Klingenstein Fields & Co. LP Raises Holdings in Abbott Laboratories (NYSE:ABT)

Klingenstein Fields & Co. LP boosted its stake in Abbott Laboratories (NYSE:ABT) by 0.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 127,401 shares of the healthcare product maker’s stock after purchasing an additional 171 shares during the period. Klingenstein Fields & Co. LP’s holdings in Abbott Laboratories were worth $14,525,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Counselors Inc. increased its position in shares of Abbott Laboratories by 1.6% in the first quarter. Financial Counselors Inc. now owns 53,804 shares of the healthcare product maker’s stock valued at $6,115,000 after acquiring an additional 844 shares during the period. Mutual Advisors LLC raised its position in Abbott Laboratories by 7.6% during the 1st quarter. Mutual Advisors LLC now owns 25,662 shares of the healthcare product maker’s stock valued at $2,917,000 after purchasing an additional 1,809 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in Abbott Laboratories in the 1st quarter worth approximately $404,000. Comprehensive Financial Consultants Institutional Inc. grew its position in shares of Abbott Laboratories by 3.2% in the 1st quarter. Comprehensive Financial Consultants Institutional Inc. now owns 10,517 shares of the healthcare product maker’s stock worth $1,195,000 after buying an additional 330 shares during the last quarter. Finally, Proficio Capital Partners LLC increased its stake in shares of Abbott Laboratories by 2.8% during the first quarter. Proficio Capital Partners LLC now owns 7,879 shares of the healthcare product maker’s stock valued at $896,000 after buying an additional 213 shares during the period. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

ABT opened at $118.60 on Monday. Abbott Laboratories has a 1 year low of $92.43 and a 1 year high of $121.64. The stock has a 50-day moving average price of $114.93 and a 200-day moving average price of $108.86. The firm has a market cap of $206.35 billion, a PE ratio of 36.05, a P/E/G ratio of 2.67 and a beta of 0.72. 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 earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.01. The firm 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 20.30%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.14 earnings per share. Sell-side analysts predict that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

Insider Activity

In related news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on ABT shares. Barclays raised their price target on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Jefferies Financial Group boosted their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, October 17th. Piper Sandler raised their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, Sanford C. Bernstein upped their target price on Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Abbott Laboratories currently has an average rating of “Moderate Buy” and a consensus price target of $129.67.

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.