Petredis Investment Advisors LLC Has $4.28 Million Position in Abbott Laboratories (NYSE:ABT)

Petredis Investment Advisors LLC grew its position in shares of Abbott Laboratories (NYSE:ABT) by 0.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,546 shares of the healthcare product maker’s stock after buying an additional 129 shares during the period. Petredis Investment Advisors LLC’s holdings in Abbott Laboratories were worth $4,281,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ABT. Boltwood Capital Management raised its stake in Abbott Laboratories by 0.4% in the 3rd quarter. Boltwood Capital Management now owns 21,821 shares of the healthcare product maker’s stock worth $2,488,000 after purchasing an additional 89 shares in the last quarter. Wedge Capital Management L L P NC raised its position in shares of Abbott Laboratories by 2.9% in the third quarter. Wedge Capital Management L L P NC now owns 3,153 shares of the healthcare product maker’s stock valued at $359,000 after buying an additional 89 shares in the last quarter. Atwood & Palmer Inc. boosted its stake in shares of Abbott Laboratories by 6.5% in the third quarter. Atwood & Palmer Inc. now owns 1,478 shares of the healthcare product maker’s stock valued at $169,000 after buying an additional 90 shares during the period. Central Pacific Bank Trust Division grew its position in Abbott Laboratories by 2.3% during the third quarter. Central Pacific Bank Trust Division now owns 4,045 shares of the healthcare product maker’s stock worth $461,000 after buying an additional 91 shares in the last quarter. Finally, Hanson & Doremus Investment Management increased its stake in Abbott Laboratories by 0.8% during the 2nd quarter. Hanson & Doremus Investment Management now owns 11,165 shares of the healthcare product maker’s stock worth $1,160,000 after acquiring an additional 92 shares during the period. Institutional investors and hedge funds own 75.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ABT. Oppenheimer assumed coverage on Abbott Laboratories in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price target on the stock. Citigroup boosted their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Piper Sandler assumed coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Raymond James restated a “buy” rating and set a $129.00 price objective (up from $122.00) on shares of Abbott Laboratories in a research report on Monday. Finally, Barclays lifted their price target on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and an average target price of $125.54.

Abbott Laboratories Trading Down 1.0 %

Shares of ABT stock opened at $116.04 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $201.87 billion, a P/E ratio of 36.15, a P/E/G ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a twelve month low of $90.87 and a twelve month high of $121.64. The stock’s fifty day simple moving average is $113.44 and its 200 day simple moving average is $108.34.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The company had revenue of $10.38 billion during the quarter, compared to the consensus estimate of $10.37 billion. During the same quarter in the prior year, the firm posted $1.08 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. As a group, sell-side analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.90%. Abbott Laboratories’s dividend payout ratio is 68.54%.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the sale, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.10% of the stock is currently owned by company insiders.

Abbott Laboratories Company Profile

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.