Dubuque Bank & Trust Co. has reduced its position in Abbott Laboratories (NYSE:ABT) by 14.1% in the 4th quarter, according to the most recent disclosure by the Securities and Exchange Commission. The institutional investor sold 3,455 shares during this time frame, owning a total of 21,086 shares of the healthcare product maker’s stock. As of its most recent filing with the Securities and Exchange Commission, Dubuque Bank & Trust Co.’s holdings in Abbott Laboratories were valued at $2,315,000.
Abbott Laboratories has been receiving mixed reviews from equities research analysts lately. Citigroup increased their price target on shares of Abbott Laboratories to $130.00 and gave the stock a “buy” rating while Morgan Stanley raised their price target on Abbott Laboratories from $117.00 to $133.00 and gave it an “overweight” rating early this year.
On Friday April 22, ABT stock traded up $1.39 reaching $111.74 during mid-day trading with a trading volume of 2,688,395 shares compared to its average volume of 5,318,107 shares. The company has a market capitalization of $194.20 billion with a price-to-earnings ratio of 28.22 and a beta of 0.67.
Abbott Laboratories’ debt-to-equity ratio is at 0.39 while its current ratio is at 1.63 and quick ratio is at 1.23 indicating good financial health for the company.
With one analyst rating ‘sell’, four rating ‘hold’ and twelve rating ‘buy’ for Abbott Laboratories as reported by Bloomberg data, analysts have given it an average rating of “Moderate Buy” along with a consensus price target averaging at $122.37.
The company has been showing good performance although it did experience some setbacks throughout the year just like any other business. Overall, Abbott Laboratories demonstrates solid financial health and has been regarded as a favorable stock pick by many analysts in the market.
Abbott Laboratories: A Rising Star in Healthcare Products
Abbott Laboratories – A Company on the Rise
Abbott Laboratories (NYSE:ABT), a global healthcare product maker based in Illinois, is seeing a boost in institutional investor holdings. Among them, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. has boosted its position in Abbott Laboratories by 339.1% during Q3 of 2022. Arrowstreet Capital Limited Partnership also increased their holdings by 83.1% during Q1 of 2023.
Additionally, Vanguard Group Inc. and Renaissance Technologies LLC have both strengthened their positions by purchasing millions of additional shares worth billions of dollars. Great West Life Assurance Co CAN is the latest institutional investor to gain a position in Abbott Laboratories’ stock valued at $131,945,000.
Insiders within Abbott Laboratories are selling shares as well. Senior Vice President Julie L. Tyler sold shares on two different occasions this year totaling just under $27k and increasing her total wealth through company shares to over $4 million.
This movement among investors and insiders comes after Abbott’s strong quarterly earnings report released Wednesday, April 19th, where the healthcare product maker reported $1.03 EPS for Q1 of 2023 – beating consensus estimates by $0.05 per share with revenue of $9.75 billion for the quarter compared to the consensus estimate of $9.64 billion.
These positive developments within and around Abbott Laboratories have resulted in equity research analysts reviewing their ratings on the company’s stock price with upgrades that include buy ratings from JPMorgan Chase & Co., Citigroup and Morgan Stanley.
With a moderate buy rating from Bloomberg’s consensus rating system, we predict a continued growth pattern for Abbott Labs and eagerly await future developments within this industry giant.