TIAA Trust National Association Acquires 3,457 Shares of Abbott Laboratories (NYSE:ABT)

Key Points

• TIAA Trust National Association increased its holdings in Abbott Laboratories by 2.6%, acquiring an additional 3,457 shares during the first quarter, bringing its total to 135,791 shares valued at approximately $18 million.
• Abbott Laboratories reported a quarterly earnings per share of $1.26, matching analysts' expectations, with a year-over-year revenue increase of 7.4% to $11.14 billion.
• The company declared a quarterly dividend of $0.59 per share, representing an annualized dividend yield of 1.9%, with the payment scheduled for August 15th.

TIAA Trust National Association lifted its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 135,791 shares of the healthcare product maker's stock after buying an additional 3,457 shares during the period. TIAA Trust National Association's holdings in Abbott Laboratories were worth $18,013,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Hughes Financial Services LLC bought a new stake in shares of Abbott Laboratories in the 1st quarter worth about $27,000. Abound Financial LLC bought a new stake in shares of Abbott Laboratories in the 1st quarter worth about $28,000. Redwood Park Advisors LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth about $25,000. JCIC Asset Management Inc. bought a new position in Abbott Laboratories during the 1st quarter valued at about $32,000. Finally, Redmont Wealth Advisors LLC bought a new position in Abbott Laboratories during the 1st quarter valued at about $34,000. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Price Performance

Shares of ABT opened at $127.32 on Friday. The company has a 50 day moving average price of $131.78 and a 200-day moving average price of $130.49. Abbott Laboratories has a fifty-two week low of $107.11 and a fifty-two week high of $141.23. The stock has a market capitalization of $221.52 billion, a PE ratio of 15.95, a PEG ratio of 2.41 and a beta of 0.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.27 and a current ratio of 1.82.

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

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories's payout ratio is 29.57%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ABT shares. BTIG Research cut their price target on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Piper Sandler reiterated an "overweight" rating and set a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Morgan Stanley upped their price target on shares of Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Leerink Partners started coverage on shares of Abbott Laboratories in a report on Monday, June 16th. They set a "market perform" rating and a $143.00 price target on the stock. Finally, Royal Bank Of Canada upped their price target on shares of Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Four equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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.

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