New World Advisors LLC Reduces Position in Abbott Laboratories (NYSE:ABT)

New World Advisors LLC reduced its holdings in shares of Abbott Laboratories (NYSE:ABT) by 4.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 4,615 shares of the healthcare product maker’s stock after selling 228 shares during the period. Abbott Laboratories comprises 0.1% of New World Advisors LLC’s portfolio, making the stock its 27th biggest position. New World Advisors LLC’s holdings in Abbott Laboratories were worth $526,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Vicus Capital increased its stake in Abbott Laboratories by 19.5% in the 1st quarter. Vicus Capital now owns 5,137 shares of the healthcare product maker’s stock worth $584,000 after buying an additional 837 shares during the period. Foguth Wealth Management LLC. purchased a new position in Abbott Laboratories during the 1st quarter worth $318,000. Fiduciary Alliance LLC increased its stake in shares of Abbott Laboratories by 4.9% during the first quarter. Fiduciary Alliance LLC now owns 3,822 shares of the healthcare product maker’s stock valued at $428,000 after buying an additional 177 shares during the period. SteelPeak Wealth LLC lifted its stake in Abbott Laboratories by 295.8% in the first quarter. SteelPeak Wealth LLC now owns 13,009 shares of the healthcare product maker’s stock worth $1,479,000 after acquiring an additional 9,722 shares during the period. Finally, Koss Olinger Consulting LLC grew its holdings in Abbott Laboratories by 992.3% during the 1st quarter. Koss Olinger Consulting LLC now owns 44,335 shares of the healthcare product maker’s stock worth $5,039,000 after acquiring an additional 40,276 shares in the last quarter. Institutional investors own 75.18% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Royal Bank of Canada raised their price target on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Raymond James reaffirmed a “buy” rating and set a $129.00 price target (up from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Finally, Piper Sandler Companies initiated coverage on Abbott Laboratories in a research note on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.67.

Abbott Laboratories Stock Performance

Shares of NYSE ABT traded down $2.32 during trading on Friday, reaching $114.22. 5,989,611 shares of the company traded hands, compared to its average volume of 5,724,433. Abbott Laboratories has a 12-month low of $91.64 and a 12-month high of $121.64. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The stock has a market cap of $198.70 billion, a P/E ratio of 35.58, a PEG ratio of 2.74 and a beta of 0.72. The firm’s fifty day simple moving average is $114.63 and its 200 day simple moving average is $108.67.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. The company had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. Abbott Laboratories’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 anticipate that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

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 $0.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.93%. Abbott Laboratories’s dividend payout ratio (DPR) is currently 68.54%.

Insider Transactions at Abbott Laboratories

In related 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 value of $16,492,852.39. Following the completion of the transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

About Abbott Laboratories

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.