Corundum Group Inc. Increases Stake in Abbott Laboratories (NYSE:ABT)

Corundum Group Inc. grew its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 47.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,981 shares of the healthcare product maker's stock after acquiring an additional 4,193 shares during the period. Corundum Group Inc.'s holdings in Abbott Laboratories were worth $1,468,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of ABT. State Street Corp boosted its holdings in shares of Abbott Laboratories by 3.1% in the 3rd quarter. State Street Corp now owns 76,720,429 shares of the healthcare product maker's stock valued at $8,746,896,000 after buying an additional 2,323,807 shares in the last quarter. Geode Capital Management LLC grew its holdings 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 worth $3,963,974,000 after purchasing an additional 488,764 shares during the last quarter. Wellington Management Group LLP increased its position 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 worth $2,942,709,000 after purchasing an additional 280,441 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Abbott Laboratories by 25.6% in 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 increased its position 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 during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock traded down $0.46 during trading on Monday, hitting $113.45. 6,443,213 shares of the company were exchanged, compared to its average volume of 4,199,178. The firm has a 50 day moving average price of $114.93 and a 200 day moving average price of $112.87. The stock has a market capitalization of $196.78 billion, a price-to-earnings ratio of 34.48, a P/E/G ratio of 2.40 and a beta of 0.73. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $121.64.

Abbott Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.08%. This is a positive change from Abbott Laboratories's previous quarterly dividend of $0.55. Abbott Laboratories's dividend payout ratio (DPR) is presently 66.87%.

Analyst Ratings Changes

Several research firms recently commented on ABT. Piper Sandler upped their price target on shares of Abbott Laboratories from $131.00 to $133.00 and gave the company an "overweight" rating in a research report on Thursday, October 17th. Morgan Stanley raised their price target on Abbott Laboratories from $107.00 to $117.00 and gave the stock an "equal weight" rating in a report on Thursday, October 17th. Oppenheimer began coverage on Abbott Laboratories in a research report on Tuesday, October 8th. They set an "outperform" rating and a $130.00 price objective for the company. Jefferies Financial Group upped their price target on Abbott Laboratories from $120.00 to $125.00 and gave the stock a "hold" rating in a research note on Thursday, October 17th. Finally, Mizuho increased their price target on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $131.57.

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.