Opal Wealth Advisors LLC Trims Stock Holdings in Abbott Laboratories (NYSE:ABT)

Opal Wealth Advisors LLC reduced its holdings in shares of Abbott Laboratories (NYSE:ABT) by 5.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,189 shares of the healthcare product maker’s stock after selling 173 shares during the quarter. Opal Wealth Advisors LLC’s holdings in Abbott Laboratories were worth $364,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Scarborough Advisors LLC bought a new position in Abbott Laboratories in the 4th quarter worth about $84,000. Richardson Financial Services Inc. purchased a new position in Abbott Laboratories during the fourth quarter valued at approximately $29,000. Nomura Holdings Inc. increased its holdings in Abbott Laboratories by 1,566.0% during the 4th quarter. Nomura Holdings Inc. now owns 34,986 shares of the healthcare product maker’s stock worth $3,851,000 after acquiring an additional 32,886 shares during the period. Cullen Investment Group LTD. lifted its stake in Abbott Laboratories by 7.9% in the 1st quarter. Cullen Investment Group LTD. now owns 3,953 shares of the healthcare product maker’s stock worth $443,000 after purchasing an additional 291 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its position in shares of Abbott Laboratories by 4.3% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 42,782 shares of the healthcare product maker’s stock valued at $4,863,000 after purchasing an additional 1,774 shares in the last quarter. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Trading Down 1.0 %

Shares of ABT stock opened at $116.04 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. The business has a 50-day moving average of $113.44 and a 200 day moving average of $108.34. The stock has a market capitalization of $201.87 billion, a PE ratio of 36.15, a P/E/G ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a 1-year low of $90.87 and a 1-year high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. The firm had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $10.37 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business’s revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the business earned $1.08 earnings per share. As a group, sell-side analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.90%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ABT shares. Barclays lifted their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Jefferies Financial Group reissued a “hold” rating and set a $120.00 price objective on shares of Abbott Laboratories in a report on Thursday, September 26th. Citigroup raised their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Piper Sandler Companies assumed coverage on shares of Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target for the company. Finally, Evercore ISI raised their price objective on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $125.54.

Insider Activity at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the sale, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by company insiders.

Abbott Laboratories 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.