Narwhal Capital Management trimmed its holdings in Abbott Laboratories (NYSE:ABT – Free Report) by 26.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 20,351 shares of the healthcare product maker’s stock after selling 7,243 shares during the quarter. Narwhal Capital Management’s holdings in Abbott Laboratories were worth $2,011,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in ABT. Farther Finance Advisors LLC increased its stake in shares of Abbott Laboratories by 14.1% during the third quarter. Farther Finance Advisors LLC now owns 84,377 shares of the healthcare product maker’s stock worth $8,339,000 after acquiring an additional 10,431 shares during the period. Juncture Wealth Strategies LLC purchased a new position in Abbott Laboratories during the third quarter worth about $658,000. Aureus Asset Management LLC lifted its position in Abbott Laboratories by 25.0% in the first quarter. Aureus Asset Management LLC now owns 331,920 shares of the healthcare product maker’s stock valued at $34,078,000 after purchasing an additional 66,422 shares during the period. Thompson Investment Management Inc. lifted its position in Abbott Laboratories by 786.0% in the second quarter. Thompson Investment Management Inc. now owns 14,061 shares of the healthcare product maker’s stock valued at $1,276,000 after purchasing an additional 12,474 shares during the period. Finally, Clear Harbor Asset Management LLC purchased a new stake in Abbott Laboratories in the 2nd quarter valued at approximately $4,889,000. Institutional investors and hedge funds own 75.18% of the company’s stock.
Insider Activity
In other news, EVP Mary Moreland sold 3,500 shares of the stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $116.00, for a total value of $406,000.00. Following the sale, the executive vice president directly owned 100,791 shares in the company, valued at $11,691,756. This represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by company insiders.
Abbott Laboratories Trading Up 0.1%
Shares of Abbott Laboratories stock opened at $110.58 on Wednesday. The company has a 50-day moving average of $103.99 and a two-hundred day moving average of $101.74. Abbott Laboratories has a 12-month low of $81.97 and a 12-month high of $132.02. The company has a current ratio of 1.45, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The stock has a market cap of $191.53 billion, a PE ratio of 41.26, a price-to-earnings-growth ratio of 1.94 and a beta of 0.54.
Abbott Laboratories (NYSE:ABT – Get Free Report) last announced its quarterly 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 for the quarter, compared to analyst estimates of $12.99 billion. Abbott Laboratories had a return on equity of 18.04% and a net margin of 9.75%. The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.30 EPS. On average, research analysts anticipate that Abbott Laboratories will post 5.52 EPS for the current fiscal year.
Abbott Laboratories Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Thursday, October 15th. Abbott Laboratories’s payout ratio is 94.03%.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on ABT shares. UBS Group dropped their target price on Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. TD Cowen reduced their price target on Abbott Laboratories from $135.00 to $118.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Rothschild & Co Redburn upgraded Abbott Laboratories from a “neutral” rating to a “buy” rating and lifted their price target for the company from $119.00 to $127.00 in a research note on Friday, October 2nd. Citigroup dropped their price objective on Abbott Laboratories from $125.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Finally, Wells Fargo & Company boosted their target price on shares of Abbott Laboratories from $112.00 to $119.00 and gave the stock an “overweight” rating in a research report on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus target price of $118.32.
Get Our Latest Stock Analysis on Abbott Laboratories
About Abbott Laboratories
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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