Abbott Laboratories (NYSE:ABT) Shares Sold by Marion Wealth Management

Marion Wealth Management reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 15.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,655 shares of the healthcare product maker’s stock after selling 496 shares during the period. Marion Wealth Management’s holdings in Abbott Laboratories were worth $303,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Unique Wealth Strategies LLC acquired a new position in shares of Abbott Laboratories in the second quarter valued at about $28,000. Transcendent Capital Group LLC acquired a new position in Abbott Laboratories in the 4th quarter worth approximately $29,000. Richardson Financial Services Inc. purchased a new position in Abbott Laboratories during the 4th quarter worth approximately $29,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Abbott Laboratories in the 1st quarter valued at $30,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Abbott Laboratories in the second quarter worth $32,000. 75.18% of the stock is owned by institutional investors and hedge funds.

Abbott Laboratories Trading Up 0.8 %

Shares of Abbott Laboratories stock opened at $114.28 on Tuesday. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. Abbott Laboratories has a twelve month low of $89.67 and a twelve month high of $121.64. The firm has a market capitalization of $198.81 billion, a PE ratio of 35.31, a P/E/G ratio of 2.86 and a beta of 0.72. The firm’s 50-day moving average price is $112.37 and its 200 day moving average price is $108.16.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $10.38 billion for the quarter, compared to analyst estimates of $10.37 billion. During the same period in the previous year, the company posted $1.08 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. On average, sell-side analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Analysts Set New Price Targets

ABT has been the topic of several recent research reports. Piper Sandler Companies started coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target on the stock. Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Barclays boosted their price target on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Piper Sandler began coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price for the company. Finally, Oppenheimer assumed coverage on shares of Abbott Laboratories in a report on Tuesday. They set an “outperform” rating and a $130.00 price target on the stock. Three 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $124.77.

Insider Buying and Selling

In other Abbott Laboratories 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 value of $16,492,852.39. Following the transaction, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.10% of the stock is currently owned by company insiders.

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.