Kentucky Retirement Systems Insurance Trust Fund Reduces Position in Abbott Laboratories (NYSE:ABT)

Kentucky Retirement Systems Insurance Trust Fund trimmed its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 8.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,514 shares of the healthcare product maker's stock after selling 4,596 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Abbott Laboratories were worth $5,873,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC acquired a new stake in Abbott Laboratories during the 2nd quarter valued at approximately $28,000. Future Financial Wealth Managment LLC bought a new position in Abbott Laboratories during the third quarter worth $31,000. Itau Unibanco Holding S.A. acquired a new position in Abbott Laboratories in the second quarter valued at $32,000. Valued Wealth Advisors LLC grew its holdings in Abbott Laboratories by 78.4% during the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker's stock worth $33,000 after acquiring an additional 127 shares during the period. Finally, Ridgewood Investments LLC bought a new position in shares of Abbott Laboratories in the 2nd quarter worth about $37,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Stock Up 0.8 %

NYSE ABT traded up $0.87 on Friday, reaching $115.90. The company had a trading volume of 6,898,605 shares, compared to its average volume of 5,701,520. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $201.02 billion, a P/E ratio of 35.23, a P/E/G ratio of 2.72 and a beta of 0.72. The company's fifty day moving average is $115.53 and its 200 day moving average is $109.49. Abbott Laboratories has a 52-week low of $97.64 and a 52-week high of $121.64.

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

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were issued a dividend of $0.55 per share. The ex-dividend date was Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.90%. Abbott Laboratories's dividend payout ratio (DPR) is currently 66.87%.

Insiders Place Their Bets

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 shares were sold at an average price of $116.41, for a total transaction 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 trade represents a 39.17 % decrease in their position. 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.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ABT shares. Sanford C. Bernstein raised their target price on Abbott Laboratories from $133.00 to $138.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. Royal Bank of Canada lifted their price objective on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an "outperform" rating in a research note on Tuesday, October 8th. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They issued an "overweight" rating and a $131.00 price target for the company. Raymond James reiterated a "buy" rating and set a $129.00 price objective (up previously from $122.00) on shares of Abbott Laboratories in a report on Monday, October 14th. Finally, Oppenheimer initiated coverage on Abbott Laboratories in a research note on Tuesday, October 8th. They issued an "outperform" rating and a $130.00 target price for the company. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $130.07.

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.