Linscomb Wealth Inc. has increased its investment in Abbott Laboratories (NYSE: ABT) by 3.1% during the second quarter of 2023, according to a report by HoldingsChannel.com. The institutional investor now holds 108,188 shares of the healthcare company, worth approximately $14,715,000 as of the end of the quarter. This asset represents 0.7% of Linscomb’s overall investment portfolio, positioning Abbott Laboratories as the firm’s 21st largest holding.
Other institutional investors have also adjusted their positions in Abbott Laboratories recently. For instance, AMG National Trust Bank increased its stake by 0.8%, acquiring an additional 238 shares for a total of 31,767 shares valued at about $4,321,000. Earned Wealth Advisors LLC significantly boosted its holdings by 20.0%, now owning 4,987 shares valued at $678,000 after adding 830 shares. IFG Advisory LLC raised its position by 5.7%, now holding 34,987 shares worth $4,759,000 following the purchase of 1,891 shares.
The growing interest from institutional investors highlights the confidence in Abbott Laboratories, which currently sees 75.18% of its stock held by such entities.
Insider Activity and Recent Earnings
In related news, Abbott Laboratories’ Chief Financial Officer, Philip P. Boudreau, sold 5,550 shares on August 8, 2023, at an average price of $134.55, amounting to a total of $746,752.50. Following this transaction, Boudreau retains 51,003 shares, valued at approximately $6,862,453.65, a reduction of 9.81% in his holdings. This sale was documented in a legal filing with the Securities and Exchange Commission.
Abbott Laboratories released its latest earnings results on October 15, 2023, reporting an earnings per share (EPS) of $1.30, aligning with analysts’ expectations. The company achieved a net margin of 31.88% and a return on equity of 17.78%, with quarterly revenue reaching $11.37 billion, slightly below analyst estimates of $11.40 billion. Compared to the same quarter last year, revenue experienced a year-over-year increase of 6.9%. Abbott Laboratories has set its fiscal year 2025 guidance at an EPS range of 5.120-5.180.
Dividends and Analyst Ratings
Recently, Abbott Laboratories announced a quarterly dividend of $0.59, which will be distributed on November 17, 2023, to investors on record as of October 15, 2023. This dividend translates to an annualized payment of $2.36 and a dividend yield of 1.9%, with a payout ratio of 29.57%.
Brokerages are optimistic about Abbott Laboratories’ prospects. Barclays raised its price target for the stock from $159.00 to $162.00, maintaining an “overweight” rating. Similarly, BTIG Research reaffirmed a “buy” rating with a target of $145.00. Other firms, including Sanford C. Bernstein and Morgan Stanley, also adjusted their price targets upward, reflecting a consensus that suggests a favorable outlook for the company.
According to data from MarketBeat.com, Abbott Laboratories holds a consensus rating of “Moderate Buy,” with an average target price of $147.00.
As Abbott Laboratories continues to navigate the healthcare market, its strategic moves and strong institutional backing may further solidify its position in the industry.
