Ritholtz Wealth Management Lowers Holdings in Abbott Laboratories (NYSE:ABT)

Ritholtz Wealth Management decreased its holdings in Abbott Laboratories (NYSE:ABTGet Rating) by 30.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,327 shares of the healthcare product maker’s stock after selling 12,577 shares during the quarter. Ritholtz Wealth Management’s holdings in Abbott Laboratories were worth $3,078,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Tennessee Valley Asset Management Partners lifted its stake in shares of Abbott Laboratories by 0.4% in the 4th quarter. Tennessee Valley Asset Management Partners now owns 20,487 shares of the healthcare product maker’s stock valued at $2,883,000 after purchasing an additional 83 shares in the last quarter. Greytown Advisors Inc. lifted its position in Abbott Laboratories by 1.6% during the 4th quarter. Greytown Advisors Inc. now owns 5,393 shares of the healthcare product maker’s stock worth $759,000 after acquiring an additional 84 shares in the last quarter. Rowland & Co. Investment Counsel ADV lifted its position in Abbott Laboratories by 3.3% during the 4th quarter. Rowland & Co. Investment Counsel ADV now owns 2,625 shares of the healthcare product maker’s stock worth $369,000 after acquiring an additional 85 shares in the last quarter. Oldfather Financial Services LLC lifted its position in Abbott Laboratories by 3.6% during the 4th quarter. Oldfather Financial Services LLC now owns 2,479 shares of the healthcare product maker’s stock worth $307,000 after acquiring an additional 85 shares in the last quarter. Finally, Keystone Wealth Services LLC lifted its position in Abbott Laboratories by 1.5% during the 1st quarter. Keystone Wealth Services LLC now owns 6,050 shares of the healthcare product maker’s stock worth $716,000 after acquiring an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 73.03% of the company’s stock.

Insider Activity

In other news, Director Daniel J. Starks sold 50,000 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $109.14, for a total value of $5,457,000.00. Following the sale, the director now directly owns 6,923,500 shares in the company, valued at $755,630,790. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Joseph J. Manning sold 23,008 shares of Abbott Laboratories stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $107.00, for a total value of $2,461,856.00. Following the sale, the executive vice president now owns 53,245 shares of the company’s stock, valued at $5,697,215. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Daniel J. Starks sold 50,000 shares of Abbott Laboratories stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $109.14, for a total value of $5,457,000.00. Following the completion of the sale, the director now directly owns 6,923,500 shares in the company, valued at approximately $755,630,790. The disclosure for this sale can be found here. Insiders have sold a total of 204,788 shares of company stock worth $21,776,756 over the last three months. Corporate insiders own 0.52% of the company’s stock.

Analyst Ratings Changes

ABT has been the topic of several recent research reports. Wolfe Research initiated coverage on Abbott Laboratories in a research report on Tuesday, July 5th. They set an “underperform” rating on the stock. UBS Group reduced their price target on Abbott Laboratories from $142.00 to $128.00 and set a “buy” rating on the stock in a research report on Wednesday, July 27th. Royal Bank of Canada cut their target price on Abbott Laboratories from $143.00 to $132.00 in a research report on Thursday, July 21st. Cowen cut their target price on Abbott Laboratories from $150.00 to $130.00 in a research report on Wednesday, July 13th. Finally, Erste Group Bank lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.46.

Abbott Laboratories Trading Down 0.4 %

ABT stock traded down $0.43 during midday trading on Friday, hitting $100.64. 85,048 shares of the company’s stock were exchanged, compared to its average volume of 4,955,861. The stock’s fifty day moving average price is $107.10 and its 200-day moving average price is $111.67. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.54 and a current ratio of 2.01. The company has a market cap of $176.24 billion, a PE ratio of 21.10, a price-to-earnings-growth ratio of 3.73 and a beta of 0.72. Abbott Laboratories has a one year low of $99.85 and a one year high of $142.60.

Abbott Laboratories (NYSE:ABTGet Rating) last posted its earnings results on Wednesday, July 20th. The healthcare product maker reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.34. The firm had revenue of $11.26 billion for the quarter, compared to analyst estimates of $10.37 billion. Abbott Laboratories had a return on equity of 29.38% and a net margin of 18.78%. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.17 earnings per share. Research analysts predict that Abbott Laboratories will post 4.99 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.88 annualized dividend and a yield of 1.87%. Abbott Laboratories’s dividend payout ratio is presently 39.25%.

Abbott Laboratories Profile

(Get Rating)

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 Established Pharmaceutical Products segment 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.

See Also

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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