Truvestments Capital LLC Boosts Position in Abbott Laboratories (NYSE:ABT)

Truvestments Capital LLC lifted its position in shares of Abbott Laboratories (NYSE:ABT) by 18.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,290 shares of the healthcare product maker’s stock after buying an additional 3,552 shares during the quarter. Truvestments Capital LLC’s holdings in Abbott Laboratories were worth $2,655,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Insight Folios Inc lifted its holdings in shares of Abbott Laboratories by 3.3% during the third quarter. Insight Folios Inc now owns 2,691 shares of the healthcare product maker’s stock valued at $307,000 after purchasing an additional 87 shares during the last quarter. Boltwood Capital Management lifted its stake in Abbott Laboratories by 0.4% during the third quarter. Boltwood Capital Management now owns 21,821 shares of the healthcare product maker’s stock valued at $2,488,000 after buying an additional 89 shares in the last quarter. Wedge Capital Management L L P NC boosted its holdings in shares of Abbott Laboratories by 2.9% in the third quarter. Wedge Capital Management L L P NC now owns 3,153 shares of the healthcare product maker’s stock worth $359,000 after buying an additional 89 shares during the period. Silicon Valley Capital Partners raised its holdings in shares of Abbott Laboratories by 8.7% during the third quarter. Silicon Valley Capital Partners now owns 1,108 shares of the healthcare product maker’s stock valued at $126,000 after acquiring an additional 89 shares during the period. Finally, Atwood & Palmer Inc. lifted its position in shares of Abbott Laboratories by 6.5% in the 3rd quarter. Atwood & Palmer Inc. now owns 1,478 shares of the healthcare product maker’s stock valued at $169,000 after acquiring an additional 90 shares in the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This trade represents a 39.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.47% of the stock is owned by insiders.

Abbott Laboratories Price Performance

Shares of NYSE:ABT opened at $117.42 on Monday. 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 business has a 50 day moving average price of $115.58 and a 200 day moving average price of $109.94. The company has a market cap of $203.66 billion, a price-to-earnings ratio of 35.79, a PEG ratio of 2.77 and a beta of 0.72. Abbott Laboratories has a twelve month low of $99.71 and a twelve month high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued 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. The firm had revenue of $10.64 billion during 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 business’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.14 EPS. Research analysts predict that Abbott Laboratories will post 4.67 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were issued a $0.55 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.87%. Abbott Laboratories’s dividend payout ratio (DPR) is 66.87%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Mizuho boosted their target price on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Citigroup increased their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Piper Sandler Companies started coverage on Abbott Laboratories in a research note on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Jefferies Financial Group increased their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, October 17th. Finally, Evercore ISI lifted their price objective on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average price target 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.