Daiwa Securities Group Inc. has raised its stake in Abbott Laboratories (NYSE: ABT) by 6.9% during the second quarter of 2023, according to a report from HoldingsChannel.com. Following this increase, Daiwa now holds 277,862 shares of the healthcare company’s stock, valued at approximately $37,792,000 based on the most recent filing with the U.S. Securities and Exchange Commission (SEC). This move is part of a broader trend, as several institutional investors and hedge funds have recently adjusted their positions in Abbott.
In the same quarter, IMG Wealth Management Inc. significantly increased its holdings in Abbott Laboratories by an impressive 759.1%, now owning 189 shares worth $26,000. Other notable investors include Anfield Capital Management LLC, which raised its stake by 81.3%, now possessing 232 shares valued at $32,000. Additionally, Curio Wealth LLC made headlines by increasing its stake by an extraordinary 15,250.0%, bringing its total to 307 shares worth $42,000.
The trend continues with Pineridge Advisors LLC, which increased its holdings in Abbott by 34.6% in the second quarter, now owning 315 shares valued at $43,000. Notably, institutional investors collectively own approximately 75.18% of Abbott Laboratories’ stock.
Abbott Laboratories Stock Overview
As of the most recent trading session, Abbott Laboratories stock opened at $121.88. The company’s 50-day simple moving average stands at $128.31, while its 200-day simple moving average is $130.72. Abbott has demonstrated solid financial metrics, with a current ratio of 1.70, a quick ratio of 1.24, and a low debt-to-equity ratio of 0.23. Over the past year, Abbott’s stock has fluctuated between a low of $110.86 and a high of $141.23, contributing to its market capitalization of $211.93 billion. The company currently has a price-to-earnings (P/E) ratio of 15.27.
Recently, Abbott Laboratories declared a quarterly dividend of $0.59 per share, which was paid to shareholders on November 17, 2023. This dividend represents an annualized figure of $2.36 and a yield of 1.9%. The ex-dividend date was set for October 15, 2023, and Abbott’s dividend payout ratio (DPR) is currently 29.57%.
Analyst Ratings and Future Outlook
Analysts have been actively reassessing Abbott Laboratories’ stock outlook. On October 14, 2023, Mizuho raised its price target from $135.00 to $140.00, maintaining a “neutral” rating. BTIG Research reaffirmed a “buy” rating with a target of $145.00 in their report on November 20, 2023. Meanwhile, Sanford C. Bernstein increased their price objective from $145.00 to $150.00, issuing an “outperform” rating on October 16, 2023. Further, Raymond James Financial raised its target from $141.00 to $146.00, also giving it an “outperform” rating.
Finally, Barclays has upped its price target from $159.00 to $162.00, rating the stock as “overweight.” In total, two equity research analysts have rated Abbott Laboratories with a “Strong Buy,” while seventeen hold a “Buy” rating, and four have designated it as “Hold.” According to data from MarketBeat.com, the stock holds a consensus rating of “Moderate Buy” with an average target price of $147.00.
Abbott Laboratories, with its diverse range of health care products, continues to attract significant attention from institutional investors and analysts alike, reflecting a robust outlook in the healthcare sector.
