Daiwa Securities Group Inc. has raised its stake in Abbott Laboratories (NYSE: ABT) by 6.9% during the second quarter of 2023, according to a report from HoldingsChannel.com. The institutional investor now holds 277,862 shares of the healthcare company, having purchased an additional 18,043 shares in the recent quarter. This increased investment is valued at approximately $37.79 million based on the most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also adjusted their positions in Abbott Laboratories. Notably, IMG Wealth Management Inc. significantly boosted its holdings by 759.1% during the same period, now owning 189 shares worth about $26,000 after acquiring an additional 167 shares. Elequin Capital LP initiated a new stake valued at $30,000 in the first quarter. Other firms such as Anfield Capital Management LLC raised their positions by 81.3%, Curio Wealth LLC increased its stake by an astonishing 15,250.0%, and Pineridge Advisors LLC grew its holdings by 34.6%. Overall, institutional investors currently own 75.18% of Abbott Laboratories’ stock.
Recent Stock Performance and Dividends
As of the latest trading session on Tuesday, Abbott Laboratories shares opened at $121.88. The company’s 50-day simple moving average stands at $128.31, while the 200-day average is at $130.72. Abbott Laboratories has demonstrated resilience in its stock performance, with a one-year low of $110.86 and a high of $141.23. The firm boasts a market capitalization of $211.93 billion, a price-to-earnings (PE) ratio of 15.27, and a beta of 0.71.
In addition to its stock performance, Abbott Laboratories declared a quarterly dividend, which was paid on November 17, 2023. Shareholders of record on October 15, 2023, received a dividend of $0.59 per share, translating to an annualized dividend of $2.36 and a dividend yield of 1.9%. The company maintains a dividend payout ratio (DPR) of 29.57%.
Analyst Ratings and Market Outlook
Various research firms have recently updated their ratings for Abbott Laboratories. Mizuho raised its price target from $135.00 to $140.00 while maintaining a “neutral” rating. BTIG Research reiterated a “buy” rating, setting a target of $145.00. Sanford C. Bernstein increased its price objective from $145.00 to $150.00, giving the company an “outperform” rating. Additionally, Raymond James Financial boosted its target from $141.00 to $146.00, and Barclays raised the price target from $159.00 to $162.00, assigning an “overweight” rating.
In total, two analysts have issued a “Strong Buy” rating, seventeen have rated the stock as a “Buy,” and four have assigned a “Hold” rating. According to data from MarketBeat.com, the consensus rating is categorized as a “Moderate Buy” with an average target price of $147.00.
Abbott Laboratories continues to be a significant player in the healthcare sector, engaged in the discovery, development, and manufacturing of medical products across various categories. Its operations span four segments: established pharmaceutical products, diagnostic products, nutritional products, and medical devices. The company’s diverse portfolio addresses numerous health conditions, positioning it well for future growth.
For those interested in tracking institutional investment changes and insider trades related to Abbott Laboratories, HoldingsChannel.com offers the latest updates and filings.
