Prime Capital Investment Advisors LLC Has $4.26 Million Position in Abbott Laboratories (NYSE:ABT)

Prime Capital Investment Advisors LLC decreased its holdings in shares of Abbott Laboratories (NYSE:ABT) by 41.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,324 shares of the healthcare product maker’s stock after selling 26,308 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Abbott Laboratories were worth $4,255,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABT. Unique Wealth Strategies LLC bought a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $28,000. Future Financial Wealth Managment LLC acquired a new stake in Abbott Laboratories during the third quarter worth approximately $31,000. Valued Wealth Advisors LLC boosted its holdings in shares of Abbott Laboratories by 78.4% during the third 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. Itau Unibanco Holding S.A. bought a new position in shares of Abbott Laboratories during the second quarter worth approximately $32,000. Finally, Highline Wealth Partners LLC acquired a new stake in Abbott Laboratories during the 3rd quarter worth approximately $37,000. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Stock Down 0.3 %

Shares of NYSE ABT opened at $116.45 on Wednesday. The company has a market cap of $201.98 billion, a price-to-earnings ratio of 35.40, a PEG ratio of 2.74 and a beta of 0.72. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a 12 month low of $94.50 and a 12 month high of $121.64. The stock has a 50-day moving average price of $115.39 and a two-hundred day moving average price of $109.28.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The business had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.14 EPS. As a group, analysts forecast that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.89%. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

Insider Buying and Selling at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 220,059 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

ABT has been the topic of a number of research reports. UBS Group upped their price objective on Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Sanford C. Bernstein boosted their price objective on shares of Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Raymond James reaffirmed a “buy” rating and set a $129.00 target price (up 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 price target for the company. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $130.07.

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.