CMG Global Holdings LLC Buys New Shares in Abbott Laboratories (NYSE:ABT)

CMG Global Holdings LLC purchased a new position in shares of Abbott Laboratories (NYSE:ABT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,812 shares of the healthcare product maker’s stock, valued at approximately $207,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Steel Grove Capital Advisors LLC lifted its position in shares of Abbott Laboratories by 21.1% in the first quarter. Steel Grove Capital Advisors LLC now owns 2,457 shares of the healthcare product maker’s stock valued at $279,000 after buying an additional 428 shares during the last quarter. Kestra Advisory Services LLC boosted its position in Abbott Laboratories by 6.7% during the first quarter. Kestra Advisory Services LLC now owns 166,059 shares of the healthcare product maker’s stock worth $18,874,000 after purchasing an additional 10,390 shares during the period. Beaird Harris Wealth Management LLC increased its holdings in shares of Abbott Laboratories by 25.4% in the first quarter. Beaird Harris Wealth Management LLC now owns 863 shares of the healthcare product maker’s stock valued at $98,000 after purchasing an additional 175 shares during the last quarter. Mount Yale Investment Advisors LLC raised its position in shares of Abbott Laboratories by 3.5% in the first quarter. Mount Yale Investment Advisors LLC now owns 32,807 shares of the healthcare product maker’s stock valued at $3,729,000 after purchasing an additional 1,122 shares during the period. Finally, Transcendent Capital Group LLC lifted its stake in shares of Abbott Laboratories by 306.0% during the 1st quarter. Transcendent Capital Group LLC now owns 1,084 shares of the healthcare product maker’s stock worth $123,000 after buying an additional 817 shares during the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

Abbott Laboratories stock opened at $117.76 on Friday. The stock has a fifty day moving average of $115.58 and a 200-day moving average of $109.88. The stock has a market capitalization of $204.25 billion, a P/E ratio of 35.79, a price-to-earnings-growth ratio of 2.76 and a beta of 0.72. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. Abbott Laboratories has a 52 week low of $99.71 and a 52 week high of $121.64.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The firm had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 earnings per share. On average, sell-side analysts expect that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.87%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 66.87%.

Insider Activity

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were 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 directly owns 220,059 shares of the company’s stock, valued at $25,617,068.19. The trade was a 39.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ABT. Piper Sandler Companies assumed coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target on the stock. UBS Group increased their price objective on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Raymond James restated a “buy” rating and issued a $129.00 price target (up from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Sanford C. Bernstein lifted their price objective on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Oppenheimer started coverage on shares of Abbott Laboratories in a research report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 target price on the stock. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.07.

Abbott Laboratories Company 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.