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California Public Employees Retirement System Has $485.22 Million Stock Holdings in Abbott Laboratories (NYSE:ABT)

Financial News Live · Feb 6, 2023 10:32

California Public Employees Retirement System raised its holdings in Abbott Laboratories (NYSE:ABT – Get Rating) by 9.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,014,679 shares of the healthcare product maker's stock after acquiring an additional 453,420 shares during the quarter. California Public Employees Retirement System owned about 0.29% of Abbott Laboratories worth $485,220,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Insight Inv LLC acquired a new stake in shares of Abbott Laboratories in the second quarter worth $26,000. EdgeRock Capital LLC acquired a new position in Abbott Laboratories during the 3rd quarter valued at $29,000. Johnson Midwest Financial LLC raised its stake in Abbott Laboratories by 28.7% during the 3rd quarter. Johnson Midwest Financial LLC now owns 560 shares of the healthcare product maker's stock valued at $35,000 after purchasing an additional 125 shares during the last quarter. Newbridge Financial Services Group Inc. raised its stake in Abbott Laboratories by 148.4% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 477 shares of the healthcare product maker's stock valued at $46,000 after purchasing an additional 285 shares during the last quarter. Finally, Hoese & Co LLP increased its holdings in Abbott Laboratories by 26.7% in the 3rd quarter. Hoese & Co LLP now owns 570 shares of the healthcare product maker's stock valued at $55,000 after buying an additional 120 shares during the period. 72.93% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ABT. Stifel Nicolaus boosted their price target on shares of Abbott Laboratories from $110.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, January 26th. Barclays upped their target price on shares of Abbott Laboratories from $122.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, January 27th. Wells Fargo & Company lowered their target price on shares of Abbott Laboratories from $150.00 to $140.00 and set an "overweight" rating on the stock in a report on Monday, October 10th. Morgan Stanley upped their target price on shares of Abbott Laboratories from $117.00 to $133.00 and gave the stock an "overweight" rating in a report on Friday, January 6th. Finally, Mizuho upped their target price on shares of Abbott Laboratories from $105.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, January 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $125.63.

Abbott Laboratories Price Performance

Shares of ABT opened at $111.46 on Monday. The stock has a market capitalization of $194.34 billion, a P/E ratio of 28.59, a P/E/G ratio of 5.01 and a beta of 0.66. Abbott Laboratories has a twelve month low of $93.25 and a twelve month high of $130.79. The company has a 50 day moving average of $109.76 and a 200-day moving average of $105.96. The company has a quick ratio of 1.43, a current ratio of 1.86 and a debt-to-equity ratio of 0.43.

Abbott Laboratories (NYSE:ABT – Get Rating) last announced its quarterly earnings results on Wednesday, January 25th. The healthcare product maker reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.13. Abbott Laboratories had a return on equity of 26.24% and a net margin of 15.88%. The business had revenue of $10.09 billion during the quarter, compared to the consensus estimate of $9.69 billion. During the same quarter last year, the firm posted $1.32 EPS. The company's quarterly revenue was down 12.0% on a year-over-year basis. As a group, equities research analysts forecast that Abbott Laboratories will post 4.38 EPS for the current fiscal year.

Abbott Laboratories Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Friday, January 13th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Thursday, January 12th. This is a boost from Abbott Laboratories's previous quarterly dividend of $0.47. Abbott Laboratories's payout ratio is currently 52.17%.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, EVP John F. Ginascol sold 11,000 shares of Abbott Laboratories stock in a transaction dated Tuesday, December 13th. The stock was sold at an average price of $112.32, for a total value of $1,235,520.00. Following the transaction, the executive vice president now owns 111,912 shares in the company, valued at $12,569,955.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.52% of the company's stock.

About Abbott Laboratories

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Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.