Portside Wealth Group LLC Boosts Stock Holdings in Abbott Laboratories (NYSE:ABT)

Portside Wealth Group LLC raised its holdings in Abbott Laboratories (NYSE:ABT) by 1.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,742 shares of the healthcare product maker’s stock after purchasing an additional 487 shares during the period. Abbott Laboratories accounts for about 1.0% of Portside Wealth Group LLC’s holdings, making the stock its 21st biggest position. Portside Wealth Group LLC’s holdings in Abbott Laboratories were worth $5,671,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the second quarter valued at approximately $28,000. Future Financial Wealth Managment LLC bought a new stake in Abbott Laboratories during the third quarter valued at approximately $31,000. Itau Unibanco Holding S.A. bought a new stake in Abbott Laboratories during the second quarter valued at approximately $32,000. Valued Wealth Advisors LLC lifted its position in Abbott Laboratories by 78.4% during the third quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after purchasing an additional 127 shares during the last quarter. Finally, Ridgewood Investments LLC bought a new stake in Abbott Laboratories during the second quarter valued at approximately $37,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ABT. Morgan Stanley lifted their target price 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. Royal Bank of Canada lifted their target price on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Piper Sandler boosted their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Mizuho boosted their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Oppenheimer assumed coverage on shares of Abbott Laboratories in a report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.07.

Insider Buying and Selling

In related news, CEO Robert B. Ford sold 141,679 shares of the company’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 $25,617,068.19. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is currently owned by company insiders.

Abbott Laboratories Stock Down 1.3 %

Shares of Abbott Laboratories stock opened at $115.31 on Friday. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. The company’s fifty day simple moving average is $115.20 and its two-hundred day simple moving average is $109.08. The company has a market cap of $200.00 billion, a P/E ratio of 35.05, a PEG ratio of 2.77 and a beta of 0.72. Abbott Laboratories has a 12-month low of $92.43 and a 12-month high of $121.64.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The firm 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 revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.14 EPS. Research analysts anticipate that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 66.87%.

About Abbott Laboratories

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.