Western Pacific Wealth Management LP Grows Position in Abbott Laboratories (NYSE:ABT)

Western Pacific Wealth Management LP increased its stake in Abbott Laboratories (NYSE:ABT) by 23.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,609 shares of the healthcare product maker’s stock after purchasing an additional 307 shares during the quarter. Western Pacific Wealth Management LP’s holdings in Abbott Laboratories were worth $183,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Insight Folios Inc lifted its position in Abbott Laboratories by 3.3% during the third quarter. Insight Folios Inc now owns 2,691 shares of the healthcare product maker’s stock valued at $307,000 after acquiring an additional 87 shares during the last quarter. Boltwood Capital Management increased its position in shares of Abbott Laboratories by 0.4% during the third 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 lifted its holdings in shares of Abbott Laboratories by 2.9% during the 3rd 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 purchasing an additional 89 shares during the last quarter. Silicon Valley Capital Partners boosted its holdings in Abbott Laboratories by 8.7% in the third quarter. Silicon Valley Capital Partners now owns 1,108 shares of the healthcare product maker’s stock worth $126,000 after acquiring an additional 89 shares in the last quarter. Finally, Atwood & Palmer Inc. boosted its stake in Abbott Laboratories by 6.5% in the 3rd quarter. Atwood & Palmer Inc. now owns 1,478 shares of the healthcare product maker’s stock worth $169,000 after purchasing an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Analyst Ratings Changes

ABT has been the topic of several research analyst reports. Jefferies Financial Group boosted their price target on Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, October 17th. Mizuho lifted their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Sanford C. Bernstein upped their target price on Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. UBS Group raised their price target on shares of Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average target price of $130.07.

Insiders Place Their Bets

In related news, CEO Robert B. Ford sold 141,679 shares of the company’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 transaction of $16,492,852.39. Following the sale, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.

Abbott Laboratories Stock Down 1.3 %

Shares of NYSE:ABT opened at $115.31 on Friday. 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 company has a market capitalization of $200.00 billion, a price-to-earnings ratio of 35.05, a PEG ratio of 2.77 and a beta of 0.72. The business has a 50-day moving average price of $115.20 and a 200 day moving average price of $109.08. Abbott Laboratories has a 12-month low of $92.43 and a 12-month high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The firm had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. During the same period in the prior year, the business posted $1.14 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts expect that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

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 issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 66.87%.

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.