Abbott Laboratories $ABT Stock Purchased by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC increased its stake in Abbott Laboratories (NYSE:ABT) by 389.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 15,329 shares of the healthcare product maker’s stock after buying an additional 12,200 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Abbott Laboratories were worth $1,515,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC purchased a new stake in shares of Abbott Laboratories in the second quarter worth $31,000. Foresight Capital Management Advisors Inc. bought a new position in shares of Abbott Laboratories during the third quarter valued at $31,000. Balance Wealth Partners LLC bought a new position in shares of Abbott Laboratories during the third quarter valued at $34,000. Summit Securities Group LLC raised its position in shares of Abbott Laboratories by 41.3% in the 2nd quarter. Summit Securities Group LLC now owns 404 shares of the healthcare product maker’s stock worth $37,000 after purchasing an additional 118 shares during the last quarter. Finally, Addison Advisors LLC purchased a new position in shares of Abbott Laboratories in the 2nd quarter worth about $40,000. Institutional investors own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ABT. UBS Group dropped their price target on shares of Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Tuesday, July 28th. TD Cowen reduced their price objective on shares of Abbott Laboratories from $135.00 to $118.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Royal Bank Of Canada decreased their target price on shares of Abbott Laboratories from $130.00 to $125.00 and set an “outperform” rating for the company in a report on Thursday, October 22nd. BTIG Research dropped their target price on shares of Abbott Laboratories from $134.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Finally, Wolfe Research upgraded shares of Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 price target on the stock in a report on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.32.

Abbott Laboratories Trading Down 0.7%

Abbott Laboratories stock opened at $109.43 on Wednesday. Abbott Laboratories has a one year low of $81.97 and a one year high of $132.02. The business’s fifty day moving average is $104.09 and its 200 day moving average is $101.91. The stock has a market capitalization of $189.35 billion, a PE ratio of 40.83, a price-to-earnings-growth ratio of 1.93 and a beta of 0.54. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.38 and a quick ratio of 0.97.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.42. The business had revenue of $13.01 billion during the quarter, compared to analyst estimates of $12.99 billion. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. Abbott Laboratories’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.30 EPS. On average, sell-side analysts predict that Abbott Laboratories will post 5.52 EPS for the current year.

Abbott Laboratories Announces Dividend

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

Abbott Laboratories Profile

Abbott Laboratories is a global healthcare company that develops, manufactures and markets a broad range of medical products and services. Founded in 1888 by Wallace C. Abbott, the company is headquartered in Abbott Park, Illinois, and serves patients, healthcare providers and consumers in markets around the world.

Abbott operates across four principal businesses: medical devices, diagnostics, nutrition and established pharmaceutical products. Its offerings include glucose-monitoring systems such as FreeStyle Libre; cardiovascular devices, including stents and structural heart products; laboratory and point-of-care diagnostic systems; and branded generic medicines in areas such as gastroenterology, women’s health and cardiometabolic care.

The company’s nutrition portfolio includes infant and pediatric products such as Similac and PediaSure, adult nutritional products such as Ensure, and rehydration products such as Pedialyte.