Cambridge Advisors Inc. Lowers Holdings in Abbott Laboratories (NYSE:ABT)

Cambridge Advisors Inc. cut its holdings in Abbott Laboratories (NYSE:ABT) by 2.1% during the third quarter, Holdings Channel reports. The firm owned 7,095 shares of the healthcare product maker’s stock after selling 150 shares during the quarter. Cambridge Advisors Inc.’s holdings in Abbott Laboratories were worth $809,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in ABT. Future Financial Wealth Managment LLC bought a new stake in Abbott Laboratories in the 1st quarter worth approximately $39,000. Wealthcare Advisory Partners LLC increased its stake in Abbott Laboratories by 23.4% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 15,110 shares of the healthcare product maker’s stock worth $1,717,000 after acquiring an additional 2,870 shares during the last quarter. Thrive Wealth Management LLC increased its stake in Abbott Laboratories by 9.1% in the 1st quarter. Thrive Wealth Management LLC now owns 3,487 shares of the healthcare product maker’s stock worth $396,000 after acquiring an additional 291 shares during the last quarter. Norway Savings Bank increased its stake in Abbott Laboratories by 0.9% in the 1st quarter. Norway Savings Bank now owns 31,873 shares of the healthcare product maker’s stock worth $3,623,000 after acquiring an additional 271 shares during the last quarter. Finally, Astoria Portfolio Advisors LLC. increased its stake in Abbott Laboratories by 14.4% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 4,072 shares of the healthcare product maker’s stock worth $443,000 after acquiring an additional 514 shares during the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Price Performance

Shares of ABT stock opened at $116.54 on Friday. Abbott Laboratories has a twelve month low of $91.64 and a twelve month high of $121.64. The stock has a market capitalization of $202.74 billion, a price-to-earnings ratio of 36.31, a P/E/G ratio of 2.74 and a beta of 0.72. The stock has a fifty day simple moving average of $114.46 and a two-hundred day simple moving average of $108.62. 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 issued 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 business had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 EPS. On average, analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 68.54%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ABT. Citigroup boosted their target price on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Oppenheimer began coverage on Abbott Laboratories in a research report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 target price on the stock. Piper Sandler Companies began coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Raymond James reissued a “buy” rating and set a $129.00 target price (up previously from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Finally, Piper Sandler boosted their target price on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Four 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 company has an average rating of “Moderate Buy” and an average target price of $129.67.

Insider Buying and Selling

In related news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 220,059 shares in the company, valued at $25,617,068.19. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.10% of the stock is currently owned by company insiders.

Abbott Laboratories Company 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.