27,844 Abbott Laboratories $ABT Shares Acquired by GRIMES & Co WEALTH MANAGEMENT LLC

GRIMES & Co WEALTH MANAGEMENT LLC boosted its stake in shares of Abbott Laboratories (NYSE:ABT) by 25.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 135,384 shares of the healthcare product maker’s stock after acquiring an additional 27,844 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Abbott Laboratories were worth $13,380,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bank of America Corp DE acquired a new stake in shares of Abbott Laboratories during the 2nd quarter worth $1,603,607,000. Legal & General Group Plc bought a new position in shares of Abbott Laboratories in the second quarter worth $1,082,524,000. Flossbach Von Storch SE bought a new position in shares of Abbott Laboratories in the second quarter worth $902,938,000. Jupiter Topco LLC acquired a new position in Abbott Laboratories in the second quarter valued at about $732,788,000. Finally, BlackRock Inc. raised its stake 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 valued at $13,843,610,000 after purchasing an additional 6,769,518 shares in the last quarter. 75.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Argus downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, October 27th. Robert W. Baird boosted their target price on shares of Abbott Laboratories from $121.00 to $123.00 and gave the company an “outperform” rating in a research report on Thursday, October 22nd. Wall Street Zen raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Weiss Ratings upgraded shares of Abbott Laboratories from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Finally, Rothschild & Co Redburn raised shares of Abbott Laboratories from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $119.00 to $127.00 in a research note on Friday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.32.

Abbott Laboratories Stock Up 3.8%

Shares of NYSE ABT opened at $110.27 on Tuesday. The company has a market cap of $190.80 billion, a price-to-earnings ratio of 41.14, a PEG ratio of 1.80 and a beta of 0.59. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57. Abbott Laboratories has a 12 month low of $81.97 and a 12 month high of $132.02. The stock has a 50-day moving average price of $104.23 and a two-hundred day moving average price of $101.99.

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

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be given 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 2.3%. Abbott Laboratories’s dividend payout ratio (DPR) is currently 94.03%.

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.