Geode Capital Management LLC Increases Stock Holdings in Abbott Laboratories (NYSE:ABT)

Geode Capital Management LLC raised its stake in shares of Abbott Laboratories (NYSE:ABT) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,196,788 shares of the healthcare product maker’s stock after acquiring an additional 598,164 shares during the period. Geode Capital Management LLC owned about 1.79% of Abbott Laboratories worth $3,151,497,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Greenline Partners LLC purchased a new position in shares of Abbott Laboratories in the 1st quarter worth approximately $518,000. Aberdeen Wealth Management LLC increased its position in shares of Abbott Laboratories by 0.7% during the 1st quarter. Aberdeen Wealth Management LLC now owns 13,855 shares of the healthcare product maker’s stock valued at $1,403,000 after purchasing an additional 103 shares during the last quarter. Aristotle Atlantic Partners LLC boosted its stake in Abbott Laboratories by 21.2% in the first quarter. Aristotle Atlantic Partners LLC now owns 199,730 shares of the healthcare product maker’s stock valued at $20,225,000 after acquiring an additional 34,945 shares during the last quarter. Becker Capital Management Inc. lifted its stake in Abbott Laboratories by 1.2% in the first quarter. Becker Capital Management Inc. now owns 11,061 shares of the healthcare product maker’s stock valued at $1,120,000 after purchasing an additional 132 shares during the last quarter. Finally, Brookfield Corp ON bought a new stake in shares of Abbott Laboratories in the first quarter valued at $799,000. 73.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Wolfe Research upgraded Abbott Laboratories from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 21st. StockNews.com began coverage on shares of Abbott Laboratories in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Barclays boosted their target price on shares of Abbott Laboratories from $127.00 to $132.00 and gave the company an “overweight” rating in a report on Monday, July 24th. Mizuho lifted their price target on Abbott Laboratories from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, July 21st. Finally, Morgan Stanley restated an “equal weight” rating and issued a $112.00 target price on shares of Abbott Laboratories in a research note on Friday, July 21st. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and an average price target of $120.82.

Abbott Laboratories Trading Down 0.6 %

Shares of Abbott Laboratories stock traded down $0.60 during trading on Tuesday, reaching $101.85. The company’s stock had a trading volume of 448,508 shares, compared to its average volume of 4,891,202. The company has a market cap of $176.75 billion, a price-to-earnings ratio of 34.97, a PEG ratio of 4.50 and a beta of 0.68. The firm’s 50-day moving average is $106.54 and its two-hundred day moving average is $105.19. Abbott Laboratories has a 52-week low of $93.25 and a 52-week high of $115.83. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.39.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, July 20th. The healthcare product maker reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. The business had revenue of $9.98 billion for the quarter, compared to analysts’ expectations of $9.71 billion. Abbott Laboratories had a return on equity of 20.50% and a net margin of 12.83%. The business’s quarterly revenue was down 11.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.43 EPS. On average, sell-side analysts anticipate that Abbott Laboratories will post 4.4 earnings per share for the current year.

Insider Transactions at Abbott Laboratories

In related news, EVP Andrea F. Wainer sold 10,400 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $105.03, for a total value of $1,092,312.00. Following the completion of the sale, the executive vice president now owns 65,027 shares of the company’s stock, valued at $6,829,785.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Daniel J. Starks sold 50,000 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $113.76, for a total value of $5,688,000.00. Following the sale, the director now directly owns 6,775,316 shares of the company’s stock, valued at $770,759,948.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Andrea F. Wainer sold 10,400 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $105.03, for a total value of $1,092,312.00. Following the transaction, the executive vice president now directly owns 65,027 shares of the company’s stock, valued at approximately $6,829,785.81. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

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 Established Pharmaceutical Products segment 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.