Whittier Trust Co. Raises Stake in Abbott Laboratories $ABT

Key Points

• Whittier Trust Co. increased its stake in Abbott Laboratories by 4.1% during the second quarter, owning a total of 400,816 shares valued at approximately $54.5 million.
• A quarterly dividend of $0.59 will be paid on November 17th, representing a 1.8% yield based on an annualized rate of $2.36.
• Abbott Laboratories reported earnings of $1.30 per share in its last quarter, matching the consensus estimate, with a revenue of $11.37 billion, reflecting a 6.9% year-over-year increase.

Whittier Trust Co. boosted its position in Abbott Laboratories (NYSE:ABT - Free Report) by 4.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 400,816 shares of the healthcare product maker's stock after buying an additional 15,911 shares during the period. Whittier Trust Co.'s holdings in Abbott Laboratories were worth $54,514,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of ABT. Brighton Jones LLC boosted its position in Abbott Laboratories by 10.1% in the fourth quarter. Brighton Jones LLC now owns 51,719 shares of the healthcare product maker's stock valued at $5,850,000 after buying an additional 4,755 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Abbott Laboratories by 17.0% in the first quarter. GAMMA Investing LLC now owns 38,467 shares of the healthcare product maker's stock valued at $5,103,000 after acquiring an additional 5,590 shares during the period. Advisor Resource Council acquired a new position in Abbott Laboratories in the first quarter valued at approximately $334,000. Ridgecrest Wealth Partners LLC lifted its holdings in Abbott Laboratories by 4.7% in the first quarter. Ridgecrest Wealth Partners LLC now owns 6,743 shares of the healthcare product maker's stock valued at $894,000 after acquiring an additional 300 shares during the period. Finally, Live Oak Private Wealth LLC lifted its holdings in Abbott Laboratories by 0.3% in the first quarter. Live Oak Private Wealth LLC now owns 80,174 shares of the healthcare product maker's stock valued at $10,635,000 after acquiring an additional 250 shares during the period. Hedge funds and other institutional investors own 75.18% of the company's stock.

Insider Buying and Selling

In related news, CFO Philip P. Boudreau sold 5,550 shares of the stock in a transaction 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company's stock.

Abbott Laboratories Trading Up 0.7%

Shares of ABT stock opened at $129.49 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30. The company has a market cap of $225.38 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 2.44 and a beta of 0.69. The stock has a 50 day simple moving average of $132.34 and a 200-day simple moving average of $131.57. Abbott Laboratories has a 1-year low of $110.86 and a 1-year high of $141.23.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its earnings results on Wednesday, October 15th. The healthcare product maker reported $1.30 earnings per share for the quarter, hitting the consensus estimate of $1.30. Abbott Laboratories had a return on equity of 17.78% and a net margin of 31.88%.The business had revenue of $11.37 billion during the quarter, compared to the consensus estimate of $11.40 billion. During the same period in the prior year, the company posted $1.21 EPS. The business's quarterly revenue 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, equities research analysts expect that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Wednesday, October 15th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Wednesday, October 15th. Abbott Laboratories's dividend payout ratio is currently 29.57%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ABT. William Blair raised Abbott Laboratories to a "strong-buy" rating in a report on Thursday, July 17th. BTIG Research reissued a "buy" rating and issued a $145.00 price target on shares of Abbott Laboratories in a report on Wednesday, October 15th. Mizuho boosted their price target on Abbott Laboratories from $135.00 to $140.00 and gave the company a "neutral" rating in a report on Tuesday, October 14th. Royal Bank Of Canada reissued an "outperform" rating and issued a $147.00 price target on shares of Abbott Laboratories in a report on Thursday, October 16th. Finally, Evercore ISI decreased their price target on Abbott Laboratories from $144.00 to $142.00 and set an "outperform" rating for the company in a report on Wednesday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $147.61.

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.

Want to see what other hedge funds are holding ABT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Abbott Laboratories (NYSE:ABT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.