Abbott Laboratories (NYSE:ABT) Position Lifted by Allworth Financial LP

Allworth Financial LP raised its stake in shares of Abbott Laboratories (NYSE:ABT) by 66.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,514 shares of the healthcare product maker’s stock after acquiring an additional 2,993 shares during the quarter. Allworth Financial LP’s holdings in Abbott Laboratories were worth $629,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Manchester Financial Inc. bought a new position in shares of Abbott Laboratories in the 2nd quarter worth about $30,000. Front Row Advisors LLC lifted its position in shares of Abbott Laboratories by 790.9% in the 1st quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock worth $31,000 after buying an additional 348 shares during the last quarter. Redhawk Wealth Advisors Inc. bought a new position in shares of Abbott Laboratories in the 2nd quarter worth about $33,000. Weaver Consulting Group bought a new position in shares of Abbott Laboratories in the 1st quarter worth about $33,000. Finally, Pearl River Capital LLC bought a new position in shares of Abbott Laboratories in the 2nd quarter worth about $41,000. Hedge funds and other institutional investors own 73.71% of the company’s stock.

ABT has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating and set a $93.00 price target on the stock. in a research report on Wednesday, August 21st. Raymond James raised their price target on shares of Abbott Laboratories from $87.00 to $93.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Cowen raised their price target on shares of Abbott Laboratories from $86.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Wells Fargo & Co raised their price target on shares of Abbott Laboratories from $89.00 to $91.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Finally, BMO Capital Markets raised their price target on shares of Abbott Laboratories from $87.00 to $94.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company’s stock. Abbott Laboratories currently has a consensus rating of “Buy” and a consensus target price of $86.74.

NYSE:ABT traded up $0.99 during mid-day trading on Wednesday, hitting $79.50. The stock had a trading volume of 3,546,706 shares, compared to its average volume of 5,351,709. The stock has a market capitalization of $144.91 billion, a price-to-earnings ratio of 27.60, a P/E/G ratio of 2.31 and a beta of 1.13. The company has a 50 day simple moving average of $83.30 and a 200-day simple moving average of $81.65. Abbott Laboratories has a 52 week low of $65.44 and a 52 week high of $88.76. The company has a current ratio of 1.68, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, July 17th. The healthcare product maker reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.02. The firm had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8 billion. Abbott Laboratories had a net margin of 9.36% and a return on equity of 17.26%. Abbott Laboratories’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm posted $0.73 EPS. As a group, equities research analysts anticipate that Abbott Laboratories will post 3.24 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $0.32 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.28 annualized dividend and a yield of 1.61%. Abbott Laboratories’s dividend payout ratio is presently 44.44%.

In other Abbott Laboratories news, Director Sally E. Blount sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $87.65, for a total transaction of $219,125.00. Following the transaction, the director now owns 26,266 shares of the company’s stock, valued at approximately $2,302,214.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brian B. Yoor sold 43,763 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $85.77, for a total transaction of $3,753,552.51. Following the transaction, the chief financial officer now directly owns 125,781 shares in the company, valued at approximately $10,788,236.37. The disclosure for this sale can be found here. Over the last quarter, insiders sold 181,497 shares of company stock worth $15,701,810. 0.70% of the stock is currently owned by insiders.

Abbott Laboratories Company Profile

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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