AlphaCore Capital LLC Takes $217,000 Position in Abbott Laboratories (NYSE:ABT)

AlphaCore Capital LLC bought a new stake in shares of Abbott Laboratories (NYSE:ABT) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,904 shares of the healthcare product maker’s stock, valued at approximately $217,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Insight Folios Inc boosted its holdings in Abbott Laboratories by 3.3% in the 3rd quarter. Insight Folios Inc now owns 2,691 shares of the healthcare product maker’s stock worth $307,000 after buying an additional 87 shares during the period. Boltwood Capital Management boosted its position in Abbott Laboratories by 0.4% in the 3rd quarter. Boltwood Capital Management now owns 21,821 shares of the healthcare product maker’s stock valued at $2,488,000 after buying an additional 89 shares during the period. Wedge Capital Management L L P NC grew its position in shares of Abbott Laboratories by 2.9% during the 3rd quarter. Wedge Capital Management L L P NC now owns 3,153 shares of the healthcare product maker’s stock worth $359,000 after buying an additional 89 shares in the last quarter. Silicon Valley Capital Partners raised its holdings in shares of Abbott Laboratories by 8.7% in the 3rd quarter. Silicon Valley Capital Partners now owns 1,108 shares of the healthcare product maker’s stock valued at $126,000 after purchasing an additional 89 shares in the last quarter. Finally, Atwood & Palmer Inc. boosted its position in Abbott Laboratories by 6.5% during the 3rd quarter. Atwood & Palmer Inc. now owns 1,478 shares of the healthcare product maker’s stock valued at $169,000 after acquiring an additional 90 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ABT. Morgan Stanley lifted their price objective on shares of Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target on the stock. Evercore ISI boosted their target price on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler increased their price target 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, UBS Group lifted their price objective on shares of Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $130.07.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories 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 transaction 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. The trade was a 39.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% of the company’s stock.

Abbott Laboratories Stock Up 1.4 %

Shares of ABT opened at $117.57 on Friday. The stock has a 50 day moving average price of $115.55 and a 200 day moving average price of $109.80. Abbott Laboratories has a one year low of $99.71 and a one year high of $121.64. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. The stock has a market capitalization of $203.91 billion, a price-to-earnings ratio of 35.73, a PEG ratio of 2.76 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The company had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 earnings per share. Equities research analysts forecast that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is 66.87%.

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.