Provident Investment Management Inc. Has $38.68 Million Stock Position in Abbott Laboratories $ABT

Provident Investment Management Inc. increased its stake in Abbott Laboratories (NYSE:ABT) by 1,686.3% during the second quarter, HoldingsChannel reports. The firm owned 284,377 shares of the healthcare product maker’s stock after acquiring an additional 268,457 shares during the period. Abbott Laboratories accounts for approximately 3.3% of Provident Investment Management Inc.’s holdings, making the stock its 16th biggest position. Provident Investment Management Inc.’s holdings in Abbott Laboratories were worth $38,678,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Abbott Laboratories in the 2nd quarter valued at approximately $3,026,180,000. Laurel Wealth Advisors LLC raised its stake in Abbott Laboratories by 13,347.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 6,056,934 shares of the healthcare product maker’s stock valued at $823,804,000 after purchasing an additional 6,011,891 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Abbott Laboratories by 12.8% in the first quarter. Wellington Management Group LLP now owns 29,763,415 shares of the healthcare product maker’s stock valued at $3,948,117,000 after purchasing an additional 3,371,113 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Abbott Laboratories by 1.8% in the second quarter. Vanguard Group Inc. now owns 172,800,851 shares of the healthcare product maker’s stock worth $23,502,644,000 after buying an additional 2,977,715 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Abbott Laboratories by 180.7% during the second quarter. First Trust Advisors LP now owns 3,063,443 shares of the healthcare product maker’s stock valued at $416,659,000 after buying an additional 1,972,097 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on ABT. Raymond James Financial increased their price objective on Abbott Laboratories from $141.00 to $146.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. William Blair upgraded Abbott Laboratories to a “strong-buy” rating in a report on Thursday, November 20th. BTIG Research restated a “buy” rating and set a $145.00 price target on shares of Abbott Laboratories in a report on Thursday, November 20th. Evercore ISI dropped their price objective on shares of Abbott Laboratories from $144.00 to $142.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 15th. Finally, Mizuho increased their target price on shares of Abbott Laboratories from $135.00 to $140.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $147.00.

Abbott Laboratories Trading Up 1.8%

NYSE:ABT opened at $125.47 on Friday. The company has a market capitalization of $218.17 billion, a P/E ratio of 15.72, a P/E/G ratio of 2.29 and a beta of 0.72. The stock’s 50 day moving average price is $127.45 and its 200 day moving average price is $130.48. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.24 and a current ratio of 1.70. Abbott Laboratories has a 52 week low of $110.86 and a 52 week high of $141.23.

Abbott Laboratories (NYSE:ABT) last posted 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. The company had revenue of $11.37 billion during the quarter, compared to the consensus estimate of $11.40 billion. Abbott Laboratories had a net margin of 31.88% and a return on equity of 17.60%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.21 earnings per share. Abbott Laboratories has set its FY 2025 guidance at 5.120-5.180 EPS. On average, research analysts forecast that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Wednesday, October 15th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.9%. The ex-dividend date was Wednesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is 29.57%.

Abbott Laboratories Company Profile

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.