Quarry LP Acquires 1,393 Shares of Abbott Laboratories (NYSE:ABT)

Quarry LP boosted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 231.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,996 shares of the healthcare product maker’s stock after buying an additional 1,393 shares during the quarter. Quarry LP’s holdings in Abbott Laboratories were worth $207,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the second quarter valued at approximately $28,000. Transcendent Capital Group LLC purchased a new position in Abbott Laboratories during the fourth quarter valued at approximately $29,000. Richardson Financial Services Inc. purchased a new position in Abbott Laboratories during the fourth quarter valued at approximately $29,000. Redmont Wealth Advisors LLC purchased a new position in Abbott Laboratories during the first quarter valued at approximately $30,000. Finally, Itau Unibanco Holding S.A. purchased a new position in Abbott Laboratories during the second quarter valued at approximately $32,000. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Trading Up 1.4 %

ABT stock opened at $114.01 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.68 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 stock has a market capitalization of $198.34 billion, a price-to-earnings ratio of 35.52, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72. The firm’s fifty day simple moving average is $111.78 and its two-hundred day simple moving average is $108.16.

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 net margin of 13.65% and a return on equity of 20.18%. The business had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $10.37 billion. During the same quarter in the previous year, the business posted $1.08 earnings per share. The business’s revenue was up 4.0% compared to the same quarter last year. As a group, analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

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 $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s payout ratio is presently 68.54%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ABT shares. Piper Sandler started coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Barclays lifted their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Citigroup boosted their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Jefferies Financial Group reissued a “hold” rating and issued a $120.00 target price on shares of Abbott Laboratories in a report on Thursday, September 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $125.00 target price on shares of Abbott Laboratories in a report on Tuesday, June 4th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $124.00.

Insider Transactions 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 value of $16,492,852.39. Following the transaction, the chief executive officer now directly owns 220,059 shares in the company, valued at $25,617,068.19. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.10% of the company’s stock.

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.