Wrapmanager Inc. Sells 4,414 Shares of Abbott Laboratories (NYSE:ABT)

Wrapmanager Inc. lowered its position in Abbott Laboratories (NYSE:ABT) by 19.3% in the third quarter, Holdings Channel.com reports. The fund owned 18,424 shares of the healthcare product maker’s stock after selling 4,414 shares during the period. Wrapmanager Inc.’s holdings in Abbott Laboratories were worth $2,101,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. BDF Gestion bought a new position in shares of Abbott Laboratories during the 2nd quarter worth approximately $7,651,000. Dundas Partners LLP lifted its position in shares of Abbott Laboratories by 2.1% during the 2nd quarter. Dundas Partners LLP now owns 330,227 shares of the healthcare product maker’s stock worth $34,313,000 after buying an additional 6,897 shares during the period. Sequoia Financial Advisors LLC increased its holdings in Abbott Laboratories by 19.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 193,764 shares of the healthcare product maker’s stock valued at $22,091,000 after purchasing an additional 31,720 shares in the last quarter. Simplify Asset Management Inc. increased its holdings in Abbott Laboratories by 67.3% during the 3rd quarter. Simplify Asset Management Inc. now owns 14,083 shares of the healthcare product maker’s stock valued at $1,606,000 after purchasing an additional 5,664 shares in the last quarter. Finally, MONECO Advisors LLC increased its holdings in Abbott Laboratories by 110.1% during the 3rd quarter. MONECO Advisors LLC now owns 31,148 shares of the healthcare product maker’s stock valued at $3,551,000 after purchasing an additional 16,325 shares in the last quarter. Institutional investors own 75.18% of the company’s stock.

Insider Transactions at Abbott Laboratories

In other 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 transaction of $16,492,852.39. Following the completion of the transaction, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This represents a 39.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by insiders.

Abbott Laboratories Stock Performance

ABT stock opened at $117.36 on Tuesday. The business’s 50-day moving average price is $115.55 and its two-hundred day moving average price is $109.62. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. The firm has a market cap of $203.56 billion, a PE ratio of 35.67, a P/E/G ratio of 2.73 and a beta of 0.72. Abbott Laboratories has a 1-year low of $98.95 and a 1-year high of $121.64.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. The firm had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.14 earnings per share. As a group, research analysts forecast that Abbott Laboratories will post 4.67 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.87%. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ABT shares. Oppenheimer started coverage on Abbott Laboratories in a report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 price target for the company. Piper Sandler raised their price target on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Morgan Stanley lifted their target price on Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Sanford C. Bernstein lifted their target price on Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Mizuho lifted their target price on Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.07.

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.