Abbott Laboratories $ABT Stock: Bank Pictet & Cie Europe AG Boosts Holdings

Bank Pictet & Cie Europe AG grew its position in Abbott Laboratories (NYSE:ABT) by 68.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,109 shares of the healthcare product maker’s stock after buying an additional 21,550 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Abbott Laboratories were worth $5,249,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in ABT. BlackRock Inc. lifted its position in shares of Abbott Laboratories by 4.6% in the 2nd quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock valued at $13,843,610,000 after acquiring an additional 6,769,518 shares in the last quarter. State Street Corp boosted its stake in Abbott Laboratories by 1.7% in the 2nd quarter. State Street Corp now owns 80,926,234 shares of the healthcare product maker’s stock worth $7,343,246,000 after purchasing an additional 1,350,766 shares during the period. Bank of America Corp DE purchased a new position in Abbott Laboratories during the 2nd quarter worth approximately $1,603,607,000. Deutsche Bank AG raised its stake in Abbott Laboratories by 18.6% during the 2nd quarter. Deutsche Bank AG now owns 16,706,669 shares of the healthcare product maker’s stock valued at $1,515,963,000 after purchasing an additional 2,614,965 shares during the period. Finally, Legal & General Group Plc purchased a new stake in shares of Abbott Laboratories in the second quarter valued at $1,082,524,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ABT has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on Abbott Laboratories from $109.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Rothschild & Co Redburn raised Abbott Laboratories from a “neutral” rating to a “buy” rating and upped their price target for the company from $119.00 to $127.00 in a research report on Friday, October 2nd. BTIG Research increased their price objective on Abbott Laboratories from $131.00 to $134.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. TD Cowen restated a “buy” rating and set a $135.00 price objective on shares of Abbott Laboratories in a research report on Friday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $118.00 target price (up from $115.00) on shares of Abbott Laboratories in a report on Friday, July 17th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $118.88.

Abbott Laboratories Stock Down 1.6%

Shares of Abbott Laboratories stock traded down $1.62 during trading on Tuesday, hitting $102.44. 4,496,161 shares of the stock traded hands, compared to its average volume of 11,228,539. The stock has a market cap of $177.26 billion, a P/E ratio of 33.24, a PEG ratio of 1.94 and a beta of 0.59. The company has a fifty day moving average price of $105.82 and a two-hundred day moving average price of $98.30. Abbott Laboratories has a twelve month low of $81.97 and a twelve month high of $132.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.97 and a current ratio of 1.38.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be paid a $0.63 dividend. The ex-dividend date is Thursday, October 15th. This represents a $2.52 dividend on an annualized basis and a yield of 2.5%. Abbott Laboratories’s payout ratio is 81.55%.

Abbott Laboratories Company Profile

Abbott Laboratories is a global healthcare company that develops, manufactures and markets a broad range of medical products and services. Founded in 1888 by Wallace C. Abbott, the company is headquartered in Abbott Park, Illinois, and serves patients, healthcare providers and consumers in markets around the world.

Abbott operates across four principal businesses: medical devices, diagnostics, nutrition and established pharmaceutical products. Its offerings include glucose-monitoring systems such as FreeStyle Libre; cardiovascular devices, including stents and structural heart products; laboratory and point-of-care diagnostic systems; and branded generic medicines in areas such as gastroenterology, women’s health and cardiometabolic care.

The company’s nutrition portfolio includes infant and pediatric products such as Similac and PediaSure, adult nutritional products such as Ensure, and rehydration products such as Pedialyte.