Abbott Laboratories $ABT Stock: Glenview Trust Co Lowers Holdings

Glenview Trust Co cut its holdings in shares of Abbott Laboratories (NYSE:ABT) by 5.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 86,800 shares of the healthcare product maker’s stock after selling 4,791 shares during the period. Glenview Trust Co’s holdings in Abbott Laboratories were worth $8,578,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Manning & Napier Advisors LLC acquired a new stake in Abbott Laboratories in the 2nd quarter valued at about $31,000. Foresight Capital Management Advisors Inc. bought a new stake in Abbott Laboratories in the 3rd quarter valued at $31,000. Balance Wealth Partners LLC acquired a new position in shares of Abbott Laboratories in the third quarter valued at about $34,000. Summit Securities Group LLC increased its holdings in shares of Abbott Laboratories by 41.3% during the second quarter. Summit Securities Group LLC now owns 404 shares of the healthcare product maker’s stock worth $37,000 after purchasing an additional 118 shares during the period. Finally, Addison Advisors LLC acquired a new stake in shares of Abbott Laboratories in the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company increased their price target on Abbott Laboratories from $112.00 to $119.00 and gave the stock an “overweight” rating in a research report on Thursday, October 22nd. Wall Street Zen raised Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Argus cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $118.00 price target (up from $115.00) on shares of Abbott Laboratories in a research report on Friday, July 17th. Finally, Rothschild & Co Redburn raised Abbott Laboratories from a “neutral” rating to a “buy” rating and boosted their price target for the company from $119.00 to $127.00 in a research note on Friday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.32.

Abbott Laboratories Stock Up 1.7%

Shares of ABT opened at $106.33 on Friday. The firm has a 50 day simple moving average of $104.36 and a two-hundred day simple moving average of $102.06. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.38 and a quick ratio of 0.97. Abbott Laboratories has a one year low of $81.97 and a one year high of $132.02. The company has a market cap of $183.99 billion, a P/E ratio of 39.68, a P/E/G ratio of 1.83 and a beta of 0.59.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.42. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. The company had revenue of $13.01 billion for the quarter, compared to analyst estimates of $12.99 billion. During the same quarter last year, the company posted $1.30 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. Research analysts forecast that Abbott Laboratories will post 5.52 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $2.52 annualized dividend and a yield of 2.4%. Abbott Laboratories’s dividend payout ratio (DPR) is 94.03%.

Key Stories Impacting Abbott Laboratories

Here are the key news stories impacting Abbott Laboratories this week:

• Positive Sentiment: Abbott began the pivotal CROWN-MV trial for its investigational Cephea Mitral Valve System, designed as a minimally invasive treatment for symptomatic mitral valve disease patients who are ineligible for surgery or transcatheter repair. Successful development could expand Abbott’s structural-heart portfolio, although the device remains investigational and carries clinical and regulatory risk. Abbott initiates pivotal trial for Cephea device
• Positive Sentiment: Industry reports forecast strong expansion in point-of-care diagnostics across South and Central America and continued growth in home INR monitoring. Abbott is listed among the key suppliers, suggesting potential long-term opportunities for its diagnostics business through testing volume, instruments and recurring consumables. South and Central America point-of-care diagnostics market Point-of-care INR testing market
• Neutral Sentiment: Discussion of Abbott’s approaching breakup highlights the potential for value creation through separating businesses, but also raises questions about execution, valuation and how costs and growth prospects will be allocated among the resulting companies. Can Abbott Laboratories Stay Reasonable As Its Breakup Nears?
• Negative Sentiment: Dexcom exceeded expectations and raised guidance, underscoring robust demand for continuous glucose-monitoring wearables but also intensifying competitive pressure on Abbott’s FreeStyle Libre franchise. Stronger execution by Dexcom could weigh on expectations for Abbott’s diabetes-care growth. Dexcom shakes off Abbott-tied malaise
• Negative Sentiment: Argus downgraded Abbott Laboratories, adding a near-term valuation and analyst-sentiment headwind. Abbott Laboratories stock gets downgrade from Argus

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.