Patten Group Inc. Buys 419 Shares of Abbott Laboratories (NYSE:ABT)

by · The Markets Daily

Patten Group Inc. grew its position in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 5.7% during the third quarter, HoldingsChannel.com reports. The firm owned 7,741 shares of the healthcare product maker’s stock after purchasing an additional 419 shares during the period. Patten Group Inc.’s holdings in Abbott Laboratories were worth $883,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sanibel Captiva Trust Company Inc. lifted its holdings in shares of Abbott Laboratories by 1.1% during the third quarter. Sanibel Captiva Trust Company Inc. now owns 147,708 shares of the healthcare product maker’s stock worth $16,840,000 after purchasing an additional 1,622 shares during the period. Wedmont Private Capital lifted its holdings in Abbott Laboratories by 6.6% during the 3rd quarter. Wedmont Private Capital now owns 13,639 shares of the healthcare product maker’s stock worth $1,546,000 after buying an additional 846 shares during the period. Marcum Wealth LLC grew its position in shares of Abbott Laboratories by 7.7% in the 3rd quarter. Marcum Wealth LLC now owns 5,671 shares of the healthcare product maker’s stock valued at $647,000 after buying an additional 407 shares during the last quarter. Tilia Fiduciary Partners Inc. acquired a new stake in shares of Abbott Laboratories in the third quarter valued at about $233,000. Finally, First PREMIER Bank raised its position in shares of Abbott Laboratories by 8.3% during the third quarter. First PREMIER Bank now owns 8,703 shares of the healthcare product maker’s stock worth $993,000 after acquiring an additional 666 shares during the last quarter. 75.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ABT shares. Piper Sandler Companies initiated coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price for the company. Piper Sandler initiated coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price objective for the company. 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. Royal Bank of Canada increased their price target on Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Oppenheimer began coverage on Abbott Laboratories in a research note on Tuesday. They issued an “outperform” rating and a $130.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Abbott Laboratories presently has an average rating of “Moderate Buy” and an average price target of $125.15.

Read Our Latest Stock Analysis on Abbott Laboratories

Insiders Place Their Bets

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction dated Thursday, September 12th. The shares were 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 owns 220,059 shares in the company, 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 SEC, which is available at this hyperlink. Insiders own 1.10% of the company’s stock.

Abbott Laboratories Stock Performance

NYSE ABT opened at $115.62 on Friday. The company has a market cap of $201.14 billion, a P/E ratio of 36.02, a PEG ratio of 2.86 and a beta of 0.72. The company has a fifty day simple moving average of $112.93 and a 200 day simple moving average of $108.26. 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 has a 12-month low of $89.67 and a 12-month high of $121.64.

Abbott Laboratories (NYSE:ABT – Get Free Report) 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 business had revenue of $10.38 billion during the quarter, compared to the consensus estimate of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.08 EPS. Sell-side analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Abbott Laboratories 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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