Abbott Laboratories (NYSE:ABT) Stock Position Trimmed by Alpha Omega Wealth Management LLC

Alpha Omega Wealth Management LLC lowered its position in Abbott Laboratories (NYSE:ABT) by 0.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,457 shares of the healthcare product maker’s stock after selling 139 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Abbott Laboratories were worth $2,560,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the 2nd quarter valued at $28,000. Transcendent Capital Group LLC bought a new stake in shares of Abbott Laboratories during the fourth quarter valued at about $29,000. Richardson Financial Services Inc. acquired a new stake in Abbott Laboratories in the fourth quarter worth about $29,000. Redmont Wealth Advisors LLC bought a new position in Abbott Laboratories in the 1st quarter valued at about $30,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Abbott Laboratories during the 2nd quarter valued at about $32,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Trading Down 1.2 %

Abbott Laboratories stock opened at $112.23 on Friday. The company has a 50 day moving average price of $112.22 and a 200 day moving average price of $108.22. 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 has a 52 week low of $89.67 and a 52 week high of $121.64. The firm has a market capitalization of $195.24 billion, a price-to-earnings ratio of 34.96, a P/E/G ratio of 2.86 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results 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 business had revenue of $10.38 billion for the quarter, compared to the consensus estimate of $10.37 billion. During the same quarter in the previous year, the company posted $1.08 earnings per share. Abbott Laboratories’s revenue for the quarter was up 4.0% compared to the same quarter last year. Research analysts forecast that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s payout ratio is presently 68.54%.

Insider Buying and Selling at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Barclays lifted their price target on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Jefferies Financial Group restated a “hold” rating and issued a $120.00 price objective on shares of Abbott Laboratories in a report on Thursday, September 26th. Piper Sandler Companies started coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target on the stock. Finally, Evercore ISI raised their price objective on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday. Three investment 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 currently has an average rating of “Moderate Buy” and a consensus price target of $124.33.

Abbott Laboratories Profile

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.