Griffin Asset Management Inc. Trims Stake in Abbott Laboratories $ABT

Griffin Asset Management Inc. lowered its stake in shares of Abbott Laboratories (NYSE:ABT) by 1.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,913 shares of the healthcare product maker’s stock after selling 1,027 shares during the quarter. Griffin Asset Management Inc.’s holdings in Abbott Laboratories were worth $8,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hughes Financial Services LLC purchased a new position in shares of Abbott Laboratories during the first quarter valued at about $27,000. Abound Financial LLC purchased a new stake in Abbott Laboratories in the first quarter worth about $28,000. Elequin Capital LP purchased a new stake in Abbott Laboratories in the first quarter worth about $30,000. JCIC Asset Management Inc. purchased a new stake in Abbott Laboratories in the first quarter worth about $32,000. Finally, Vision Financial Markets LLC purchased a new stake in Abbott Laboratories in the first quarter worth about $33,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 0.8%

Shares of Abbott Laboratories stock opened at $132.30 on Monday. The company has a market cap of $230.26 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 2.51 and a beta of 0.69. The company’s 50 day moving average is $132.54 and its 200 day moving average is $131.60. Abbott Laboratories has a twelve month low of $110.86 and a twelve month high of $141.23. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.26. The company had revenue of $11.14 billion for the quarter, compared to the consensus estimate of $11.01 billion. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.14 earnings per share. Abbott Laboratories has set its FY 2025 guidance at 5.100-5.200 EPS. Q3 2025 guidance at 1.280-1.320 EPS. Research analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Wednesday, October 15th will be given a dividend of $0.59 per share. The ex-dividend date is Wednesday, October 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. Abbott Laboratories’s dividend payout ratio is 29.57%.

Insiders Place Their Bets

In related news, CFO Philip P. Boudreau sold 5,550 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $134.55, for a total transaction of $746,752.50. Following the transaction, the chief financial officer owned 51,003 shares in the company, valued at $6,862,453.65. This represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ABT shares. Morgan Stanley upped their price objective on shares of Abbott Laboratories from $127.00 to $137.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 15th. William Blair upgraded shares of Abbott Laboratories to a “strong-buy” rating in a report on Thursday, July 17th. Leerink Partners initiated coverage on shares of Abbott Laboratories in a research note on Monday, June 16th. They issued a “market perform” rating and a $143.00 target price on the stock. Wells Fargo & Company dropped their target price on shares of Abbott Laboratories from $147.00 to $142.00 and set an “overweight” rating on the stock in a research note on Friday, July 18th. Finally, Jefferies Financial Group upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and upped their target price for the stock from $143.00 to $145.00 in a research note on Friday, July 18th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Abbott Laboratories has an average rating of “Moderate Buy” and an average price target of $146.17.

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.