Mattern Wealth Management LLC Has $2.38 Million Stock Position in Abbott Laboratories (NYSE:ABT)

Mattern Wealth Management LLC cut its stake in Abbott Laboratories (NYSE:ABT) by 41.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 20,862 shares of the healthcare product maker’s stock after selling 14,813 shares during the quarter. Mattern Wealth Management LLC’s holdings in Abbott Laboratories were worth $2,378,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ABT. Unique Wealth Strategies LLC acquired a new stake in Abbott Laboratories during the 2nd quarter valued at $28,000. Redmont Wealth Advisors LLC acquired a new stake in Abbott Laboratories during the 1st quarter valued at $30,000. Future Financial Wealth Managment LLC acquired a new stake in Abbott Laboratories during the 3rd quarter valued at $31,000. Itau Unibanco Holding S.A. acquired a new stake in Abbott Laboratories during the 2nd quarter valued at $32,000. Finally, Ridgewood Investments LLC acquired a new stake in Abbott Laboratories during the 2nd quarter valued at $37,000. 75.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Oppenheimer assumed coverage on Abbott Laboratories in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price objective on the stock. Barclays increased their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Citigroup increased their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Finally, Piper Sandler Companies started coverage on Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target on the stock. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $129.67.

Abbott Laboratories Stock Performance

Shares of NYSE:ABT traded down $0.88 during trading on Tuesday, reaching $116.11. 895,247 shares of the stock were exchanged, compared to its average volume of 5,720,984. Abbott Laboratories has a 12 month low of $91.64 and a 12 month high of $121.64. The firm has a market cap of $201.99 billion, a PE ratio of 36.36, a PEG ratio of 2.74 and a beta of 0.72. The stock has a 50-day moving average price of $114.16 and a 200-day moving average price of $108.52. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33.

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

Abbott Laboratories Announces Dividend

The company 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 annualized dividend and a yield of 1.89%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories 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 transaction of $16,492,852.39. Following the completion of the transaction, the chief executive officer now directly owns 220,059 shares in the company, valued at $25,617,068.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.10% of the company’s stock.

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.