Rep. Thomas H. Kean, Jr. Purchases Shares of Abbott Laboratories (NYSE:ABT)

Representative Thomas H. Kean, Jr. (R-New Jersey) recently bought shares of Abbott Laboratories (NYSE:ABT). In a filing disclosed on January 22nd, the Representative disclosed that they had bought between $1,001 and $15,000 in Abbott Laboratories stock on December 16th. The trade occurred in the Representative’s “KEAN FAMILY PARTNERSHIP” account.

Representative Thomas H. Kean, Jr. also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Canadian Pacific Kansas City (NYSE:CP) on 12/27/2024.
• Purchased $1,001 – $15,000 in shares of Pernod Ricard (OTC:PRNDY) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Alphabet (NASDAQ:GOOG) on 12/19/2024.
• Sold $1,001 – $15,000 in shares of Franklin Resources (NYSE:BEN) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Prologis (NYSE:PLD) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Analog Devices (NASDAQ:ADI) on 12/13/2024.

Abbott Laboratories Stock Up 4.6 %

Abbott Laboratories stock opened at $123.17 on Friday. The stock’s fifty day moving average is $114.91 and its two-hundred day moving average is $113.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The stock has a market cap of $213.62 billion, a PE ratio of 37.44, a P/E/G ratio of 2.50 and a beta of 0.73. Abbott Laboratories has a 1-year low of $99.71 and a 1-year high of $123.23.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, January 22nd. The healthcare product maker reported $1.34 EPS for the quarter, hitting the consensus estimate of $1.34. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The company had revenue of $10.97 billion for the quarter, compared to analyst estimates of $11,029,400 billion. During the same quarter in the previous year, the company posted $1.19 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, sell-side analysts expect that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.92%. The ex-dividend date is Wednesday, January 15th. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.55. Abbott Laboratories’s payout ratio is 30.85%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Mizuho increased their price target on Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Morgan Stanley raised their target price on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Piper Sandler increased their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Oppenheimer assumed coverage on shares of Abbott Laboratories in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 target price for the company. Finally, Barclays boosted their target price on shares of Abbott Laboratories from $143.00 to $149.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.50.

Institutional Trading of Abbott Laboratories

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp increased its stake in Abbott Laboratories by 3.1% during the third quarter. State Street Corp now owns 76,720,429 shares of the healthcare product maker’s stock valued at $8,746,896,000 after purchasing an additional 2,323,807 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Abbott Laboratories by 1.4% during the third quarter. Geode Capital Management LLC now owns 34,903,198 shares of the healthcare product maker’s stock valued at $3,963,974,000 after purchasing an additional 488,764 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Abbott Laboratories by 1.1% during the third quarter. Wellington Management Group LLP now owns 25,810,977 shares of the healthcare product maker’s stock valued at $2,942,709,000 after acquiring an additional 280,441 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Abbott Laboratories by 25.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 13,319,347 shares of the healthcare product maker’s stock valued at $1,518,539,000 after purchasing an additional 2,711,586 shares during the period. Finally, Fisher Asset Management LLC boosted its holdings in Abbott Laboratories by 5.6% during the third quarter. Fisher Asset Management LLC now owns 11,102,204 shares of the healthcare product maker’s stock worth $1,265,762,000 after buying an additional 585,915 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

About Representative Kean

Thomas Kean Jr. (Republican Party) is a member of the U.S. House, representing New Jersey’s 7th Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. Kean (Republican Party) is running for re-election to the U.S. House to represent New Jersey’s 7th Congressional District. He declared candidacy for the 2024 election. Kean has served as state Senate minority leader. He was a member of the New Jersey General Assembly from 2001 to 2003. Thomas Kean Jr. lives in Westfield, New Jersey. Kean earned a master’s degree from the Tufts University Fletcher School of Law and Diplomacy. His career experience includes working with the Environmental Protection Agency during the George H.W. Bush administration and as an advisor to former U.S. Representative Bob Franks, a firefighter, and an emergency medical technician. Kean has served as the vice president of a fire department.

About Abbott Laboratories

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.