Portfolio Design Labs LLC Has $2.12 Million Holdings in Abbott Laboratories (NYSE:ABT)

Portfolio Design Labs LLC trimmed its position in Abbott Laboratories (NYSE:ABT) by 20.1% during the third quarter, HoldingsChannel.com reports. The firm owned 18,560 shares of the healthcare product maker’s stock after selling 4,663 shares during the quarter. Portfolio Design Labs LLC’s holdings in Abbott Laboratories were worth $2,116,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of ABT. Ontario Teachers Pension Plan Board acquired a new stake in Abbott Laboratories in the 3rd quarter valued at approximately $271,000. First Horizon Advisors Inc. raised its holdings in shares of Abbott Laboratories by 2.1% in the third quarter. First Horizon Advisors Inc. now owns 117,119 shares of the healthcare product maker’s stock valued at $13,353,000 after purchasing an additional 2,365 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Abbott Laboratories by 187.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,865 shares of the healthcare product maker’s stock worth $10,474,000 after purchasing an additional 59,915 shares in the last quarter. Howe & Rusling Inc. boosted its holdings in Abbott Laboratories by 3.1% during the third quarter. Howe & Rusling Inc. now owns 4,975 shares of the healthcare product maker’s stock worth $567,000 after purchasing an additional 149 shares during the last quarter. Finally, Strategy Asset Managers LLC grew its position in Abbott Laboratories by 51.0% in the third quarter. Strategy Asset Managers LLC now owns 9,392 shares of the healthcare product maker’s stock valued at $1,071,000 after purchasing an additional 3,173 shares in the last quarter. 75.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value of $16,492,852.39. Following the transaction, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. The trade was a 39.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.47% of the stock is currently owned by insiders.

Abbott Laboratories Stock Down 0.2 %

Shares of ABT opened at $117.10 on Wednesday. Abbott Laboratories has a 52 week low of $98.95 and a 52 week high of $121.64. The firm’s 50-day simple moving average is $115.55 and its 200 day simple moving average is $109.70. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. The firm has a market cap of $203.10 billion, a P/E ratio of 35.59, a price-to-earnings-growth ratio of 2.73 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data 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 business had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.14 EPS. On average, analysts forecast that Abbott Laboratories will post 4.67 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.88%. The ex-dividend date was Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Mizuho increased their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Piper Sandler increased their price target on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Oppenheimer started coverage on Abbott Laboratories in a research report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 price target on the stock. Jefferies Financial Group increased their price objective on Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, October 17th. Finally, Royal Bank of Canada boosted their target price on shares of Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.