LifeSteps Financial Inc. Takes $219,000 Position in Abbott Laboratories (NYSE:ABT)

LifeSteps Financial Inc. bought a new position in Abbott Laboratories (NYSE:ABT) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,921 shares of the healthcare product maker’s stock, valued at approximately $219,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Unique Wealth Strategies LLC purchased a new stake in Abbott Laboratories during the 2nd quarter valued at about $28,000. Redmont Wealth Advisors LLC purchased a new stake in Abbott Laboratories in the 1st quarter worth $30,000. Future Financial Wealth Managment LLC acquired a new position in shares of Abbott Laboratories during the 3rd quarter worth about $31,000. Itau Unibanco Holding S.A. purchased a new position in shares of Abbott Laboratories in the second quarter valued at approximately $32,000. Finally, Ridgewood Investments LLC acquired a new stake in Abbott Laboratories during the 2nd quarter worth $37,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Price Performance

Abbott Laboratories stock traded down $0.20 during mid-day trading on Thursday, reaching $117.62. The company had a trading volume of 1,547,927 shares, compared to its average volume of 5,709,657. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. The company has a market capitalization of $204.62 billion, a P/E ratio of 36.64, a P/E/G ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a 1 year low of $91.64 and a 1 year high of $121.64. The stock’s 50-day simple moving average is $113.60 and its 200-day simple moving average is $108.40.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 20.18% and a net margin of 13.65%. 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 posted $1.14 EPS. On average, equities analysts predict that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insider Transactions at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the 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 of the company’s stock, valued at approximately $25,617,068.19. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

ABT has been the subject of a number of analyst reports. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Piper Sandler upped their target price on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research note on Thursday. UBS Group raised their price target on Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Royal Bank of Canada lifted their price target on shares of Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $129.07.

Abbott Laboratories 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.