Rockefeller Capital Management L.P. Decreases Stake in Abbott Laboratories (NYSE:ABT)

Rockefeller Capital Management L.P. cut its holdings in Abbott Laboratories (NYSE:ABT) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 665,257 shares of the healthcare product maker’s stock after selling 11,032 shares during the period. Rockefeller Capital Management L.P.’s holdings in Abbott Laboratories were worth $75,846,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ABT. Unique Wealth Strategies LLC purchased a new position in Abbott Laboratories in the 2nd quarter valued at approximately $28,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Abbott Laboratories in the 3rd quarter valued at about $31,000. Itau Unibanco Holding S.A. bought a new stake in shares of Abbott Laboratories during the 2nd quarter valued at about $32,000. Peterson Financial Group Inc. bought a new position in shares of Abbott Laboratories in the third quarter worth approximately $32,000. Finally, Valued Wealth Advisors LLC raised its stake in Abbott Laboratories by 78.4% in the third quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after purchasing an additional 127 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Performance

Shares of NYSE:ABT opened at $118.77 on Friday. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average price of $115.87 and a 200-day moving average price of $110.35. The company has a market cap of $206.00 billion, a price-to-earnings ratio of 36.10, a price-to-earnings-growth ratio of 2.80 and a beta of 0.72. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $121.64.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data 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. 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 during the quarter, compared to analysts’ expectations 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. As a group, equities analysts anticipate that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were given a $0.55 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.85%. Abbott Laboratories’s dividend payout ratio is 66.87%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ABT. Royal Bank of Canada increased their price target 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. Piper Sandler Companies initiated coverage on Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price on the stock. Jefferies Financial Group lifted 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. Piper Sandler raised their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Morgan Stanley upped their target price on Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Four investment 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $130.07.

Insider Activity

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’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 value 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. This trade represents a 39.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.10% of the company’s stock.

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.