Fort Pitt Capital Group LLC lifted its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 1.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 798,034 shares of the healthcare product maker's stock after purchasing an additional 11,254 shares during the quarter. Abbott Laboratories comprises 2.6% of Fort Pitt Capital Group LLC's portfolio, making the stock its 18th largest position. Fort Pitt Capital Group LLC's holdings in Abbott Laboratories were worth $90,984,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Unique Wealth Strategies LLC acquired a new stake in shares of Abbott Laboratories in the second quarter valued at approximately $28,000. Future Financial Wealth Managment LLC acquired a new stake in Abbott Laboratories in the 3rd quarter valued at approximately $31,000. Valued Wealth Advisors LLC raised its stake 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 valued at $33,000 after acquiring an additional 127 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new position in Abbott Laboratories during the 2nd quarter worth $32,000. Finally, Highline Wealth Partners LLC bought a new position in shares of Abbott Laboratories in the third quarter worth $37,000. Institutional investors and hedge funds own 75.18% of the company's stock.
Insider Transactions at Abbott Laboratories
In related news, CEO Robert B. Ford sold 141,679 shares of the company's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the transaction, the chief executive officer now directly owns 220,059 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is currently owned by insiders.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the stock. Barclays upped their price objective on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an "overweight" rating in a report on Monday, July 29th. Edward Jones lowered shares of Abbott Laboratories from a "buy" rating to a "hold" rating in a research note on Tuesday, July 30th. Jefferies Financial Group raised their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company a "hold" rating in a research note on Thursday, October 17th. Piper Sandler upped their target price on Abbott Laboratories from $131.00 to $133.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. Finally, Sanford C. Bernstein lifted their price target on Abbott Laboratories from $133.00 to $138.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $129.67.
Check Out Our Latest Research Report on ABT
Abbott Laboratories Trading Up 4.6 %
Shares of NYSE:ABT traded up $5.23 during midday trading on Friday, reaching $118.60. The company had a trading volume of 10,149,305 shares, compared to its average volume of 5,150,904. The company has a fifty day simple moving average of $114.93 and a two-hundred day simple moving average of $108.86. The firm has a market cap of $206.35 billion, a price-to-earnings ratio of 36.05, a price-to-earnings-growth ratio of 2.67 and a beta of 0.72. Abbott Laboratories has a 1-year low of $92.43 and a 1-year high of $121.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68.
Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.30%. The company had revenue of $10.64 billion during the quarter, compared to analysts' expectations of $10.55 billion. During the same period last year, the company posted $1.14 earnings per share. The business's revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts predict that Abbott Laboratories will post 4.67 earnings per share for the current year.
Abbott Laboratories Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $0.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.85%. Abbott Laboratories's payout ratio is currently 66.87%.
Abbott Laboratories Company Profile
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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.
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