5,000 Shares in Abbott Laboratories (NYSE:ABT) Bought by Savoie Capital LLC

Savoie Capital LLC purchased a new stake in Abbott Laboratories (NYSE:ABT) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,000 shares of the healthcare product maker’s stock, valued at approximately $520,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Distillate Capital Partners LLC acquired a new stake in shares of Abbott Laboratories during the 2nd quarter worth approximately $27,319,000. Mill Creek Capital Advisors LLC boosted its stake in Abbott Laboratories by 4.9% during the second quarter. Mill Creek Capital Advisors LLC now owns 4,131 shares of the healthcare product maker’s stock worth $429,000 after buying an additional 194 shares in the last quarter. Marshall Wace LLP increased its holdings in Abbott Laboratories by 848.8% in the 2nd quarter. Marshall Wace LLP now owns 216,337 shares of the healthcare product maker’s stock valued at $22,480,000 after buying an additional 193,537 shares during the period. Providence Capital Advisors LLC raised its stake in shares of Abbott Laboratories by 0.8% in the 2nd quarter. Providence Capital Advisors LLC now owns 61,846 shares of the healthcare product maker’s stock valued at $6,426,000 after buying an additional 474 shares in the last quarter. Finally, Resources Management Corp CT ADV lifted its holdings in shares of Abbott Laboratories by 0.9% during the 2nd quarter. Resources Management Corp CT ADV now owns 60,727 shares of the healthcare product maker’s stock worth $6,310,000 after acquiring an additional 522 shares during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Up 0.9 %

Shares of ABT opened at $114.78 on Tuesday. The business’s fifty day moving average price is $110.74 and its two-hundred day moving average price is $108.41. The firm has a market capitalization of $199.68 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 2.90 and a beta of 0.72. Abbott Laboratories has a 52 week low of $89.67 and a 52 week high of $121.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68.

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, beating the consensus estimate of $1.10 by $0.04. The business 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 firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.08 earnings per share. On average, analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

Analysts Set New Price Targets

Several research firms recently issued reports on ABT. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target for the company. Barclays boosted their price target on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Royal Bank of Canada reiterated an “outperform” rating and set a $125.00 price objective on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Citigroup boosted their target price 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. Finally, Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $123.33.

Insider Activity

In related news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is currently owned by company insiders.

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.