Capital Market Strategies LLC Sells 189 Shares of Abbott Laboratories (NYSE:ABT)

Capital Market Strategies LLC reduced its holdings in Abbott Laboratories (NYSE:ABT) by 3.2% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,785 shares of the healthcare product maker’s stock after selling 189 shares during the quarter. Capital Market Strategies LLC’s holdings in Abbott Laboratories were worth $660,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Apella Capital LLC boosted its holdings in shares of Abbott Laboratories by 3.1% in the 3rd quarter. Apella Capital LLC now owns 6,191 shares of the healthcare product maker’s stock worth $704,000 after purchasing an additional 185 shares in the last quarter. Canandaigua National Bank & Trust Co. boosted its holdings in shares of Abbott Laboratories by 5.3% in the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 66,470 shares of the healthcare product maker’s stock worth $7,578,000 after purchasing an additional 3,330 shares in the last quarter. Farmers Trust Co. boosted its holdings in shares of Abbott Laboratories by 0.9% in the 3rd quarter. Farmers Trust Co. now owns 24,781 shares of the healthcare product maker’s stock worth $2,825,000 after purchasing an additional 230 shares in the last quarter. Czech National Bank boosted its holdings in shares of Abbott Laboratories by 6.9% in the 3rd quarter. Czech National Bank now owns 354,435 shares of the healthcare product maker’s stock worth $40,409,000 after purchasing an additional 22,932 shares in the last quarter. Finally, Central Pacific Bank Trust Division boosted its holdings in shares of Abbott Laboratories by 2.3% in the 3rd quarter. Central Pacific Bank Trust Division now owns 4,045 shares of the healthcare product maker’s stock worth $461,000 after purchasing an additional 91 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction that occurred on 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 approximately $25,617,068.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

ABT has been the subject of a number of research reports. Piper Sandler Companies initiated coverage on Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective for the company. Evercore ISI increased their target price on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Tuesday. Citigroup increased their target price on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Piper Sandler started 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. Finally, Barclays increased their target price on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $124.33.

Abbott Laboratories Trading Down 1.2 %

ABT opened at $112.23 on Friday. The business has a 50 day simple moving average of $112.22 and a two-hundred day simple moving average of $108.22. The firm has a market capitalization of $195.24 billion, a price-to-earnings ratio of 34.96, a PEG ratio of 2.86 and a beta of 0.72. 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 one year low of $89.67 and a one year high of $121.64.

Abbott Laboratories (NYSE:ABT) last released 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 business had revenue of $10.38 billion during the quarter, compared to analyst estimates of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. Abbott Laboratories’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.08 EPS. Analysts predict that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.96%. 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.