Concord Wealth Partners Acquires 1,289 Shares of Abbott Laboratories (NYSE:ABT)

Concord Wealth Partners grew its stake in shares of Abbott Laboratories (NYSE:ABT) by 8.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 16,100 shares of the healthcare product maker’s stock after acquiring an additional 1,289 shares during the quarter. Concord Wealth Partners’ holdings in Abbott Laboratories were worth $1,836,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ABT. Vanguard Group Inc. lifted its position in shares of Abbott Laboratories by 5.6% in the first quarter. Vanguard Group Inc. now owns 165,301,921 shares of the healthcare product maker’s stock worth $18,788,216,000 after purchasing an additional 8,834,840 shares in the last quarter. Capital International Investors boosted its holdings in shares of Abbott Laboratories by 9.1% during the first quarter. Capital International Investors now owns 70,177,564 shares of the healthcare product maker’s stock worth $7,976,382,000 after acquiring an additional 5,882,780 shares during the period. Swedbank AB bought a new position in Abbott Laboratories during the 1st quarter worth $341,777,000. Sessa Capital IM L.P. bought a new position in Abbott Laboratories during the second quarter worth about $264,876,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Abbott Laboratories by 493.1% in the second quarter. Assenagon Asset Management S.A. now owns 2,401,190 shares of the healthcare product maker’s stock valued at $249,508,000 after buying an additional 1,996,320 shares in the last quarter. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Up 0.2 %

NYSE:ABT traded up $0.26 during trading hours on Monday, reaching $114.48. 865,742 shares of the company traded hands, compared to its average volume of 5,701,079. Abbott Laboratories has a 1 year low of $91.64 and a 1 year 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 business’s 50-day moving average price is $114.63 and its two-hundred day moving average price is $108.66. The stock has a market capitalization of $199.15 billion, a P/E ratio of 35.67, a P/E/G ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last posted its 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. The company had revenue of $10.64 billion for 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 was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.14 earnings per share. Analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued 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 dividend yield of 1.92%. Abbott Laboratories’s dividend payout ratio (DPR) is 68.54%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Barclays increased their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Evercore ISI lifted their target price on shares of Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Citigroup lifted their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Finally, Morgan Stanley boosted their price target on Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $129.67.

Insider Activity

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 stock was 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 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 filing with the Securities & Exchange Commission, which is available at this link. 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.