Nexus Investment Management ULC Cuts Stock Holdings in Abbott Laboratories (NYSE:ABT)

Nexus Investment Management ULC lessened its position in shares of Abbott Laboratories (NYSE:ABT) by 24.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,490 shares of the healthcare product maker’s stock after selling 800 shares during the quarter. Nexus Investment Management ULC’s holdings in Abbott Laboratories were worth $282,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Groupama Asset Managment grew its position in shares of Abbott Laboratories by 22.2% during the 3rd quarter. Groupama Asset Managment now owns 228,448 shares of the healthcare product maker’s stock valued at $26,000 after acquiring an additional 41,557 shares during the period. Future Financial Wealth Managment LLC purchased a new position in Abbott Laboratories during the third quarter worth approximately $31,000. Itau Unibanco Holding S.A. acquired a new stake in Abbott Laboratories in the second quarter valued at approximately $32,000. Peterson Financial Group Inc. purchased a new stake in shares of Abbott Laboratories in the third quarter valued at approximately $32,000. Finally, Valued Wealth Advisors LLC raised its stake in shares of Abbott Laboratories by 78.4% during the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock worth $33,000 after buying an additional 127 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 0.4 %

Shares of NYSE:ABT opened at $113.45 on Friday. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $121.64. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. The business has a fifty day moving average of $114.93 and a two-hundred day moving average of $112.73. The stock has a market cap of $196.78 billion, a P/E ratio of 34.48, a PEG ratio of 2.40 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The company had revenue of $10.64 billion for the quarter, compared to the consensus estimate of $10.55 billion. During the same period in the previous year, the firm earned $1.14 earnings per share. Abbott Laboratories’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, research analysts expect that Abbott Laboratories will post 4.67 earnings per share for the current year.

Abbott Laboratories Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $0.59 dividend. The ex-dividend date is Wednesday, January 15th. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.55. This represents a $2.36 dividend on an annualized basis and a yield of 2.08%. Abbott Laboratories’s dividend payout ratio is currently 71.73%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ABT shares. Morgan Stanley lifted their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Raymond James reiterated a “buy” rating and issued a $129.00 target price (up previously from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Jefferies Financial Group upped their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, October 17th. Piper Sandler lifted their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, Evercore ISI increased their target price on Abbott Laboratories to $136.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average price target of $131.57.

Abbott Laboratories 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.