Abbott Laboratories (NYSE:ABT) Shares Acquired by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC boosted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 22,650.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 16,608 shares of the healthcare product maker’s stock after purchasing an additional 16,535 shares during the period. Frank Rimerman Advisors LLC’s holdings in Abbott Laboratories were worth $1,726,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Unique Wealth Strategies LLC acquired a new stake in shares of Abbott Laboratories during the second quarter worth $28,000. Transcendent Capital Group LLC acquired a new stake in shares of Abbott Laboratories in the 4th quarter worth $29,000. Richardson Financial Services Inc. purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $29,000. Redmont Wealth Advisors LLC acquired a new position in shares of Abbott Laboratories during the first quarter worth about $30,000. Finally, True Wealth Design LLC lifted its position in Abbott Laboratories by 1,677.8% in the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after purchasing an additional 302 shares during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group initiated coverage on Abbott Laboratories in a research note on Thursday, May 30th. They set a “buy” rating and a $121.00 target price for the company. Evercore ISI reduced their target price on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Citigroup increased their price target on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Barclays boosted their price objective on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, Piper Sandler assumed coverage on shares of Abbott Laboratories in a research report on Thursday. They set an “overweight” rating and a $131.00 price target for the company. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.33.

Insiders Place Their Bets

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the transaction, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by corporate insiders.

Abbott Laboratories Stock Performance

NYSE ABT opened at $113.70 on Monday. 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 stock has a market cap of $197.80 billion, a price-to-earnings ratio of 35.42, a price-to-earnings-growth ratio of 2.90 and a beta of 0.72. Abbott Laboratories has a fifty-two week low of $89.67 and a fifty-two week high of $121.64. The business has a fifty day moving average of $110.50 and a 200-day moving average of $108.45.

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

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.93%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

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.