Avitas Wealth Management LLC Sells 6,217 Shares of Abbott Laboratories (NYSE:ABT)

Avitas Wealth Management LLC trimmed its position in shares of Abbott Laboratories (NYSE:ABT) by 22.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,048 shares of the healthcare product maker’s stock after selling 6,217 shares during the period. Avitas Wealth Management LLC’s holdings in Abbott Laboratories were worth $2,514,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Unique Wealth Strategies LLC purchased a new stake in shares of Abbott Laboratories during the second quarter worth $28,000. Redmont Wealth Advisors LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth about $30,000. Future Financial Wealth Managment LLC bought a new position in Abbott Laboratories in the 3rd quarter worth about $31,000. Itau Unibanco Holding S.A. purchased a new position in Abbott Laboratories during the 2nd quarter valued at about $32,000. Finally, Ridgewood Investments LLC bought a new position in shares of Abbott Laboratories in the second quarter valued at approximately $37,000. 75.18% of the stock is currently owned by institutional investors.

Insider Activity

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Abbott Laboratories Stock Performance

Abbott Laboratories stock opened at $113.42 on Wednesday. The stock’s 50 day moving average is $114.73 and its 200 day moving average is $108.70. The company has a market capitalization of $197.31 billion, a P/E ratio of 35.33, a PEG ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a twelve month low of $91.64 and a twelve month high of $121.64. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, beating the consensus estimate 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 net margin of 13.65% and a return on equity of 20.18%. Abbott Laboratories’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.14 EPS. On average, equities research analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders 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 1.94%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

Wall Street Analyst Weigh In

ABT has been the topic of a number of analyst reports. Piper Sandler upped their target price on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Citigroup raised their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Morgan Stanley upped their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Royal Bank of Canada raised their target price on shares of Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Finally, Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Abbott Laboratories currently has an average rating of “Moderate Buy” and an average price target of $129.67.

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.