Miracle Mile Advisors LLC Has $1.24 Million Stock Holdings in Abbott Laboratories (NYSE:ABT)

Miracle Mile Advisors LLC lifted its position in Abbott Laboratories (NYSE:ABT) by 8.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,904 shares of the healthcare product maker’s stock after acquiring an additional 872 shares during the period. Miracle Mile Advisors LLC’s holdings in Abbott Laboratories were worth $1,243,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ABT. Regal Investment Advisors LLC raised its holdings in Abbott Laboratories by 9.6% during the 4th quarter. Regal Investment Advisors LLC now owns 10,800 shares of the healthcare product maker’s stock worth $1,189,000 after buying an additional 943 shares during the period. Nomura Holdings Inc. raised its holdings in Abbott Laboratories by 1,566.0% during the 4th quarter. Nomura Holdings Inc. now owns 34,986 shares of the healthcare product maker’s stock worth $3,851,000 after buying an additional 32,886 shares during the period. Vontobel Asset Management Inc. raised its holdings in Abbott Laboratories by 11.3% during the 4th quarter. Vontobel Asset Management Inc. now owns 6,163,414 shares of the healthcare product maker’s stock worth $714,578,000 after buying an additional 625,670 shares during the period. MGO One Seven LLC raised its holdings in Abbott Laboratories by 30.3% during the 4th quarter. MGO One Seven LLC now owns 23,743 shares of the healthcare product maker’s stock worth $2,613,000 after buying an additional 5,521 shares during the period. Finally, Greystone Financial Group LLC raised its holdings in Abbott Laboratories by 59.7% during the 4th quarter. Greystone Financial Group LLC now owns 79,317 shares of the healthcare product maker’s stock worth $8,730,000 after buying an additional 29,666 shares during the period. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $113.35 on Tuesday. The business’s 50 day simple moving average is $112.37 and its 200 day simple moving average is $108.16. Abbott Laboratories has a one year low of $89.67 and a one year high of $121.64. The stock has a market capitalization of $197.19 billion, a PE ratio of 35.31, a PEG ratio of 2.86 and a beta of 0.72. 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 (NYSE:ABT) last posted 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. The firm had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.08 EPS. As a group, research analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

Insiders Place Their Bets

In other news, CEO Robert B. Ford sold 141,679 shares of the company’s 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 transaction, the chief executive officer now directly 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 document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

ABT has been the topic of a number of recent research reports. Citigroup lifted their price objective on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Jefferies Financial Group reiterated a “hold” rating and issued a $120.00 price objective on shares of Abbott Laboratories in a report on Thursday, September 26th. Barclays lifted their price objective 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. Piper Sandler initiated coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective on the stock. Finally, Edward Jones downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.33.

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.