Spectrum Asset Management Inc. NB CA Buys 4,944 Shares of Abbott Laboratories (NYSE:ABT)

Spectrum Asset Management Inc. NB CA grew its position in shares of Abbott Laboratories (NYSE:ABT) by 23.6% in the third quarter, Holdings Channel reports. The fund owned 25,879 shares of the healthcare product maker’s stock after buying an additional 4,944 shares during the quarter. Spectrum Asset Management Inc. NB CA’s holdings in Abbott Laboratories were worth $2,950,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABT. BDF Gestion purchased a new position in shares of Abbott Laboratories during the second quarter worth $7,651,000. Dundas Partners LLP lifted its holdings in Abbott Laboratories by 2.1% during the 2nd quarter. Dundas Partners LLP now owns 330,227 shares of the healthcare product maker’s stock worth $34,313,000 after buying an additional 6,897 shares during the last quarter. Duality Advisers LP purchased a new position in shares of Abbott Laboratories in the 1st quarter valued at $5,634,000. Oak Harvest Investment Services lifted its stake in Abbott Laboratories by 32.7% in the first quarter. Oak Harvest Investment Services now owns 73,651 shares of the healthcare product maker’s stock valued at $8,371,000 after buying an additional 18,131 shares during the last quarter. Finally, Empowered Funds LLC grew its position in Abbott Laboratories by 40.3% during the 1st quarter. Empowered Funds LLC now owns 49,483 shares of the healthcare product maker’s stock worth $5,624,000 after purchasing an additional 14,215 shares during the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Trading Up 0.7 %

Shares of Abbott Laboratories stock opened at $116.99 on Thursday. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $114.46 and its 200-day moving average is $108.62. Abbott Laboratories has a 12-month low of $91.64 and a 12-month high of $121.64. The stock has a market cap of $203.52 billion, a P/E ratio of 36.45, a P/E/G ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data 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 net margin of 13.65% and a return on equity of 20.18%. The firm had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. During the same period last year, the business posted $1.14 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities research analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.88%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 68.54%.

Insider Activity at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ABT shares. Jefferies Financial Group boosted their target price on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, October 17th. UBS Group increased their target price on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Piper Sandler Companies started coverage on shares of Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target for the company. Morgan Stanley upped their price objective 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. Finally, Royal Bank of Canada boosted their price objective on Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $129.67.

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.