Abbott Laboratories (NYSE:ABT) Shares Sold by Cheviot Value Management LLC

Cheviot Value Management LLC reduced its holdings in Abbott Laboratories (NYSE:ABT) by 0.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,108 shares of the healthcare product maker’s stock after selling 95 shares during the quarter. Cheviot Value Management LLC’s holdings in Abbott Laboratories were worth $1,570,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC acquired a new position in Abbott Laboratories in the second quarter valued at $28,000. Transcendent Capital Group LLC acquired a new position in Abbott Laboratories in the fourth quarter valued at $29,000. Richardson Financial Services Inc. acquired a new position in Abbott Laboratories in the fourth quarter valued at $29,000. Redmont Wealth Advisors LLC acquired a new position in Abbott Laboratories in the first quarter valued at $30,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Abbott Laboratories during the second quarter valued at about $32,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Abbott Laboratories

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

Analyst Upgrades and Downgrades

ABT has been the subject of a number of research reports. Piper Sandler initiated coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target for the company. Piper Sandler Companies initiated coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target for the company. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Royal Bank of Canada reissued an “outperform” rating and set a $125.00 price target on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Finally, Evercore ISI lowered their price target on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.33.

Abbott Laboratories Price Performance

Shares of NYSE ABT opened at $114.78 on Tuesday. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The business has a 50-day moving average of $110.74 and a 200-day moving average of $108.41. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. The company 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 (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. The firm had revenue of $10.38 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.08 earnings per share. On average, equities analysts anticipate that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

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.