August 14, 2023: In recent news, financial institution Nicolet Bankshares Inc. has announced a significant increase in its stake of shares in healthcare product maker Abbott Laboratories (NYSE:ABT). The bank’s position in Abbott Laboratories surged by 4.6% during the first quarter of this year, as confirmed by their most recent Form 13F filing with the Securities & Exchange Commission.
With this acquisition, Nicolet Bankshares Inc. now owns a total of 27,735 shares of Abbott Laboratories’ stock. This notable addition to their investment portfolio resulted from the purchase of an additional 1,226 shares during the aforementioned period. As a result, Abbott Laboratories constitutes about 0.7% of Nicolet Bankshares Inc.’s overall investment holdings and ranks as its 29th largest position.
At the closing of the most recent quarter, Nicolet Bankshares Inc.’s investment in Abbott Laboratories amounted to an approximate value of $2,055,000. This staggering sum reflects the bank’s confidence in the company’s potential for growth and prosperity within the healthcare industry.
In a further display of confidence, Abbott Laboratories recently declared that it will be paying out a quarterly dividend on Tuesday, August 15th. Shareholders who were recorded as such on Friday, July 14th will receive a dividend of $0.51 per share. This generous payout translates to an annualized dividend of $2.04 and presents shareholders with an attractive yield percentage of 1.94%.
It is worth noting that investors interested in receiving this dividend must take note of Thursday, July 13th as the ex-dividend date for eligibility purposes.
Abbott Laboratories has consistently demonstrated its commitment to providing returns to its valued shareholders through its robust dividend payout ratio, currently standing at an impressive 69.62%. This percentage reflects the portion of earnings allocated towards dividends compared to the company’s overall profit.
As the healthcare industry continues to evolve, Abbott Laboratories remains at the forefront of innovation and discovery. The company’s dedication to developing cutting-edge products and solutions plays a crucial role in its ability to attract investors, such as Nicolet Bankshares Inc.
Given the current global climate, marked by increased emphasis on health and well-being, Abbott Laboratories is in an advantageous position. Its diverse portfolio of healthcare products allows it to cater to various segments of society in need of quality medical solutions.
With Nicolet Bankshares Inc.’s decision to increase its investment in Abbott Laboratories, it is evident that they view the company as a prime contender within the healthcare market. This strategic move further solidifies Abbott Laboratories’ standing as an attractive option for potential investors.
In conclusion, Nicolet Bankshares Inc.’s recent increase in shares of Abbott Laboratories reflects their growing confidence in the company’s financial prospects and signifies their commitment to capitalizing on its potential growth. Additionally, with the declaration of a quarterly dividend by Abbott Laboratories, shareholders can look forward to reaping a generous return on their investment. As both companies continue to navigate through this ever-changing landscape, their partnership exemplifies a mutually beneficial relationship built on trust and performance.
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Abbott Laboratories Receives Increased Stake from Institutional Investors, Shows Strong First Quarter Performance
Abbott Laboratories Reports Strong First Quarter Performance as Institutional Investors Increase Stake
August 14, 2023
Abbott Laboratories (NYSE:ABT), a leading healthcare product maker, has recently seen an increase in stake by several institutional investors and hedge funds. Beta Wealth Group Inc., Peregrine Asset Advisers Inc., Formidable Asset Management LLC, GHE LLC, and Wintrust Investments LLC have all purchased additional shares of Abbott Laboratories in the first quarter of this year. These investments reflect the confidence that these financial entities have in Abbott’s performance and potential for growth.
Beta Wealth Group Inc. increased its stake in Abbott Laboratories by 9.8%, adding an additional 400 shares to its portfolio. This acquisition brings Beta Wealth Group’s total ownership to 4,500 shares worth $456,000. Similarly, Peregrine Asset Advisers Inc., which had no previous investment in Abbott Laboratories, decided to purchase a new position valued at approximately $5,921,000.
Formidable Asset Management LLC also recognized the potential of Abbott Laboratories and added 360 shares to their portfolio during the first quarter. GHE LLC followed suit by purchasing an additional 246 shares, signaling their belief in the company’s growth prospects. Lastly, Wintrust Investments LLC increased its stake by 10.4% with the purchase of an additional 2,309 shares.
These recent investments by institutional investors and hedge funds demonstrate their confidence in Abbott Laboratories’ ability to deliver solid returns. Currently, approximately 73.08% of the stock is owned by such entities.
Several equities analysts have also weighed in on Abbott Laboratories’ performance recently. Barclays raised their price target on the stock from $127.00 to $132.00 and gave it an “overweight” rating. Wolfe Research upgraded Abbott Laboratories from “underperform” to “peer perform.” BTIG Research increased their target price from $125.00 to $130.00, while Mizuho raised the target price from $110.00 to $115.00 and gave the company a “neutral” rating. Additionally, UBS Group raised their target price from $117.00 to $130.00 and also gave Abbott Laboratories a “buy” rating.
According to Bloomberg.com, Abbott Laboratories currently holds an average rating of “Moderate Buy” among six analysts who have issued a hold rating and eleven who have assigned a buy rating to the stock. The consensus price target stands at $120.82.
As of Friday, August 14th, Abbott Laboratories was trading at $105.31 with a trading volume of 3,478,619 shares—lower than its average volume of 4,919,389 shares. Nevertheless, this slight decrease in trading volume does not reflect any negative sentiment towards the stock; instead, it may simply indicate consolidation or investor caution.
Abbott Laboratories has demonstrated stability in its stock price over the past year, with a low of $93.25 and a high of $115.83. With a debt-to-equity ratio of 0.39 and strong liquidity as evident by its current ratio of 1.64 and quick ratio of 1.16, Abbott Laboratories is well-positioned for future growth.
On July 20th, Abbott Laboratories posted its earnings results for the previous quarter, reporting earnings per share (EPS) of $1.08—a three-cent beat on the consensus estimate of $1.05 EPS. The company’s return on equity stands at an impressive 20.50%, while its net margin is a healthy 12.83%. Despite a decline in revenue by 11.4% compared to the same period last year—totaling $9.98 billion instead of analyst estimates of $9.71 billion—the company remains optimistic about future performance.
Analysts predict that Abbott Laboratories will achieve 4.4 earnings per share for the current fiscal year, further solidifying its position as a stable and promising investment opportunity.
In conclusion, Abbott Laboratories has been attracting institutional investors and hedge funds due to its robust performance and growth potential. With positive ratings from analysts and a consensus price target of $120.82, the stock is expected to continue delivering value to its shareholders. While trade volume has slightly decreased, the company’s strong financial health, including low debt and high liquidity, positions it for continued success in the future. Investors can confidently anticipate Abbott Laboratories’ sustained growth in the healthcare product manufacturing sector.