Optas LLC Boosts Stake in Abbott Laboratories (NYSE:ABT)

Optas LLC boosted its holdings in Abbott Laboratories (NYSE:ABT) by 13.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 4,105 shares of the healthcare product maker’s stock after acquiring an additional 485 shares during the quarter. Optas LLC’s holdings in Abbott Laboratories were worth $468,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Unique Wealth Strategies LLC purchased a new stake in Abbott Laboratories during the second quarter worth about $28,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Abbott Laboratories during the 3rd quarter valued at approximately $31,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Abbott Laboratories during the 2nd quarter worth approximately $32,000. Valued Wealth Advisors LLC grew its holdings in shares of Abbott Laboratories by 78.4% in the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock worth $33,000 after acquiring an additional 127 shares during the period. Finally, Ridgewood Investments LLC purchased a new position in Abbott Laboratories in the 2nd quarter valued at approximately $37,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Insider Activity

In related news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 220,059 shares of the company’s stock, 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 SEC, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Abbott Laboratories Price Performance

Shares of NYSE:ABT opened at $118.60 on Friday. The business has a fifty day simple moving average of $114.93 and a 200-day simple moving average of $108.84. Abbott Laboratories has a 52 week low of $92.43 and a 52 week high of $121.64. The company has a market cap of $206.35 billion, a P/E ratio of 36.05, a P/E/G ratio of 2.69 and a beta of 0.72. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. The company had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.30%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.14 EPS. Equities research analysts forecast that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently declared 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 dividend yield of 1.85%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 66.87%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Citigroup upped their target price on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. UBS Group increased their price objective on shares of Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Piper Sandler Companies assumed coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price for the company. Morgan Stanley increased their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Sanford C. Bernstein lifted their price objective on Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $129.67.

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.