First Long Island Investors LLC Increases Stock Holdings in Abbott Laboratories (NYSE:ABT)

First Long Island Investors LLC raised its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 19.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 404,839 shares of the healthcare product maker's stock after purchasing an additional 66,474 shares during the period. Abbott Laboratories accounts for about 3.6% of First Long Island Investors LLC's holdings, making the stock its 5th biggest position. First Long Island Investors LLC's holdings in Abbott Laboratories were worth $46,156,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ABT. Simplify Asset Management Inc. lifted its position in Abbott Laboratories by 67.3% during the third quarter. Simplify Asset Management Inc. now owns 14,083 shares of the healthcare product maker's stock valued at $1,606,000 after purchasing an additional 5,664 shares during the last quarter. Archer Investment Corp lifted its position in Abbott Laboratories by 3.1% during the third quarter. Archer Investment Corp now owns 3,489 shares of the healthcare product maker's stock valued at $398,000 after purchasing an additional 104 shares during the last quarter. Empowered Funds LLC lifted its position in Abbott Laboratories by 6.6% during the third quarter. Empowered Funds LLC now owns 52,371 shares of the healthcare product maker's stock valued at $5,971,000 after purchasing an additional 3,265 shares during the last quarter. Empirical Finance LLC lifted its position in Abbott Laboratories by 2.3% during the third quarter. Empirical Finance LLC now owns 60,360 shares of the healthcare product maker's stock valued at $6,882,000 after purchasing an additional 1,335 shares during the last quarter. Finally, Vectors Research Management LLC bought a new stake in Abbott Laboratories during the third quarter valued at approximately $1,642,000. 75.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the business's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the sale, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. The trade was a 39.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.10% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Edward Jones lowered shares of Abbott Laboratories from a "buy" rating to a "hold" rating in a research report on Tuesday, July 30th. Raymond James reiterated a "buy" rating and set a $129.00 target price (up from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Morgan Stanley lifted their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 17th. Barclays lifted their price target on shares of Abbott Laboratories from $143.00 to $149.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 5th. Finally, Piper Sandler Companies began 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. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $130.07.

Abbott Laboratories Trading Up 0.8 %

Shares of NYSE ABT traded up $0.87 during mid-day trading on Friday, hitting $115.90. The stock had a trading volume of 6,873,094 shares, compared to its average volume of 5,701,520. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. Abbott Laboratories has a 1 year low of $97.64 and a 1 year high of $121.64. The business has a 50 day moving average price of $115.49 and a two-hundred day moving average price of $109.43. The firm has a market cap of $201.02 billion, a P/E ratio of 35.00, a price-to-earnings-growth ratio of 2.72 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $10.64 billion for the quarter, compared to the consensus estimate of $10.55 billion. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The company's quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.14 EPS. On average, equities analysts anticipate that Abbott Laboratories will post 4.67 EPS 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 given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories's payout ratio is currently 66.87%.

Abbott Laboratories Company 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.