Riverstone Advisors LLC Purchases New Shares in Abbott Laboratories (NYSE:ABT)

Riverstone Advisors LLC acquired a new stake in shares of Abbott Laboratories (NYSE:ABT) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,897 shares of the healthcare product maker’s stock, valued at approximately $216,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Unique Wealth Strategies LLC purchased a new stake in shares of Abbott Laboratories in the 2nd quarter valued at approximately $28,000. Future Financial Wealth Managment LLC acquired a new stake in Abbott Laboratories during the 3rd quarter valued at $31,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Abbott Laboratories in the second quarter valued at $32,000. Valued Wealth Advisors LLC grew its holdings in shares of Abbott Laboratories by 78.4% during the third quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after buying an additional 127 shares in the last quarter. Finally, Ridgewood Investments LLC acquired a new position in Abbott Laboratories during the second quarter valued at $37,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Abbott Laboratories 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 sale, the chief executive officer now 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 transaction was disclosed in a filing with the SEC, which is available through this link. 1.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ABT shares. UBS Group lifted their target price on Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Piper Sandler boosted their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Oppenheimer began coverage on shares of Abbott Laboratories in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 target price for the company. Raymond James reaffirmed a “buy” rating and issued a $129.00 price target (up from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Finally, Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.07.

Abbott Laboratories Stock Up 1.1 %

ABT opened at $116.59 on Friday. The firm has a market cap of $202.22 billion, a P/E ratio of 35.44, a price-to-earnings-growth ratio of 2.75 and a beta of 0.72. 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 business has a 50 day moving average price of $115.32 and a 200 day moving average price of $109.19. Abbott Laboratories has a twelve month low of $92.43 and a twelve month high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The business had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. During the same period in the previous year, the company earned $1.14 earnings per share. Abbott Laboratories’s revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts forecast that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.89%. Abbott Laboratories’s payout ratio is presently 66.87%.

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.