Parnassus Investments LLC Acquires New Shares in Abbott Laboratories $ABT

Parnassus Investments LLC purchased a new stake in Abbott Laboratories (NYSE:ABT) during the third quarter, according to its most recent filing with the SEC. The firm purchased 524,454 shares of the healthcare product maker’s stock, valued at approximately $70,245,000.

Other hedge funds also recently bought and sold shares of the company. IMG Wealth Management Inc. increased its position in shares of Abbott Laboratories by 759.1% in the 2nd quarter. IMG Wealth Management Inc. now owns 189 shares of the healthcare product maker’s stock valued at $26,000 after buying an additional 167 shares in the last quarter. Anfield Capital Management LLC increased its holdings in shares of Abbott Laboratories by 81.3% in the second quarter. Anfield Capital Management LLC now owns 232 shares of the healthcare product maker’s stock worth $32,000 after acquiring an additional 104 shares in the last quarter. Delos Wealth Advisors LLC acquired a new stake in shares of Abbott Laboratories during the second quarter worth about $32,000. Curio Wealth LLC grew its position in shares of Abbott Laboratories by 15,250.0% in the 2nd quarter. Curio Wealth LLC now owns 307 shares of the healthcare product maker’s stock valued at $42,000 after purchasing an additional 305 shares during the period. Finally, Pineridge Advisors LLC increased its stake in Abbott Laboratories by 34.6% during the 2nd quarter. Pineridge Advisors LLC now owns 315 shares of the healthcare product maker’s stock worth $43,000 after purchasing an additional 81 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ABT. William Blair upgraded Abbott Laboratories to a “strong-buy” rating in a report on Thursday, November 20th. Sanford C. Bernstein boosted their target price on Abbott Laboratories from $150.00 to $154.00 and gave the company an “outperform” rating in a research note on Friday. Raymond James Financial raised their price target on shares of Abbott Laboratories from $141.00 to $146.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Jefferies Financial Group boosted their price objective on shares of Abbott Laboratories from $145.00 to $149.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, The Goldman Sachs Group lifted their price target on shares of Abbott Laboratories from $153.00 to $157.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $147.68.

Abbott Laboratories Stock Performance

NYSE ABT opened at $125.95 on Friday. The firm’s fifty day moving average price is $126.13 and its two-hundred day moving average price is $129.42. Abbott Laboratories has a 1 year low of $110.86 and a 1 year high of $141.23. The firm has a market capitalization of $219.00 billion, a P/E ratio of 15.78, a price-to-earnings-growth ratio of 2.09 and a beta of 0.72. The company has a current ratio of 1.70, a quick ratio of 1.24 and a debt-to-equity ratio of 0.23.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 15th. The healthcare product maker reported $1.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.30. The business had revenue of $11.37 billion for the quarter, compared to analysts’ expectations of $11.40 billion. Abbott Laboratories had a return on equity of 17.60% and a net margin of 31.88%.The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 EPS. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. As a group, research analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Thursday, January 15th will be issued a dividend of $0.63 per share. This is an increase from Abbott Laboratories’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Thursday, January 15th. This represents a $2.52 annualized dividend and a dividend yield of 2.0%. Abbott Laboratories’s payout ratio is currently 29.57%.

About Abbott Laboratories

Abbott Laboratories is a global healthcare company headquartered in Abbott Park, Illinois, that develops, manufactures and markets a broad portfolio of medical products and services. Founded in 1888, Abbott operates through multiple business areas that focus on diagnostics, medical devices, nutritionals and established pharmaceuticals. The company supplies hospitals, clinics, laboratories, retailers and direct-to-consumer channels with products intended to diagnose, treat and manage a wide range of health conditions.

In diagnostics, Abbott provides laboratory and point-of-care testing platforms and assays used to detect infectious diseases, chronic conditions and biomarkers; its Alinity family of instruments and rapid-test solutions are examples of this capability.