Abbott Laboratories $ABT Stock: Sumitomo Mitsui DS Asset Management Company Ltd Raises Holdings

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Abbott Laboratories (NYSE:ABT) by 2.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 255,880 shares of the healthcare product maker’s stock after acquiring an additional 6,425 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Abbott Laboratories were worth $25,289,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABT. BlackRock Inc. grew its holdings in Abbott Laboratories by 4.6% in the second quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock worth $13,843,610,000 after purchasing an additional 6,769,518 shares during the period. State Street Corp raised its stake in shares of Abbott Laboratories by 1.7% in the second 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 last quarter. Bank of America Corp DE bought a new position in Abbott Laboratories during the 2nd quarter valued at $1,603,607,000. Deutsche Bank AG lifted its position in shares of Abbott Laboratories by 18.6% during the second 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 in the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Abbott Laboratories in the 2nd quarter worth approximately $1,082,524,000. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Stock Down 0.7%

Shares of NYSE:ABT opened at $104.14 on Tuesday. The firm has a market capitalization of $180.19 billion, a PE ratio of 19.94, a price-to-earnings-growth ratio of 1.94 and a beta of 0.59. 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 has a 52-week low of $81.97 and a 52-week high of $132.02. The firm has a fifty day moving average of $105.82 and a 200 day moving average of $98.30.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Thursday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 81.55%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings raised shares of Abbott Laboratories from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 18th. BTIG Research boosted their price objective on Abbott Laboratories from $131.00 to $134.00 and gave the stock a “buy” rating in a report on Friday, July 17th. Piper Sandler restated an “overweight” rating and issued a $118.00 price objective (up from $115.00) on shares of Abbott Laboratories in a research report on Friday, July 17th. Wolfe Research raised shares of Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 target price on the stock in a research note on Thursday, August 13th. Finally, Wells Fargo & Company lifted their target price on shares of Abbott Laboratories from $109.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average target price of $118.88.

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.