Sequoia Financial Advisors LLC Purchases 31,720 Shares of Abbott Laboratories (NYSE:ABT)

Sequoia Financial Advisors LLC grew its position in Abbott Laboratories (NYSE:ABT) by 19.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 193,764 shares of the healthcare product maker’s stock after acquiring an additional 31,720 shares during the period. Sequoia Financial Advisors LLC’s holdings in Abbott Laboratories were worth $22,091,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Graybill Wealth Management LTD. lifted its stake in shares of Abbott Laboratories by 2.8% during the 3rd quarter. Graybill Wealth Management LTD. now owns 49,659 shares of the healthcare product maker’s stock worth $5,662,000 after buying an additional 1,371 shares during the last quarter. Home Federal Bank of Tennessee lifted its stake in shares of Abbott Laboratories by 3.0% during the 3rd quarter. Home Federal Bank of Tennessee now owns 20,294 shares of the healthcare product maker’s stock worth $2,314,000 after buying an additional 600 shares during the last quarter. Oakworth Capital Inc. lifted its stake in shares of Abbott Laboratories by 11.2% during the 3rd quarter. Oakworth Capital Inc. now owns 9,359 shares of the healthcare product maker’s stock worth $1,067,000 after buying an additional 942 shares during the last quarter. Maple Capital Management Inc. lifted its stake in shares of Abbott Laboratories by 0.3% during the 3rd quarter. Maple Capital Management Inc. now owns 169,736 shares of the healthcare product maker’s stock worth $19,352,000 after buying an additional 447 shares during the last quarter. Finally, Townsend Asset Management Corp NC ADV acquired a new stake in Abbott Laboratories in the 3rd quarter worth about $206,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction that occurred on 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 approximately $25,617,068.19. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on ABT shares. Royal Bank of Canada lifted their price objective 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. Raymond James reiterated a “buy” rating and issued a $129.00 price objective (up previously from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Piper Sandler lifted their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. UBS Group lifted their price objective on shares of Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Four investment 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 company presently has an average rating of “Moderate Buy” and an average target price of $129.67.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock traded down $0.91 during midday trading on Tuesday, hitting $116.08. 956,056 shares of the company traded hands, compared to its average volume of 5,721,282. The stock has a market cap of $201.94 billion, a price-to-earnings ratio of 36.16, a PEG ratio of 2.74 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68. The firm’s fifty day moving average price is $114.16 and its 200-day moving average price is $108.52. Abbott Laboratories has a 12 month low of $91.64 and a 12 month high of $121.64.

Abbott Laboratories (NYSE:ABT) last posted 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. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The firm had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. During the same period in the previous year, the firm posted $1.14 EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

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.