Abbott Laboratories (NYSE:ABT) Shares Sold by Measured Wealth Private Client Group LLC

31 Oct 2024, 17:02 by Mitch Edgeman · The Markets Daily

Measured Wealth Private Client Group LLC trimmed its holdings in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 28.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,322 shares of the healthcare product maker’s stock after selling 928 shares during the period. Measured Wealth Private Client Group LLC’s holdings in Abbott Laboratories were worth $265,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Unique Wealth Strategies LLC acquired a new stake in shares of Abbott Laboratories during the second quarter valued at $28,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Abbott Laboratories during the third quarter worth approximately $31,000. Itau Unibanco Holding S.A. bought a new position in Abbott Laboratories during the 2nd quarter worth approximately $32,000. Highline Wealth Partners LLC bought a new stake in shares of Abbott Laboratories during the third quarter valued at approximately $37,000. Finally, Ridgewood Investments LLC bought a new stake in shares of Abbott Laboratories during the second quarter valued at about $37,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on ABT shares. Raymond James reaffirmed a “buy” rating and set a $129.00 price objective (up from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Piper Sandler Companies initiated coverage on shares of Abbott Laboratories in a research note on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Sanford C. Bernstein upped their target price on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Morgan Stanley raised their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Finally, Evercore ISI increased their price target on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Abbott Laboratories presently has an average rating of “Moderate Buy” and an average price target of $129.67.

Read Our Latest Stock Analysis on Abbott Laboratories

Insider Buying and Selling

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the business’s 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 transaction, the chief executive officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by corporate insiders.

Abbott Laboratories Stock Performance

Shares of Abbott Laboratories stock opened at $113.59 on Thursday. The firm has a market capitalization of $197.63 billion, a P/E ratio of 34.79, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a 12 month low of $92.43 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. The business’s fifty day simple moving average is $114.79 and its 200 day simple moving average is $108.74.

Abbott Laboratories (NYSE:ABT – Get Free Report) last issued its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business had revenue of $10.64 billion for the quarter, compared to analysts’ expectations of $10.55 billion. During the same quarter in the previous year, the firm posted $1.14 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, analysts anticipate that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

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.