laboratories reported quarterly earnings of $1.30 EPS, meeting consensus estimates, while its revenue for the quarter was $11.37 billion, a 6.9% increase year-over-year.
• The company announced a quarterly dividend of $0.59, equating to an annualized yield of 1.9%, with the dividend set to be paid on November 17th.

Sumitomo Mitsui Trust Group Inc. boosted its position in Abbott Laboratories (NYSE:ABT - Free Report) by 3.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,138,539 shares of the healthcare product maker's stock after buying an additional 146,557 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of Abbott Laboratories worth $562,883,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Mayflower Financial Advisors LLC raised its position in Abbott Laboratories by 0.5% in 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 buying an additional 78 shares during the last quarter. FF Advisors LLC raised its position in Abbott Laboratories by 4.3% in the 2nd quarter. FF Advisors LLC now owns 1,904 shares of the healthcare product maker's stock valued at $259,000 after buying an additional 79 shares during the last quarter. Charles Schwab Trust Co grew its stake in Abbott Laboratories by 0.6% in the second quarter. Charles Schwab Trust Co now owns 14,018 shares of the healthcare product maker's stock valued at $1,907,000 after purchasing an additional 79 shares in the last quarter. Opes Wealth Management LLC grew its stake in Abbott Laboratories by 2.9% in the first quarter. Opes Wealth Management LLC now owns 2,854 shares of the healthcare product maker's stock valued at $379,000 after purchasing an additional 80 shares in the last quarter. Finally, Lcnb Corp grew its stake in Abbott Laboratories by 0.5% in the first quarter. Lcnb Corp now owns 15,917 shares of the healthcare product maker's stock valued at $2,111,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on ABT shares. Sanford C. Bernstein raised their price target on Abbott Laboratories from $145.00 to $150.00 and gave the company an "outperform" rating in a research note on Thursday, October 16th. BTIG Research reissued a "buy" rating and set a $145.00 target price on shares of Abbott Laboratories in a report on Wednesday, October 15th. Raymond James Financial boosted their target price on Abbott Laboratories from $141.00 to $146.00 and gave the stock an "outperform" rating in a report on Thursday, October 16th. The Goldman Sachs Group upped their price objective on Abbott Laboratories from $153.00 to $157.00 and gave the company a "buy" rating in a report on Wednesday, October 1st. Finally, Barclays upped their price objective on Abbott Laboratories from $159.00 to $162.00 and gave the company an "overweight" rating in a report on Friday, October 17th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $147.00.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $126.29 on Friday. The stock's 50-day simple moving average is $132.19 and its 200 day simple moving average is $131.53. Abbott Laboratories has a twelve month low of $110.86 and a twelve month high of $141.23. The firm has a market capitalization of $219.80 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 2.43 and a beta of 0.69. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25.

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

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Wednesday, October 15th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Wednesday, October 15th. Abbott Laboratories's payout ratio is presently 29.57%.

Insider Buying and Selling

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of the firm's 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 sale, the chief financial officer owned 51,003 shares of the company's stock, valued at approximately $6,862,453.65. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company's stock.

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.

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