Iron Horse Wealth Management LLC Boosts Stock Holdings in Abbott Laboratories (NYSE:ABT)

Iron Horse Wealth Management LLC raised its holdings in Abbott Laboratories (NYSE:ABT) by 132.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 450 shares of the healthcare product maker’s stock after acquiring an additional 256 shares during the period. Iron Horse Wealth Management LLC’s holdings in Abbott Laboratories were worth $51,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Abbott Laboratories by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 165,301,921 shares of the healthcare product maker’s stock worth $18,788,216,000 after acquiring an additional 8,834,840 shares during the last quarter. Capital International Investors grew its position in Abbott Laboratories by 9.1% in the 1st quarter. Capital International Investors now owns 70,177,564 shares of the healthcare product maker’s stock valued at $7,976,382,000 after acquiring an additional 5,882,780 shares in the last quarter. Swedbank AB acquired a new stake in Abbott Laboratories during the 1st quarter worth approximately $341,777,000. Sessa Capital IM L.P. purchased a new stake in shares of Abbott Laboratories during the second quarter worth $264,876,000. Finally, Assenagon Asset Management S.A. raised its holdings in Abbott Laboratories by 493.1% in the second quarter. Assenagon Asset Management S.A. now owns 2,401,190 shares of the healthcare product maker’s stock valued at $249,508,000 after acquiring an additional 1,996,320 shares in the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ABT shares. Raymond James reaffirmed a “buy” rating and set a $129.00 price objective (up from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Evercore ISI upped their target price on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Piper Sandler boosted their price target on shares of Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Citigroup upped their target price on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Finally, Morgan Stanley lifted their price objective on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $129.67.

Insiders Place Their Bets

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 transaction of $16,492,852.39. Following the sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.10% of the stock is owned by corporate insiders.

Abbott Laboratories Trading Up 0.1 %

Shares of ABT traded up $0.15 during mid-day trading on Wednesday, hitting $116.27. The company had a trading volume of 906,867 shares, compared to its average volume of 5,719,063. Abbott Laboratories has a 1-year low of $91.64 and a 1-year high of $121.64. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. The business’s 50-day simple moving average is $114.31 and its 200-day simple moving average is $108.56. The stock has a market cap of $202.27 billion, a PE ratio of 36.17, a P/E/G ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. During the same period last year, the company posted $1.14 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. Sell-side analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

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.