Abbott Laboratories (NYSE:ABT) Shares Sold by Wrapmanager Inc.

Wrapmanager Inc. cut its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 19.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,424 shares of the healthcare product maker's stock after selling 4,414 shares during the quarter. Wrapmanager Inc.'s holdings in Abbott Laboratories were worth $2,101,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. BIP Wealth LLC raised its position in shares of Abbott Laboratories by 50.1% in the third quarter. BIP Wealth LLC now owns 3,128 shares of the healthcare product maker's stock valued at $357,000 after purchasing an additional 1,044 shares during the period. Prospera Financial Services Inc lifted its position in shares of Abbott Laboratories by 7.3% in the 3rd quarter. Prospera Financial Services Inc now owns 114,880 shares of the healthcare product maker's stock worth $13,100,000 after purchasing an additional 7,808 shares during the period. OneAscent Financial Services LLC lifted its position in shares of Abbott Laboratories by 11.8% during the 3rd quarter. OneAscent Financial Services LLC now owns 4,557 shares of the healthcare product maker's stock valued at $519,000 after acquiring an additional 480 shares during the period. Caprock Group LLC grew its stake in shares of Abbott Laboratories by 8.1% in the 3rd quarter. Caprock Group LLC now owns 48,075 shares of the healthcare product maker's stock worth $5,481,000 after acquiring an additional 3,591 shares in the last quarter. Finally, Pathstone Holdings LLC grew its position in Abbott Laboratories by 3.7% during the third quarter. Pathstone Holdings LLC now owns 262,374 shares of the healthcare product maker's stock valued at $29,913,000 after buying an additional 9,401 shares during the period. 75.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the firm'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 value of $16,492,852.39. Following the completion of the sale, the chief executive officer now directly owns 220,059 shares of the company's stock, valued at $25,617,068.19. This trade represents a 39.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.47% of the company's stock.

Analyst Ratings Changes

ABT has been the topic of several recent research reports. Jefferies Financial Group upped their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company a "hold" rating in a report on Thursday, October 17th. Morgan Stanley increased their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an "equal weight" rating in a research report on Thursday, October 17th. UBS Group raised their target price on shares of Abbott Laboratories from $143.00 to $146.00 and gave the stock a "buy" rating in a report on Thursday, October 17th. Piper Sandler Companies began coverage on Abbott Laboratories in a research note on Thursday, September 19th. They issued an "overweight" rating and a $131.00 price target for the company. Finally, Raymond James reaffirmed a "buy" rating and issued a $129.00 price target (up previously from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Abbott Laboratories currently has an average rating of "Moderate Buy" and a consensus price target of $130.07.

Abbott Laboratories Price Performance

Shares of NYSE ABT traded down $0.21 during midday trading on Tuesday, hitting $117.15. The stock had a trading volume of 1,722,459 shares, compared to its average volume of 5,685,588. The company has a market capitalization of $203.19 billion, a PE ratio of 35.67, a P/E/G ratio of 2.73 and a beta of 0.72. The stock has a 50 day simple moving average of $115.55 and a 200-day simple moving average of $109.62. Abbott Laboratories has a 1 year low of $98.95 and a 1 year high of $121.64. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.01. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The company had revenue of $10.64 billion for the quarter, compared to the consensus estimate of $10.55 billion. During the same quarter in the previous year, the business earned $1.14 earnings per share. The company's revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts expect that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were given a dividend of $0.55 per share. The ex-dividend date was Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.88%. Abbott Laboratories's dividend payout ratio is currently 66.87%.

Abbott Laboratories Profile

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.