Pinnacle Wealth Management Group Inc. Sells 2,198 Shares of Abbott Laboratories (NYSE:ABT)

by · The Markets Daily

Pinnacle Wealth Management Group Inc. decreased its stake in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 49.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,230 shares of the healthcare product maker’s stock after selling 2,198 shares during the period. Pinnacle Wealth Management Group Inc.’s holdings in Abbott Laboratories were worth $254,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Abbott Laboratories by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 156,467,081 shares of the healthcare product maker’s stock worth $17,222,332,000 after purchasing an additional 701,740 shares during the last quarter. Sanibel Captiva Trust Company Inc. acquired a new position in shares of Abbott Laboratories in the fourth quarter valued at about $16,764,000. Garde Capital Inc. increased its position in Abbott Laboratories by 16.4% during the fourth quarter. Garde Capital Inc. now owns 1,858 shares of the healthcare product maker’s stock worth $205,000 after acquiring an additional 262 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Abbott Laboratories by 0.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 894,797 shares of the healthcare product maker’s stock valued at $98,490,000 after purchasing an additional 8,224 shares during the period. Finally, BDF Gestion acquired a new position in shares of Abbott Laboratories during the 2nd quarter worth approximately $7,651,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Trading Up 0.4 %

NYSE ABT traded up $0.50 on Friday, reaching $116.12. The company had a trading volume of 3,471,291 shares, compared to its average volume of 5,728,511. The firm has a market cap of $202.01 billion, a price-to-earnings ratio of 36.18, a P/E/G ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a fifty-two week low of $89.67 and a fifty-two week high of $121.64. The business has a 50 day moving average of $113.13 and a two-hundred day moving average of $108.35. 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 – Get Free Report) last announced its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $10.37 billion. During the same period in the prior year, the business posted $1.08 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. Analysts forecast that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ABT. Piper Sandler began coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Royal Bank of Canada raised their price target on Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Tuesday. Evercore ISI increased 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, October 1st. Barclays boosted their target price on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average target price of $125.15.

Read Our Latest Report on Abbott Laboratories

Insider Activity

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value 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 approximately $25,617,068.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is owned by company insiders.

Abbott Laboratories Company Profile

(Free Report)

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.

See Also

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