Central Valley Advisors LLC Cuts Stock Position in Abbott Laboratories (NYSE:ABT)

Central Valley Advisors LLC trimmed its position in shares of Abbott Laboratories (NYSE:ABT) by 3.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,967 shares of the healthcare product maker’s stock after selling 105 shares during the quarter. Central Valley Advisors LLC’s holdings in Abbott Laboratories were worth $338,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Unique Wealth Strategies LLC acquired a new position in Abbott Laboratories during the 2nd quarter valued at about $28,000. Transcendent Capital Group LLC acquired a new position in shares of Abbott Laboratories during the fourth quarter valued at about $29,000. Richardson Financial Services Inc. purchased a new position in shares of Abbott Laboratories in the 4th quarter valued at approximately $29,000. Redmont Wealth Advisors LLC acquired a new stake in Abbott Laboratories in the 1st quarter worth approximately $30,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Abbott Laboratories during the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Insider Buying and Selling

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was 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 owns 220,059 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on ABT. Evercore ISI lifted their price objective on shares of Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Tuesday. Jefferies Financial Group reaffirmed a “hold” rating and set a $120.00 price target on shares of Abbott Laboratories in a research report on Thursday, September 26th. Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Citigroup lifted their target price on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Finally, 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. Three equities 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $124.33.

Abbott Laboratories Price Performance

ABT stock traded up $0.41 during mid-day trading on Friday, reaching $112.64. 4,366,288 shares of the company’s stock were exchanged, compared to its average volume of 5,757,640. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. Abbott Laboratories has a 12-month low of $89.67 and a 12-month high of $121.64. The stock’s 50 day moving average is $112.37 and its 200 day moving average is $108.22. The company has a market cap of $195.95 billion, a price-to-earnings ratio of 35.09, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. The firm had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $10.37 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.08 EPS. On average, research analysts expect that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 68.54%.

Abbott Laboratories Company 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.