Clear Rock Advisors LLC Buys 1,582 Shares of Abbott Laboratories (NYSE:ABT)

Clear Rock Advisors LLC increased its stake in shares of Abbott Laboratories (NYSE:ABT) by 7.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,703 shares of the healthcare product maker’s stock after acquiring an additional 1,582 shares during the quarter. Clear Rock Advisors LLC’s holdings in Abbott Laboratories were worth $2,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of ABT. Creekside Partners purchased a new position in shares of Abbott Laboratories in the second quarter worth $238,000. Brown Financial Advisors bought a new stake in Abbott Laboratories in the 2nd quarter worth $1,580,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Abbott Laboratories in the second quarter valued at about $207,000. RiverFront Investment Group LLC raised its stake in shares of Abbott Laboratories by 3.3% during the second quarter. RiverFront Investment Group LLC now owns 9,408 shares of the healthcare product maker’s stock valued at $978,000 after acquiring an additional 302 shares during the last quarter. Finally, Heritage Oak Wealth Advisors LLC purchased a new stake in shares of Abbott Laboratories during the second quarter worth about $386,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ABT has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 price target on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Piper Sandler initiated coverage on Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price for the company. Evercore ISI lifted their price target on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Tuesday. Barclays upped 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, Jefferies Financial Group reaffirmed a “hold” rating and set a $120.00 target price on shares of Abbott Laboratories in a research note on Thursday, September 26th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.33.

Insider Activity

In related 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 sale, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at $25,617,068.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% of the company’s stock.

Abbott Laboratories Price Performance

Shares of ABT opened at $113.58 on Wednesday. Abbott Laboratories has a fifty-two week low of $89.67 and a fifty-two week high of $121.64. The firm’s 50-day simple moving average is $111.97 and its two-hundred day simple moving average is $108.15. The stock has a market cap of $197.59 billion, a PE ratio of 35.38, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72. 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 data 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 return on equity of 20.18% and a net margin of 13.65%. The company had revenue of $10.38 billion during the quarter, compared to analyst estimates of $10.37 billion. During the same quarter last year, the company earned $1.08 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently announced 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 1.94%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

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.