Groesbeck Investment Management Corp NJ Sells 500 Shares of Abbott Laboratories (NYSE:ABT)

Groesbeck Investment Management Corp NJ lessened its holdings in Abbott Laboratories (NYSE:ABT) by 6.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,779 shares of the healthcare product maker’s stock after selling 500 shares during the period. Abbott Laboratories comprises approximately 1.2% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 26th biggest position. Groesbeck Investment Management Corp NJ’s holdings in Abbott Laboratories were worth $887,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in Abbott Laboratories by 23.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 184,961 shares of the healthcare product maker’s stock worth $19,990,000 after acquiring an additional 35,127 shares during the period. Osborne Partners Capital Management LLC raised its stake in Abbott Laboratories by 0.3% during the 3rd quarter. Osborne Partners Capital Management LLC now owns 117,891 shares of the healthcare product maker’s stock worth $13,441,000 after acquiring an additional 381 shares during the period. St. Johns Investment Management Company LLC raised its stake in Abbott Laboratories by 5.1% during the 3rd quarter. St. Johns Investment Management Company LLC now owns 11,061 shares of the healthcare product maker’s stock worth $1,261,000 after acquiring an additional 537 shares during the period. BKM Wealth Management LLC raised its stake in Abbott Laboratories by 6.4% during the 3rd quarter. BKM Wealth Management LLC now owns 19,843 shares of the healthcare product maker’s stock worth $2,262,000 after acquiring an additional 1,195 shares during the period. Finally, Parcion Private Wealth LLC raised its stake in Abbott Laboratories by 9.4% during the 3rd quarter. Parcion Private Wealth LLC now owns 66,026 shares of the healthcare product maker’s stock worth $7,528,000 after acquiring an additional 5,696 shares during the period. Institutional investors own 75.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Raymond James restated a “buy” rating and set a $129.00 target price (up previously from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Citigroup boosted their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Oppenheimer initiated coverage on shares of Abbott Laboratories in a report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 target price on the stock. Morgan Stanley boosted their target price on shares of Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, UBS Group boosted their target price on shares of Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $129.67.

Insider Buying and Selling

In related news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by insiders.

Abbott Laboratories Trading Down 2.0 %

Shares of NYSE ABT traded down $2.32 during mid-day trading on Friday, reaching $114.22. The company had a trading volume of 5,989,611 shares, compared to its average volume of 5,724,433. The business’s 50-day moving average is $114.63 and its 200-day moving average is $108.70. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The stock has a market cap of $198.70 billion, a price-to-earnings ratio of 35.58, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a 52 week low of $91.64 and a 52 week high of $121.64.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The firm had revenue of $10.64 billion for the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.14 earnings per share. Equities analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

About Abbott Laboratories

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.