Bahl & Gaynor LLC lowered its stake in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 3.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 616,871 shares of the healthcare product maker’s stock after selling 23,086 shares during the period. Bahl & Gaynor LLC’s holdings in Abbott Laboratories were worth $60,965,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in the stock. Renasant Bank bought a new stake in shares of Abbott Laboratories in the third quarter valued at $551,000. Mesirow Financial Investment Management Inc. grew its stake in shares of Abbott Laboratories by 0.3% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 168,258 shares of the healthcare product maker’s stock worth $16,629,000 after acquiring an additional 579 shares during the period. Woodley Farra Manion Portfolio Management Inc. grew its stake in shares of Abbott Laboratories by 32.7% during the 3rd quarter. Woodley Farra Manion Portfolio Management Inc. now owns 604,290 shares of the healthcare product maker’s stock worth $59,722,000 after acquiring an additional 148,742 shares during the period. Keybank National Association OH increased its holdings in Abbott Laboratories by 0.7% in the 3rd quarter. Keybank National Association OH now owns 1,261,773 shares of the healthcare product maker’s stock worth $124,701,000 after acquiring an additional 8,778 shares during the last quarter. Finally, Searle & CO. increased its holdings in Abbott Laboratories by 11.5% in the 3rd quarter. Searle & CO. now owns 19,368 shares of the healthcare product maker’s stock worth $1,914,000 after acquiring an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.
Wall Street Analyst Weigh In
ABT has been the topic of a number of research reports. Rothschild & Co Redburn upgraded Abbott Laboratories from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $119.00 to $127.00 in a research note on Friday, October 2nd. Piper Sandler reiterated an “overweight” rating and set a $118.00 target price (up from $115.00) on shares of Abbott Laboratories in a research report on Friday, July 17th. UBS Group reduced their target price on shares of Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. Wolfe Research raised shares of Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 price target on the stock in a research report on Thursday, August 13th. Finally, Royal Bank Of Canada dropped their price target on shares of Abbott Laboratories from $130.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.32.
Read Our Latest Research Report on ABT
Abbott Laboratories Stock Performance
NYSE:ABT opened at $110.58 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.45. Abbott Laboratories has a 52-week low of $81.97 and a 52-week high of $132.02. The firm has a market cap of $191.53 billion, a price-to-earnings ratio of 41.26, a PEG ratio of 1.94 and a beta of 0.54. The business’s fifty day moving average is $103.99 and its 200 day moving average is $101.74.
Abbott Laboratories (NYSE:ABT – Get Free Report) last issued its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 EPS for the quarter, hitting the consensus estimate of $1.42. The business had revenue of $13.01 billion during the quarter, compared to the consensus estimate of $12.99 billion. Abbott Laboratories had a return on equity of 18.04% and a net margin of 9.75%. The firm’s revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.30 EPS. Research analysts predict that Abbott Laboratories will post 5.52 EPS for the current year.
Abbott Laboratories Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $2.52 annualized dividend and a yield of 2.3%. Abbott Laboratories’s payout ratio is currently 94.03%.
Insider Buying and Selling
In related news, EVP Mary Moreland sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $116.00, for a total transaction of $406,000.00. Following the sale, the executive vice president owned 100,791 shares of the company’s stock, valued at approximately $11,691,756. This represents a 3.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.
Abbott Laboratories Profile
Abbott Laboratories is a global healthcare company that develops, manufactures and markets medical devices, diagnostic tests, nutritional products and branded generic medicines. Its products serve patients and healthcare professionals in hospitals, clinics and other care settings. Abbott’s offerings include the FreeStyle Libre continuous glucose monitoring system, cardiovascular and other medical devices, laboratory and rapid diagnostic tests, and nutrition brands such as Ensure and Similac. Its established pharmaceuticals business sells branded generic medicines in markets outside the United States.
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