Daymark Wealth Partners LLC Has $5.70 Million Stock Holdings in Abbott Laboratories (NYSE:ABT)

Daymark Wealth Partners LLC decreased its position in shares of Abbott Laboratories (NYSE:ABT) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,023 shares of the healthcare product maker’s stock after selling 1,835 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Abbott Laboratories were worth $5,703,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ABT. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the second quarter worth $28,000. Transcendent Capital Group LLC acquired a new position in shares of Abbott Laboratories during the 4th quarter worth $29,000. Richardson Financial Services Inc. acquired a new stake in Abbott Laboratories in the fourth quarter valued at about $29,000. Redmont Wealth Advisors LLC bought a new position in Abbott Laboratories in the first quarter valued at about $30,000. Finally, Future Financial Wealth Managment LLC acquired a new position in Abbott Laboratories during the third quarter worth about $31,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on ABT. Piper Sandler initiated coverage on shares of Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective for the company. Oppenheimer assumed coverage on Abbott Laboratories in a research note on Tuesday. They issued an “outperform” rating and a $130.00 price target for the company. Barclays boosted their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Finally, Jefferies Financial Group restated a “hold” rating and set a $120.00 price target on shares of Abbott Laboratories in a report on Thursday, September 26th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $125.15.

Abbott Laboratories Price Performance

Shares of ABT traded up $0.70 during mid-day trading on Wednesday, reaching $115.33. 611,237 shares of the stock traded hands, compared to its average volume of 5,729,912. The company has a market cap of $200.63 billion, a price-to-earnings ratio of 35.78, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The firm has a fifty day moving average price of $112.73 and a 200 day moving average price of $108.21. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business had revenue of $10.38 billion during the quarter, compared to analyst estimates of $10.37 billion. During the same quarter in the prior year, the firm earned $1.08 earnings per share. Abbott Laboratories’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, equities research analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.91%. 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.