St. Louis Financial Planners Asset Management LLC cut its stake in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 95.6% in the third quarter, HoldingsChannel reports. The fund owned 2,286 shares of the healthcare product maker’s stock after selling 49,107 shares during the period. St. Louis Financial Planners Asset Management LLC’s holdings in Abbott Laboratories were worth $233,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its position 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 purchasing an additional 10,431 shares in the last quarter. Juncture Wealth Strategies LLC purchased a new position in Abbott Laboratories in the 3rd quarter worth approximately $658,000. Aureus Asset Management LLC lifted its holdings in Abbott Laboratories by 25.0% in the 1st quarter. Aureus Asset Management LLC now owns 331,920 shares of the healthcare product maker’s stock worth $34,078,000 after purchasing an additional 66,422 shares in the last quarter. Thompson Investment Management Inc. boosted its stake in Abbott Laboratories by 786.0% in the 2nd quarter. Thompson Investment Management Inc. now owns 14,061 shares of the healthcare product maker’s stock worth $1,276,000 after purchasing an additional 12,474 shares during the period. Finally, Clear Harbor Asset Management LLC bought a new position in Abbott Laboratories in the 2nd quarter worth approximately $4,889,000. 75.18% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on ABT. Robert W. Baird initiated coverage on shares of Abbott Laboratories in a research report on Wednesday, July 1st. They set an “outperform” rating and a $121.00 price objective on the stock. Rothschild & Co Redburn upgraded shares of Abbott Laboratories from a “neutral” rating to a “buy” rating and upped their target price for the stock from $119.00 to $127.00 in a research report on Friday, October 2nd. Citigroup upped their target price on shares of Abbott Laboratories from $108.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Piper Sandler reaffirmed an “overweight” rating and set a $118.00 target price (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. Finally, BTIG Research lifted their price target on shares of Abbott Laboratories from $131.00 to $134.00 and gave the company a “buy” rating in a report on Friday, July 17th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Abbott Laboratories has an average rating of “Moderate Buy” and a consensus price target of $118.88.
Check Out Our Latest Stock Report on Abbott Laboratories
Abbott Laboratories Price Performance
NYSE ABT traded up $0.11 during trading on Friday, hitting $104.79. 8,242,633 shares of the stock traded hands, compared to its average volume of 9,826,727. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. Abbott Laboratories has a 12-month low of $81.97 and a 12-month high of $132.02. The firm has a 50-day simple moving average of $105.91 and a 200-day simple moving average of $98.31. The company has a market capitalization of $181.32 billion, a P/E ratio of 33.91, a price-to-earnings-growth ratio of 1.94 and a beta of 0.59.
Abbott Laboratories (NYSE:ABT – Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The healthcare product maker reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.03. The business had revenue of $12.59 billion for the quarter, compared to analysts’ expectations of $12.52 billion. Abbott Laboratories had a return on equity of 17.69% and a net margin of 11.65%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.26 EPS. As a group, analysts predict that Abbott Laboratories will post 5.52 EPS for the current year.
Abbott Laboratories Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be issued a $0.63 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.4%. Abbott Laboratories’s dividend payout ratio (DPR) is 81.55%.
Abbott Laboratories Profile
Abbott Laboratories (NYSE:ABT) is a diversified healthcare company that develops, manufactures and sells medical devices, diagnostic products, nutritional products and branded generic pharmaceuticals. Founded in 1888 by Wallace C. Abbott, the company serves healthcare providers, institutions, retailers and consumers worldwide.
Abbott’s medical device portfolio includes cardiovascular products, such as coronary stents, structural heart systems and heart failure devices, as well as diabetes-care technologies, including the FreeStyle Libre continuous glucose monitoring system.
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