Cidel Asset Management Inc. Raises Stock Position in Abbott Laboratories $ABT

Cidel Asset Management Inc. lifted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 1.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 329,181 shares of the healthcare product maker’s stock after purchasing an additional 3,661 shares during the period. Abbott Laboratories comprises about 2.7% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 5th biggest position. Cidel Asset Management Inc.’s holdings in Abbott Laboratories were worth $44,772,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Forvis Mazars Wealth Advisors LLC lifted its position in shares of Abbott Laboratories by 2.5% in the 2nd quarter. Forvis Mazars Wealth Advisors LLC now owns 21,944 shares of the healthcare product maker’s stock worth $2,985,000 after purchasing an additional 531 shares during the period. Chicago Partners Investment Group LLC lifted its position in Abbott Laboratories by 75.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 66,735 shares of the healthcare product maker’s stock valued at $8,397,000 after acquiring an additional 28,597 shares during the period. Pinnacle Wealth Management LLC purchased a new position in Abbott Laboratories during the 2nd quarter valued at about $2,566,000. Planned Solutions Inc. lifted its position in Abbott Laboratories by 48.6% during the 2nd quarter. Planned Solutions Inc. now owns 3,181 shares of the healthcare product maker’s stock valued at $433,000 after acquiring an additional 1,040 shares during the period. Finally, First Bancorp Inc ME lifted its position in Abbott Laboratories by 43.3% during the 2nd quarter. First Bancorp Inc ME now owns 4,652 shares of the healthcare product maker’s stock valued at $633,000 after acquiring an additional 1,405 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Philip P. Boudreau sold 5,550 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $134.55, for a total value of $746,752.50. Following the transaction, the chief financial officer directly owned 51,003 shares in the company, valued at approximately $6,862,453.65. This represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.46% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ABT. Wells Fargo & Company lifted their price target on shares of Abbott Laboratories from $142.00 to $146.00 and gave the company an “overweight” rating in a research report on Thursday. William Blair raised shares of Abbott Laboratories to a “strong-buy” rating in a research report on Thursday, July 17th. Benchmark initiated coverage on shares of Abbott Laboratories in a research note on Friday, October 10th. They set a “buy” rating and a $145.00 price objective for the company. Jefferies Financial Group raised their price objective on shares of Abbott Laboratories from $145.00 to $149.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $147.00 price objective on shares of Abbott Laboratories in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $147.61.

Abbott Laboratories Price Performance

Shares of NYSE:ABT opened at $128.69 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30. Abbott Laboratories has a 1-year low of $110.86 and a 1-year high of $141.23. The company has a market capitalization of $223.98 billion, a P/E ratio of 16.13, a P/E/G ratio of 2.44 and a beta of 0.69. The firm’s 50 day simple moving average is $132.38 and its two-hundred day simple moving average is $131.54.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 15th. The healthcare product maker reported $1.30 EPS for the quarter, hitting the consensus estimate of $1.30. Abbott Laboratories had a net margin of 31.88% and a return on equity of 17.78%. The firm had revenue of $11.37 billion for the quarter, compared to the consensus estimate of $11.40 billion. During the same quarter in the previous year, the firm earned $1.21 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. Research analysts expect that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.59 per share. The ex-dividend date is Wednesday, October 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. Abbott Laboratories’s payout ratio is 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.