Fintel reports that on July 21, 2023, Wolfe Research upgraded their outlook for Abbott Laboratories (NYSE:ABT) from Underperform to Peer Perform.
Analyst Price Forecast Suggests 10.58% Upside
As of July 5, 2023, the average one-year price target for Abbott Laboratories is 126.38. The forecasts range from a low of 104.03 to a high of $151.20. The average price target represents an increase of 10.58% from its latest reported closing price of 114.29.
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The projected annual revenue for Abbott Laboratories is 39,830MM, a decrease of 0.98%. The projected annual non-GAAP EPS is 4.45.
Abbott Laboratories Declares $0.51 Dividend
On June 9, 2023 the company declared a regular quarterly dividend of $0.51 per share ($2.04 annualized). Shareholders of record as of July 14, 2023 will receive the payment on August 15, 2023. Previously, the company paid $0.51 per share.
At the current share price of $114.29 / share, the stock’s dividend yield is 1.78%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.62%, the lowest has been 1.26%, and the highest has been 2.29%. The standard deviation of yields is 0.19 (n=236).
The current dividend yield is 0.91 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.69. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.42%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 3888 funds or institutions reporting positions in Abbott Laboratories. This is a decrease of 40 owner(s) or 1.02% in the last quarter. Average portfolio weight of all funds dedicated to ABT is 0.57%, an increase of 15.92%. Total shares owned by institutions increased in the last three months by 137.32% to 3,593,933K shares. The put/call ratio of ABT is 0.96, indicating a bullish outlook.
What are Other Shareholders Doing?
Bank Julius Baer & Co. Ltd, Zurich holds 2,101,556K shares representing 120.85% ownership of the company. In it’s prior filing, the firm reported owning 2,142K shares, representing an increase of 99.90%. The firm decreased its portfolio allocation in ABT by 0.13% over the last quarter.
Capital Research Global Investors holds 76,405K shares representing 4.39% ownership of the company. In it’s prior filing, the firm reported owning 76,785K shares, representing a decrease of 0.50%. The firm decreased its portfolio allocation in ABT by 13.34% over the last quarter.
Capital International Investors holds 56,431K shares representing 3.25% ownership of the company. In it’s prior filing, the firm reported owning 53,026K shares, representing an increase of 6.03%. The firm decreased its portfolio allocation in ABT by 5.95% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 53,806K shares representing 3.09% ownership of the company. In it’s prior filing, the firm reported owning 53,002K shares, representing an increase of 1.49%. The firm decreased its portfolio allocation in ABT by 13.54% over the last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares holds 40,685K shares representing 2.34% ownership of the company. In it’s prior filing, the firm reported owning 40,307K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in ABT by 13.66% over the last quarter.
Abbott Laboratories Background Information
(This description is provided by the company.)
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Its portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 109,000 colleagues serve people in more than 160 countries.
This article originally appeared on Fintel
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