Compass Wealth Management LLC Trims Stock Position in Abbott Laboratories (NYSE:ABT)

Compass Wealth Management LLC cut its holdings in shares of Abbott Laboratories (NYSE:ABT) by 0.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 29,402 shares of the healthcare product maker’s stock after selling 130 shares during the period. Compass Wealth Management LLC’s holdings in Abbott Laboratories were worth $3,352,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. LifeSteps Financial Inc. purchased a new stake in shares of Abbott Laboratories during the 3rd quarter valued at approximately $219,000. Global Retirement Partners LLC increased its position in shares of Abbott Laboratories by 1.6% during the third quarter. Global Retirement Partners LLC now owns 55,717 shares of the healthcare product maker’s stock worth $6,352,000 after acquiring an additional 900 shares during the period. Good Life Advisors LLC increased its position in shares of Abbott Laboratories by 5.1% during the third quarter. Good Life Advisors LLC now owns 26,174 shares of the healthcare product maker’s stock worth $2,984,000 after acquiring an additional 1,279 shares during the period. ZWJ Investment Counsel Inc. increased its position in shares of Abbott Laboratories by 0.3% during the third quarter. ZWJ Investment Counsel Inc. now owns 49,303 shares of the healthcare product maker’s stock worth $5,621,000 after acquiring an additional 142 shares during the period. Finally, Beech Hill Advisors Inc. grew its stake in shares of Abbott Laboratories by 5.6% during the third quarter. Beech Hill Advisors Inc. now owns 11,400 shares of the healthcare product maker’s stock worth $1,300,000 after purchasing an additional 600 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Trading Down 0.2 %

ABT stock traded down $0.24 during midday trading on Thursday, hitting $117.58. The stock had a trading volume of 1,650,972 shares, compared to its average volume of 5,710,169. Abbott Laboratories has a 12-month low of $91.64 and a 12-month high of $121.64. The company’s 50-day moving average price is $113.60 and its 200 day moving average price is $108.40. The firm has a market cap of $204.55 billion, a PE ratio of 36.64, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18.

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

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $0.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.87%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insiders Place Their Bets

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value of $16,492,852.39. Following the transaction, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ABT. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective for the company. Jefferies Financial Group upped their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday. Mizuho upped their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a research note on Thursday. Citigroup upped their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Finally, Barclays upped their target price on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $129.07.

About Abbott Laboratories

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.