1832 Asset Management L.P. Grows Position in Abbott Laboratories (NYSE:ABT)

1832 Asset Management L.P. grew its holdings in Abbott Laboratories (NYSE:ABT) by 115.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 161,505 shares of the healthcare product maker’s stock after purchasing an additional 86,707 shares during the period. 1832 Asset Management L.P.’s holdings in Abbott Laboratories were worth $16,782,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Unique Wealth Strategies LLC purchased a new stake in shares of Abbott Laboratories during the second quarter worth $28,000. Redmont Wealth Advisors LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth about $30,000. Richardson Financial Services Inc. bought a new position in Abbott Laboratories in the 4th quarter worth about $29,000. Transcendent Capital Group LLC purchased a new position in Abbott Laboratories during the 4th quarter valued at about $29,000. Finally, True Wealth Design LLC increased its position in shares of 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 buying an additional 302 shares during the period. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Performance

NYSE ABT opened at $114.78 on Tuesday. The firm has a market cap of $199.68 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 2.90 and a beta of 0.72. The company has a 50-day simple moving average of $110.74 and a two-hundred day simple moving average of $108.41. 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 has a 12-month low of $89.67 and a 12-month high of $121.64.

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

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.92%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Analyst Ratings Changes

Several equities analysts recently commented on ABT shares. Citigroup boosted their price objective on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Barclays boosted their target price 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 began coverage on Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target on the stock. Finally, Piper Sandler Companies started coverage on Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $123.33.

Insider Buying and Selling at Abbott Laboratories

In other 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 value of $16,492,852.39. Following the completion of the transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.

About Abbott Laboratories

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.