B. Riley Wealth Advisors Inc. Has $6.10 Million Stake in Abbott Laboratories (NYSE:ABT)

B. Riley Wealth Advisors Inc. cut its stake in shares of Abbott Laboratories (NYSE:ABT) by 9.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,722 shares of the healthcare product maker’s stock after selling 5,982 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Abbott Laboratories were worth $6,102,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ABT. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories in the second quarter valued at approximately $28,000. Transcendent Capital Group LLC acquired a new position in shares of Abbott Laboratories in the 4th quarter worth approximately $29,000. Richardson Financial Services Inc. acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth $29,000. Redmont Wealth Advisors LLC bought a new position in Abbott Laboratories during the first quarter worth $30,000. Finally, Itau Unibanco Holding S.A. bought a new position in Abbott Laboratories during the second quarter worth $32,000. Institutional investors own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

ABT has been the subject of a number of recent analyst reports. Piper Sandler assumed coverage on Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target for the company. Piper Sandler Companies assumed coverage on Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price for the company. Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $125.00 target price on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $120.00 price objective on shares of Abbott Laboratories in a report on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $124.00.

Abbott Laboratories Price Performance

Shares of NYSE ABT opened at $114.01 on Tuesday. Abbott Laboratories has a fifty-two week low of $89.67 and a fifty-two 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. The firm’s 50-day simple moving average is $111.78 and its 200 day simple moving average is $108.16. The stock has a market cap of $198.34 billion, a price-to-earnings ratio of 35.52, a PEG ratio of 2.86 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last released 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. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The company had revenue of $10.38 billion for the quarter, compared to analyst estimates of $10.37 billion. During the same period last year, the firm earned $1.08 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. As a group, research analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business 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 dividend yield of 1.93%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 68.54%.

Insider Activity

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. The transaction 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.

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.