StoneRidge PMG Advisors LLC Acquires New Position in Abbott Laboratories $ABT

StoneRidge PMG Advisors LLC acquired a new stake in Abbott Laboratories (NYSE:ABT) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 11,401 shares of the healthcare product maker’s stock, valued at approximately $1,127,000. Abbott Laboratories comprises about 0.8% of StoneRidge PMG Advisors LLC’s investment portfolio, making the stock its 27th largest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Abbott Laboratories by 4.6% during the 2nd quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock valued at $13,843,610,000 after buying an additional 6,769,518 shares during the last quarter. State Street Corp lifted its position in shares of Abbott Laboratories by 1.7% during the 2nd quarter. State Street Corp now owns 80,926,234 shares of the healthcare product maker’s stock valued at $7,343,246,000 after buying an additional 1,350,766 shares in the last quarter. Bank of America Corp DE acquired a new position in Abbott Laboratories during the second quarter worth $1,603,607,000. Deutsche Bank AG lifted its holdings in Abbott Laboratories by 18.6% during the second quarter. Deutsche Bank AG now owns 16,706,669 shares of the healthcare product maker’s stock valued at $1,515,963,000 after purchasing an additional 2,614,965 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Abbott Laboratories in the second quarter valued at about $1,082,524,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Insider Buying and Selling

In other Abbott Laboratories news, EVP Mary Moreland sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $116.00, for a total value of $406,000.00. Following the transaction, the executive vice president directly owned 100,791 shares of the company’s stock, valued at $11,691,756. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.46% of the company’s stock.

Abbott Laboratories Trading Up 0.1%

Shares of ABT opened at $110.02 on Monday. Abbott Laboratories has a 52-week low of $81.97 and a 52-week high of $132.02. The stock has a market cap of $190.38 billion, a PE ratio of 41.05, a price-to-earnings-growth ratio of 1.93 and a beta of 0.54. The firm’s fifty day moving average is $104.04 and its two-hundred day moving average is $101.78. The company has a quick ratio of 1.00, a current ratio of 1.45 and a debt-to-equity ratio of 0.57.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 EPS for the quarter, meeting analysts’ consensus estimates of $1.42. The business had revenue of $13.01 billion during the quarter, compared to analysts’ expectations of $12.99 billion. Abbott Laboratories had a net margin of 9.75% and a return on equity of 18.04%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.30 earnings per share. Research analysts forecast that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a $0.63 dividend. The ex-dividend date is Thursday, October 15th. This represents a $2.52 dividend on an annualized basis and a yield of 2.3%. Abbott Laboratories’s dividend payout ratio is presently 94.03%.

Analysts Set New Price Targets

A number of research firms have recently commented on ABT. BTIG Research cut their target price on shares of Abbott Laboratories from $134.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Barclays initiated coverage on shares of Abbott Laboratories in a research note on Wednesday, October 7th. They issued an “overweight” rating and a $120.00 price target on the stock. Rothschild & Co Redburn upgraded Abbott Laboratories from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $119.00 to $127.00 in a report on Friday, October 2nd. Piper Sandler reiterated an “overweight” rating and set a $118.00 price objective (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. Finally, Citigroup reduced their target price on Abbott Laboratories from $125.00 to $122.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.32.

About Abbott Laboratories

Abbott Laboratories is a global healthcare company that develops, manufactures and markets medical devices, diagnostic tests, nutritional products and branded generic medicines. Its products serve patients and healthcare professionals in hospitals, clinics and other care settings.

Abbott’s offerings include the FreeStyle Libre continuous glucose monitoring system, cardiovascular and other medical devices, laboratory and rapid diagnostic tests, and nutrition brands such as Ensure and Similac.