Abbott Laboratories $ABT Stock Position Cut by SVB Wealth LLC

SVB Wealth LLC lowered its holdings in shares of Abbott Laboratories (NYSE:ABT) by 23.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 33,988 shares of the healthcare product maker’s stock after selling 10,474 shares during the period. SVB Wealth LLC’s holdings in Abbott Laboratories were worth $3,359,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Foresight Capital Management Advisors Inc. bought a new stake in shares of Abbott Laboratories in the third quarter worth $31,000. Manning & Napier Advisors LLC bought a new position in Abbott Laboratories during the 2nd quarter worth $31,000. Balance Wealth Partners LLC acquired a new position in Abbott Laboratories during the 3rd quarter worth about $34,000. Summit Securities Group LLC grew 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 valued at $37,000 after buying an additional 118 shares during the last quarter. Finally, Addison Advisors LLC bought a new stake in shares of Abbott Laboratories in the 2nd quarter valued at about $40,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $107.23 on Friday. The firm has a 50 day moving average of $103.94 and a 200-day moving average of $101.74. The company has a market cap of $185.71 billion, a price-to-earnings ratio of 40.01, a price-to-earnings-growth ratio of 1.92 and a beta of 0.54. 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 has a 52 week low of $81.97 and a 52 week high of $132.02.

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

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Thursday, October 15th. Abbott Laboratories’s payout ratio is 94.03%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ABT shares. Wells Fargo & Company increased their price target on Abbott Laboratories from $112.00 to $119.00 and gave the company an “overweight” rating in a research note on Thursday, October 22nd. BTIG Research reduced their target price on Abbott Laboratories from $134.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. TD Cowen lowered their price target on shares of Abbott Laboratories from $135.00 to $118.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Barclays assumed coverage on shares of Abbott Laboratories in a research report on Wednesday, October 7th. They issued an “overweight” rating and a $120.00 price target on the stock. Finally, Rothschild & Co Redburn raised shares of Abbott Laboratories from a “neutral” rating to a “buy” rating and upped their price objective for the company from $119.00 to $127.00 in a research note on Friday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $118.32.

Insiders Place Their Bets

In other news, EVP Mary Moreland sold 3,500 shares of the company’s stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $116.00, for a total transaction of $406,000.00. Following the transaction, the executive vice president owned 100,791 shares in the company, valued at approximately $11,691,756. This represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company’s stock.

Abbott Laboratories Profile

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. Its established pharmaceuticals business sells branded generic medicines in markets outside the United States.