Balboa Wealth Partners Cuts Position in Abbott Laboratories (NYSE:ABT)

Balboa Wealth Partners lowered its position in shares of Abbott Laboratories (NYSE:ABT) by 1.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 6,746 shares of the healthcare product maker’s stock after selling 125 shares during the quarter. Balboa Wealth Partners’ holdings in Abbott Laboratories were worth $769,000 as of its most recent filing with the SEC.

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

Abbott Laboratories Trading Down 0.6 %

Abbott Laboratories stock opened at $115.05 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. The firm’s 50-day moving average is $115.45 and its 200-day moving average is $109.39. Abbott Laboratories has a 1 year low of $96.92 and a 1 year high of $121.64. The company has a market cap of $199.55 billion, a P/E ratio of 34.97, a PEG ratio of 2.74 and a beta of 0.72.

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, topping the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The business had revenue of $10.64 billion for the quarter, compared to the consensus estimate of $10.55 billion. During the same quarter last year, the business posted $1.14 EPS. The business’s revenue was up 4.9% on a year-over-year basis. On average, equities analysts expect that Abbott Laboratories will post 4.67 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors 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 yield of 1.91%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is 66.87%.

Analysts Set New Price Targets

Several brokerages have issued reports on ABT. Evercore ISI increased their price objective on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Piper Sandler lifted their price target on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Mizuho upped their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Jefferies Financial Group boosted their price target on Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, October 17th. Finally, Piper Sandler Companies began coverage on Abbott Laboratories in a research note on Thursday, September 19th. They set an “overweight” rating and a $131.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $130.07.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the firm’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 of the company’s stock, valued at approximately $25,617,068.19. This trade represents a 39.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by 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.