Prio Wealth Limited Partnership Reduces Position in Abbott Laboratories (NYSE:ABT)

Prio Wealth Limited Partnership trimmed its position in Abbott Laboratories (NYSE:ABT) by 10.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 486,490 shares of the healthcare product maker’s stock after selling 55,147 shares during the quarter. Abbott Laboratories accounts for approximately 1.5% of Prio Wealth Limited Partnership’s holdings, making the stock its 17th biggest holding. Prio Wealth Limited Partnership’s holdings in Abbott Laboratories were worth $50,551,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABT. Vanguard Group Inc. boosted its holdings in shares of Abbott Laboratories by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 156,467,081 shares of the healthcare product maker’s stock worth $17,222,332,000 after purchasing an additional 701,740 shares during the period. Sanibel Captiva Trust Company Inc. purchased a new stake in Abbott Laboratories in the 4th quarter worth approximately $16,764,000. Garde Capital Inc. grew its position in shares of Abbott Laboratories by 16.4% in the 4th quarter. Garde Capital Inc. now owns 1,858 shares of the healthcare product maker’s stock worth $205,000 after buying an additional 262 shares during the last quarter. Sectoral Asset Management Inc. raised its holdings in shares of Abbott Laboratories by 31.4% during the fourth quarter. Sectoral Asset Management Inc. now owns 68,998 shares of the healthcare product maker’s stock valued at $7,595,000 after acquiring an additional 16,500 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in Abbott Laboratories by 0.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 894,797 shares of the healthcare product maker’s stock worth $98,490,000 after acquiring an additional 8,224 shares during the period. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Stock Down 0.4 %

ABT stock opened at $113.58 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The stock has a market capitalization of $197.59 billion, a P/E ratio of 35.38, a P/E/G ratio of 2.86 and a beta of 0.72. The business has a fifty day moving average price of $111.97 and a 200-day moving average price of $108.15.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The firm had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.37 billion. During the same period in the previous year, the company earned $1.08 earnings per share. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. Equities analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s payout ratio is currently 68.54%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Jefferies Financial Group restated a “hold” rating and issued a $120.00 price objective on shares of Abbott Laboratories in a report on Thursday, September 26th. Evercore ISI raised their price objective on shares of Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Tuesday. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Piper Sandler Companies assumed coverage on Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price for the company. Finally, Citigroup upped their price target on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $124.33.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.10% of the stock is owned by corporate insiders.

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.