Trivant Custom Portfolio Group LLC Lowers Stock Position in Abbott Laboratories (NYSE:ABT)

Trivant Custom Portfolio Group LLC lessened its stake in Abbott Laboratories (NYSE:ABT) by 38.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,773 shares of the healthcare product maker’s stock after selling 9,369 shares during the period. Trivant Custom Portfolio Group LLC’s holdings in Abbott Laboratories were worth $1,684,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the second quarter worth about $28,000. Transcendent Capital Group LLC purchased a new stake in Abbott Laboratories during the fourth quarter valued at about $29,000. Richardson Financial Services Inc. bought a new position in shares of Abbott Laboratories during the fourth quarter valued at about $29,000. Redmont Wealth Advisors LLC bought a new stake in shares of Abbott Laboratories in the 1st quarter valued at about $30,000. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Abbott Laboratories in the 2nd quarter valued at about $32,000. Institutional investors own 75.18% of the company’s stock.

Insider Buying and Selling at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were 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 owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ABT has been the subject of a number of recent research reports. Piper Sandler initiated 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. Barclays upped their price objective on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Piper Sandler Companies assumed 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. Evercore ISI upped their price target on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Citigroup upped 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. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $124.33.

Abbott Laboratories Stock Up 0.4 %

Shares of Abbott Laboratories stock traded up $0.41 during trading on Friday, hitting $112.64. The company’s stock had a trading volume of 4,366,288 shares, compared to its average volume of 5,757,640. Abbott Laboratories has a 52 week low of $89.67 and a 52 week high of $121.64. The company has a fifty day simple moving average of $112.37 and a two-hundred day simple moving average of $108.22. The company has a market capitalization of $195.95 billion, a PE ratio of 35.09, a P/E/G 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. Equities research analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.95%. Abbott Laboratories’s payout ratio is presently 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.