Magnus Financial Group LLC Increases Position in Abbott Laboratories (NYSE:ABT)

Magnus Financial Group LLC increased its position in shares of Abbott Laboratories (NYSE:ABT) by 10.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,862 shares of the healthcare product maker’s stock after purchasing an additional 367 shares during the period. Magnus Financial Group LLC’s holdings in Abbott Laboratories were worth $440,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. BDF Gestion purchased a new position in Abbott Laboratories during the second quarter worth about $7,651,000. Dundas Partners LLP raised its holdings in Abbott Laboratories by 2.1% during the second quarter. Dundas Partners LLP now owns 330,227 shares of the healthcare product maker’s stock worth $34,313,000 after purchasing an additional 6,897 shares in the last quarter. Duality Advisers LP purchased a new position in Abbott Laboratories during the first quarter worth about $5,634,000. Oak Harvest Investment Services raised its holdings in Abbott Laboratories by 32.7% during the first quarter. Oak Harvest Investment Services now owns 73,651 shares of the healthcare product maker’s stock worth $8,371,000 after purchasing an additional 18,131 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in Abbott Laboratories by 40.3% during the first quarter. Empowered Funds LLC now owns 49,483 shares of the healthcare product maker’s stock worth $5,624,000 after purchasing an additional 14,215 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Performance

Shares of ABT opened at $116.04 on Wednesday. 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 company has a market capitalization of $201.87 billion, a price-to-earnings ratio of 36.15, a PEG ratio of 2.74 and a beta of 0.72. The company’s 50 day simple moving average is $113.44 and its 200 day simple moving average is $108.34. Abbott Laboratories has a 1 year low of $90.87 and a 1 year high of $121.64.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.04. The business had revenue of $10.38 billion for the quarter, compared to the consensus estimate of $10.37 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 earnings per share. On average, sell-side analysts predict that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Announces Dividend

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

Insider Activity

In related news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction on Thursday, September 12th. The stock was 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 directly owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Royal Bank of Canada upped their target price on shares of Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Evercore ISI upped their target price on shares of Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. 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 target price on the stock. Barclays upped their target price on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Citigroup upped their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Abbott Laboratories currently has an average rating of “Moderate Buy” and a consensus price target of $125.54.

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.