Abbott Laboratories (NYSE:ABT) Position Increased by Tower Bridge Advisors

17 Nov 2024, 14:16 by Tristan Rich · The Markets Daily

Tower Bridge Advisors increased its holdings in Abbott Laboratories (NYSE:ABT – Free Report) by 3.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 45,017 shares of the healthcare product maker’s stock after buying an additional 1,597 shares during the period. Tower Bridge Advisors’ holdings in Abbott Laboratories were worth $5,132,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Insight Folios Inc raised its stake in shares of Abbott Laboratories by 3.3% in the 3rd quarter. Insight Folios Inc now owns 2,691 shares of the healthcare product maker’s stock valued at $307,000 after acquiring an additional 87 shares in the last quarter. Boltwood Capital Management grew its holdings in Abbott Laboratories by 0.4% during the third quarter. Boltwood Capital Management now owns 21,821 shares of the healthcare product maker’s stock valued at $2,488,000 after purchasing an additional 89 shares during the last quarter. Wedge Capital Management L L P NC lifted its stake in shares of Abbott Laboratories by 2.9% in the third quarter. Wedge Capital Management L L P NC now owns 3,153 shares of the healthcare product maker’s stock worth $359,000 after buying an additional 89 shares during the last quarter. Silicon Valley Capital Partners grew its stake in Abbott Laboratories by 8.7% in the 3rd quarter. Silicon Valley Capital Partners now owns 1,108 shares of the healthcare product maker’s stock valued at $126,000 after buying an additional 89 shares during the last quarter. Finally, Atwood & Palmer Inc. raised its holdings in Abbott Laboratories by 6.5% in the 3rd quarter. Atwood & Palmer Inc. now owns 1,478 shares of the healthcare product maker’s stock worth $169,000 after acquiring an additional 90 shares during the period. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

NYSE ABT opened at $115.90 on Friday. Abbott Laboratories has a twelve month low of $97.64 and a twelve month high of $121.64. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. The stock has a market cap of $201.02 billion, a P/E ratio of 35.23, a PEG ratio of 2.72 and a beta of 0.72. The company’s 50-day simple moving average is $115.53 and its 200 day simple moving average is $109.52.

Abbott Laboratories (NYSE:ABT – Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.01. The company had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.14 EPS. As a group, research analysts forecast that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were paid a $0.55 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.90%. Abbott Laboratories’s dividend payout ratio is presently 66.87%.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the transaction, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. The trade was a 39.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ABT shares. Piper Sandler raised their price target on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Piper Sandler Companies started coverage on Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target on the stock. Evercore ISI increased their price objective on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Sanford C. Bernstein boosted their target price on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, UBS Group increased their price target on shares of Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $130.07.

Read Our Latest Report on Abbott Laboratories

Abbott Laboratories Company Profile

(Free Report)

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.