Dakota Wealth Management Sells 3,411 Shares of Abbott Laboratories (NYSE:ABT)

Dakota Wealth Management lessened its position in shares of Abbott Laboratories (NYSE:ABT) by 3.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 101,959 shares of the healthcare product maker’s stock after selling 3,411 shares during the quarter. Dakota Wealth Management’s holdings in Abbott Laboratories were worth $11,624,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. DT Investment Partners LLC boosted its position in Abbott Laboratories by 1.2% during the third quarter. DT Investment Partners LLC now owns 26,945 shares of the healthcare product maker’s stock valued at $3,072,000 after acquiring an additional 320 shares during the last quarter. Peoples Bank OH grew its stake in Abbott Laboratories by 3.0% during the third quarter. Peoples Bank OH now owns 4,013 shares of the healthcare product maker’s stock worth $458,000 after purchasing an additional 115 shares during the period. Pinnacle West Asset Management Inc. increased its holdings in Abbott Laboratories by 1.3% in the third quarter. Pinnacle West Asset Management Inc. now owns 8,285 shares of the healthcare product maker’s stock worth $945,000 after purchasing an additional 105 shares in the last quarter. Arcataur Capital Management LLC lifted its stake in Abbott Laboratories by 2.2% in the third quarter. Arcataur Capital Management LLC now owns 6,434 shares of the healthcare product maker’s stock valued at $734,000 after buying an additional 137 shares during the period. Finally, Grimes & Company Inc. grew its position in shares of Abbott Laboratories by 2.1% during the 3rd quarter. Grimes & Company Inc. now owns 57,945 shares of the healthcare product maker’s stock worth $6,606,000 after buying an additional 1,188 shares during the period. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

NYSE ABT opened at $116.54 on Friday. 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 fifty day moving average price of $114.46 and a 200-day moving average price of $108.62. Abbott Laboratories has a 1 year low of $91.64 and a 1 year high of $121.64. The firm has a market cap of $202.74 billion, a price-to-earnings ratio of 36.31, a PEG ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $10.55 billion. During the same quarter last year, the business posted $1.14 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities research analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 1.89%. Abbott Laboratories’s payout ratio is currently 68.54%.

Insider Buying and Selling

In other 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 transaction, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Raymond James reiterated a “buy” rating and set a $129.00 target price (up previously from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Royal Bank of Canada raised their target price on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Sanford C. Bernstein upped their price target on Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Mizuho raised their price objective on Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Piper Sandler Companies began coverage on 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 issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $129.67.

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.