Creative Planning Raises Stock Position in Abbott Laboratories (NYSE:ABT)

Creative Planning lifted its position in shares of Abbott Laboratories (NYSE:ABT) by 6.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 808,863 shares of the healthcare product maker’s stock after buying an additional 50,592 shares during the period. Creative Planning’s holdings in Abbott Laboratories were worth $91,400,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Boltwood Capital Management raised its holdings in shares of Abbott Laboratories by 0.4% in the third quarter. Boltwood Capital Management now owns 21,821 shares of the healthcare product maker’s stock worth $2,488,000 after acquiring an additional 89 shares during the last quarter. Wedge Capital Management L L P NC lifted its holdings in Abbott Laboratories by 2.9% in the 3rd quarter. Wedge Capital Management L L P NC now owns 3,153 shares of the healthcare product maker’s stock valued at $359,000 after purchasing an additional 89 shares in the last quarter. Atwood & Palmer Inc. boosted its stake in shares of Abbott Laboratories by 6.5% during the 3rd quarter. Atwood & Palmer Inc. now owns 1,478 shares of the healthcare product maker’s stock worth $169,000 after purchasing an additional 90 shares during the last quarter. Central Pacific Bank Trust Division raised its position in shares of Abbott Laboratories by 2.3% in the third quarter. Central Pacific Bank Trust Division now owns 4,045 shares of the healthcare product maker’s stock valued at $461,000 after buying an additional 91 shares during the last quarter. Finally, Hanson & Doremus Investment Management lifted its stake in shares of Abbott Laboratories by 0.8% during the second quarter. Hanson & Doremus Investment Management now owns 11,165 shares of the healthcare product maker’s stock valued at $1,160,000 after buying an additional 92 shares during the period. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Insider Buying and Selling

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 220,059 shares in the company, valued at $25,617,068.19. This trade 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 at this hyperlink. 1.10% of the stock is currently owned by insiders.

Abbott Laboratories Stock Up 1.3 %

Shares of NYSE ABT opened at $119.39 on Friday. The stock has a fifty day moving average price of $113.97 and a 200 day moving average price of $108.50. The company has a market cap of $207.69 billion, a P/E ratio of 37.19, a P/E/G ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a 12-month low of $91.64 and a 12-month high of $121.64. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, beating the consensus estimate of $1.20 by $0.01. The business had revenue of $10.64 billion for the quarter, compared to the consensus estimate of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The company’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $1.14 EPS. Research analysts anticipate that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

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. This represents a $2.20 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. UBS Group increased their target price on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday. Piper Sandler Companies assumed coverage on Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target for the company. Mizuho increased their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Citigroup boosted their target price 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. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $129.67.

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.