Auto Owners Insurance Co Acquires Shares of 8,358 Abbott Laboratories (NYSE:ABT)

Posted by Defense World Staff on Jun 14th, 2023

Auto Owners Insurance Co bought a new position in Abbott Laboratories (NYSE:ABT – Get Rating) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 8,358 shares of the healthcare product maker’s stock, valued at approximately $918,000.

Several other institutional investors have also recently made changes to their positions in ABT. JDM Financial Group LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth about $26,000. WFA of San Diego LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth about $34,000. Arcus Capital Partners LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth about $35,000. Elequin Securities LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth about $36,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its holdings in shares of Abbott Laboratories by 283.3% in the 4th quarter. CarsonAllaria Wealth Management Ltd. now owns 391 shares of the healthcare product maker’s stock worth $43,000 after acquiring an additional 289 shares during the last quarter. Institutional investors own 72.93% of the company’s stock.

Abbott Laboratories Stock Up 0.5 %

Shares of Abbott Laboratories stock opened at $101.86 on Wednesday. The firm’s 50 day moving average price is $106.56 and its 200-day moving average price is $106.35. The company has a quick ratio of 1.22, a current ratio of 1.68 and a debt-to-equity ratio of 0.39. Abbott Laboratories has a 52-week low of $93.25 and a 52-week high of $115.69. The company has a market cap of $177.13 billion, a P/E ratio of 30.96, a PEG ratio of 4.56 and a beta of 0.67.

Abbott Laboratories (NYSE:ABT – Get Rating) last issued its quarterly earnings data on Wednesday, April 19th. The healthcare product maker reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.05. Abbott Laboratories had a net margin of 13.98% and a return on equity of 22.36%. The firm had revenue of $9.75 billion for the quarter, compared to the consensus estimate of $9.64 billion. During the same quarter in the previous year, the firm earned $1.73 EPS. The company’s quarterly revenue was down 18.1% compared to the same quarter last year. On average, sell-side analysts predict that Abbott Laboratories will post 4.39 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Thursday, July 13th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 62.01%.

Insider Buying and Selling

In related news, EVP Andrea F. Wainer sold 8,226 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $110.56, for a total value of $909,466.56. Following the completion of the sale, the executive vice president now directly owns 70,427 shares in the company, valued at approximately $7,786,409.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Andrea F. Wainer sold 8,226 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $110.56, for a total value of $909,466.56. Following the completion of the sale, the executive vice president now directly owns 70,427 shares in the company, valued at approximately $7,786,409.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel J. Starks sold 50,000 shares of Abbott Laboratories stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $111.02, for a total transaction of $5,551,000.00. Following the completion of the sale, the director now owns 6,825,316 shares of the company’s stock, valued at $757,746,582.32. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

ABT has been the topic of several recent analyst reports. Sanford C. Bernstein raised their price target on shares of Abbott Laboratories from $132.00 to $133.00 and gave the stock an “outperform” rating in a research note on Thursday, April 20th. Barclays raised their price target on shares of Abbott Laboratories from $125.00 to $127.00 and gave the stock an “overweight” rating in a research note on Thursday, April 20th. StockNews.com initiated coverage on shares of Abbott Laboratories in a research note on Thursday, May 18th. They issued a “buy” rating on the stock. SVB Leerink raised their price target on shares of Abbott Laboratories from $90.00 to $102.00 and gave the stock a “market perform” rating in a research note on Friday, March 31st. Finally, Bank of America reduced their price target on shares of Abbott Laboratories from $125.00 to $115.00 in a research note on Thursday, March 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $121.26.

Abbott Laboratories Company Profile

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Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.