Chesapeake Wealth Management Has $659,000 Stake in Abbott Laboratories (NYSE:ABT)

Chesapeake Wealth Management lowered its stake in Abbott Laboratories (NYSE:ABT) by 12.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,344 shares of the healthcare product maker’s stock after selling 921 shares during the period. Chesapeake Wealth Management’s holdings in Abbott Laboratories were worth $659,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ABT. Unique Wealth Strategies LLC acquired a new position in Abbott Laboratories during the second quarter valued at approximately $28,000. Redmont Wealth Advisors LLC bought a new stake in shares of Abbott Laboratories during the 1st quarter worth $30,000. Richardson Financial Services Inc. acquired a new position in Abbott Laboratories in the 4th quarter valued at $29,000. Transcendent Capital Group LLC bought a new position in Abbott Laboratories in the 4th quarter worth $29,000. Finally, True Wealth Design LLC boosted its holdings in Abbott Laboratories by 1,677.8% during the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after acquiring an additional 302 shares during the period. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 0.4 %

Shares of ABT opened at $113.69 on Friday. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The stock has a market cap of $197.78 billion, a price-to-earnings ratio of 35.42, a P/E/G ratio of 2.90 and a beta of 0.72. The company has a 50-day moving average price of $110.50 and a two-hundred day moving average price of $108.60. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. The firm had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.08 earnings per share. Equities analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given 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 yield of 1.94%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ABT shares. Barclays boosted their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Piper Sandler Companies assumed coverage on Abbott Laboratories in a report on Thursday. They set an “overweight” rating and a $131.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and issued a $125.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Piper Sandler started coverage on shares of Abbott Laboratories in a research note on Thursday. They set an “overweight” rating and a $131.00 target price for the company. Finally, Citigroup raised their price target on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Abbott Laboratories currently has an average rating of “Moderate Buy” and a consensus target price of $123.33.

Insiders Place Their Bets

In related news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.

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.