Reston Wealth Management LLC Buys Shares of 690 Abbott Laboratories (NYSE:ABT)

Reston Wealth Management LLC purchased a new position in shares of Abbott Laboratories (NYSE:ABT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 690 shares of the healthcare product maker’s stock, valued at approximately $79,000.

A number of other hedge funds also recently modified their holdings of ABT. FORVIS Wealth Advisors LLC lifted its holdings in shares of Abbott Laboratories by 0.8% during the first quarter. FORVIS Wealth Advisors LLC now owns 13,451 shares of the healthcare product maker’s stock worth $1,529,000 after purchasing an additional 111 shares during the period. Diversify Advisory Services LLC acquired a new position in shares of Abbott Laboratories during the first quarter worth $2,688,000. Mission Wealth Management LP raised its stake in Abbott Laboratories by 14.4% during the first quarter. Mission Wealth Management LP now owns 15,849 shares of the healthcare product maker’s stock worth $1,801,000 after buying an additional 1,994 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Abbott Laboratories by 2.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 303,668 shares of the healthcare product maker’s stock worth $31,767,000 after buying an additional 5,817 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Abbott Laboratories by 3.9% during the first quarter. Janney Montgomery Scott LLC now owns 610,006 shares of the healthcare product maker’s stock worth $69,333,000 after buying an additional 22,907 shares during the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Insider Buying and Selling

In related news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ABT has been the subject of a number of analyst reports. Mizuho lifted their target price on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Oppenheimer initiated coverage on shares of Abbott Laboratories in a research note on Tuesday, October 8th. They set an “outperform” rating and a $130.00 target price for the company. Morgan Stanley lifted their target price on shares of Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Citigroup lifted their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Finally, Piper Sandler Companies started coverage on shares of Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.67.

Abbott Laboratories Stock Down 0.9 %

Shares of NYSE ABT opened at $113.39 on Friday. The stock has a market capitalization of $197.29 billion, a P/E ratio of 34.47, a P/E/G ratio of 2.74 and a beta of 0.72. The company has a 50-day moving average price of $114.82 and a 200-day moving average price of $108.78. Abbott Laboratories has a 1 year low of $92.43 and a 1 year high of $121.64. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. The firm had revenue of $10.64 billion during 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 was up 4.9% on a year-over-year basis. During the same period last year, the company earned $1.14 earnings per share. On average, equities research analysts forecast that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 66.87%.

Abbott Laboratories 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.