Corundum Group Inc. Has $1 Million Position in Abbott Laboratories (NYSE:ABT)

Corundum Group Inc. decreased its holdings in shares of Abbott Laboratories (NYSE:ABT) by 31.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 8,788 shares of the healthcare product maker’s stock after selling 4,101 shares during the period. Corundum Group Inc.’s holdings in Abbott Laboratories were worth $1,002,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Penn Davis Mcfarland Inc. bought a new position in Abbott Laboratories during the third quarter worth about $3,623,000. Brown Lisle Cummings Inc. grew its holdings in Abbott Laboratories by 14.8% during the third quarter. Brown Lisle Cummings Inc. now owns 4,079 shares of the healthcare product maker’s stock valued at $465,000 after purchasing an additional 525 shares during the period. Baker Boyer National Bank bought a new stake in Abbott Laboratories in the third quarter valued at approximately $211,000. Allspring Global Investments Holdings LLC boosted its position in shares of Abbott Laboratories by 17.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 268,538 shares of the healthcare product maker’s stock worth $30,616,000 after purchasing an additional 40,783 shares in the last quarter. Finally, Vest Financial LLC grew its holdings in shares of Abbott Laboratories by 12.9% in the 3rd quarter. Vest Financial LLC now owns 470,358 shares of the healthcare product maker’s stock valued at $53,626,000 after buying an additional 53,887 shares during the period. Institutional investors and hedge funds own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler Companies initiated coverage on Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Raymond James reiterated a “buy” rating and issued a $129.00 price objective (up from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Jefferies Financial Group raised their target price on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday. UBS Group increased their price objective on shares of Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Barclays boosted their price objective on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $129.67.

Insider Activity

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

Abbott Laboratories Stock Performance

NYSE ABT opened at $119.39 on Monday. The firm has a market capitalization of $207.69 billion, a P/E ratio of 37.19, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The firm’s fifty day moving average price is $113.97 and its two-hundred day moving average price is $108.48. Abbott Laboratories has a 1 year low of $91.64 and a 1 year high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.01. The business had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. Abbott Laboratories’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $1.14 EPS. As a group, research analysts anticipate that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.84%. Abbott Laboratories’s dividend payout ratio (DPR) is 68.54%.

Abbott Laboratories 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.