Patten Group Inc. Grows Stock Holdings in Abbott Laboratories $ABT

Patten Group Inc. raised its holdings in Abbott Laboratories (NYSE:ABT) by 2.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,733 shares of the healthcare product maker’s stock after buying an additional 182 shares during the period. Patten Group Inc.’s holdings in Abbott Laboratories were worth $1,052,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Members Trust Co raised its stake in Abbott Laboratories by 5.1% in the second quarter. Members Trust Co now owns 3,274 shares of the healthcare product maker’s stock valued at $445,000 after buying an additional 159 shares in the last quarter. Brookstone Capital Management raised its stake in Abbott Laboratories by 1.2% in the second quarter. Brookstone Capital Management now owns 33,634 shares of the healthcare product maker’s stock valued at $4,575,000 after buying an additional 413 shares in the last quarter. Citizens & Northern Corp raised its stake in Abbott Laboratories by 1.0% in the second quarter. Citizens & Northern Corp now owns 21,796 shares of the healthcare product maker’s stock valued at $2,964,000 after buying an additional 216 shares in the last quarter. Jacobsen Capital Management increased its position in shares of Abbott Laboratories by 14.5% during the second quarter. Jacobsen Capital Management now owns 3,514 shares of the healthcare product maker’s stock worth $478,000 after purchasing an additional 445 shares in the last quarter. Finally, Retirement Planning Group LLC increased its position in shares of Abbott Laboratories by 3.3% during the second quarter. Retirement Planning Group LLC now owns 3,441 shares of the healthcare product maker’s stock worth $468,000 after purchasing an additional 109 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories 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 sale, the chief financial officer owned 51,003 shares of the company’s stock, valued at approximately $6,862,453.65. The trade was a 9.81% decrease in their position. The sale 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.

Analyst Ratings Changes

A number of research firms have recently commented on ABT. Morgan Stanley lifted their target price on Abbott Laboratories from $127.00 to $137.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. Wells Fargo & Company lifted their target price on Abbott Laboratories from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Daiwa Capital Markets lifted their target price on Abbott Laboratories from $134.00 to $136.00 and gave the stock an “outperform” rating in a research report on Tuesday. William Blair upgraded Abbott Laboratories to a “strong-buy” rating in a research report on Thursday, July 17th. Finally, Raymond James Financial lifted their target price on Abbott Laboratories from $141.00 to $146.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and an average target price of $147.00.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $127.68 on Wednesday. The stock has a market capitalization of $222.21 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 2.46 and a beta of 0.69. Abbott Laboratories has a 52-week low of $110.86 and a 52-week high of $141.23. The stock’s 50-day moving average price is $132.28 and its 200 day moving average price is $131.54. 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) last issued its quarterly earnings results on Wednesday, October 15th. The healthcare product maker reported $1.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.30. The firm had revenue of $11.37 billion for the quarter, compared to analysts’ expectations of $11.40 billion. Abbott Laboratories had a return on equity of 17.78% and a net margin of 31.88%.The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 EPS. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. As a group, equities research analysts forecast that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed 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 1.8%. The ex-dividend date of this dividend is Wednesday, October 15th. Abbott Laboratories’s payout ratio is currently 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.