MAI Capital Management Sells 9,904 Shares of Abbott Laboratories (NYSE:ABT)

MAI Capital Management decreased its stake in shares of Abbott Laboratories (NYSE:ABT) by 2.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 401,386 shares of the healthcare product maker’s stock after selling 9,904 shares during the period. MAI Capital Management’s holdings in Abbott Laboratories were worth $45,762,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BDF Gestion purchased a new stake in shares of Abbott Laboratories in the 2nd quarter worth $7,651,000. Dundas Partners LLP increased its holdings in Abbott Laboratories by 2.1% in the 2nd quarter. Dundas Partners LLP now owns 330,227 shares of the healthcare product maker’s stock valued at $34,313,000 after acquiring an additional 6,897 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Abbott Laboratories by 19.6% in the third quarter. Sequoia Financial Advisors LLC now owns 193,764 shares of the healthcare product maker’s stock worth $22,091,000 after buying an additional 31,720 shares in the last quarter. Simplify Asset Management Inc. boosted its position in shares of Abbott Laboratories by 67.3% during the 3rd quarter. Simplify Asset Management Inc. now owns 14,083 shares of the healthcare product maker’s stock valued at $1,606,000 after acquiring an additional 5,664 shares during the last quarter. Finally, MONECO Advisors LLC grew its stake in shares of Abbott Laboratories by 110.1% in the 3rd quarter. MONECO Advisors LLC now owns 31,148 shares of the healthcare product maker’s stock worth $3,551,000 after buying an additional 16,325 shares in the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ABT shares. Barclays raised their price objective on Abbott Laboratories from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Citigroup boosted their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. UBS Group raised their price objective on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Morgan Stanley lifted their price objective on Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Finally, Piper Sandler Companies started coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $130.07.

Insider Activity

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories 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 directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. The trade was a 39.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Abbott Laboratories Stock Up 0.8 %

Abbott Laboratories stock opened at $115.90 on Monday. Abbott Laboratories has a 1-year low of $97.64 and a 1-year high of $121.64. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The stock has a market capitalization of $201.02 billion, a price-to-earnings ratio of 35.23, a PEG ratio of 2.73 and a beta of 0.72. The business has a fifty day moving average price of $115.53 and a 200-day moving average price of $109.54.

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 the consensus estimate of $1.20 by $0.01. The company 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%. Abbott Laboratories’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.14 EPS. Equities research analysts forecast that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.55 per share. The ex-dividend date was Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.90%. Abbott Laboratories’s payout ratio is presently 66.87%.

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.