1776 Wealth LLC Has $619,000 Holdings in Abbott Laboratories (NYSE:ABT)

1776 Wealth LLC lessened its position in shares of Abbott Laboratories (NYSE:ABT) by 4.5% in the third quarter, Holdings Channel.com reports. The firm owned 5,426 shares of the healthcare product maker’s stock after selling 253 shares during the period. 1776 Wealth LLC’s holdings in Abbott Laboratories were worth $619,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABT. Capital International Investors raised its position in Abbott Laboratories by 9.1% during the first quarter. Capital International Investors now owns 70,177,564 shares of the healthcare product maker’s stock worth $7,976,382,000 after acquiring an additional 5,882,780 shares in the last quarter. Swedbank AB bought a new stake in shares of Abbott Laboratories in the first quarter valued at approximately $341,777,000. Sessa Capital IM L.P. bought a new stake in shares of Abbott Laboratories during the 2nd quarter valued at $264,876,000. Assenagon Asset Management S.A. increased its position in shares of 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 worth $249,508,000 after purchasing an additional 1,996,320 shares during the period. Finally, International Assets Investment Management LLC raised its stake in Abbott Laboratories by 13,194.9% in the third quarter. International Assets Investment Management LLC now owns 1,679,805 shares of the healthcare product maker’s stock valued at $191,515,000 after purchasing an additional 1,667,170 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Stock Up 0.8 %

ABT traded up $0.87 during mid-day trading on Friday, reaching $115.90. 6,898,605 shares of the stock were exchanged, compared to its average volume of 5,701,520. The company has a 50 day moving average price of $115.53 and a two-hundred day moving average price of $109.49. The stock has a market capitalization of $201.02 billion, a PE ratio of 35.23, a price-to-earnings-growth ratio of 2.72 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 1 year low of $97.64 and a 1 year high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The business had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. During the same period in the prior year, the firm posted $1.14 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, research analysts anticipate that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were paid a $0.55 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.90%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 66.87%.

Wall Street Analysts Forecast Growth

Several research firms have commented on ABT. Royal Bank of Canada raised their target price on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Sanford C. Bernstein boosted their target price on Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Oppenheimer started coverage on shares of Abbott Laboratories in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price target for the company. Finally, Morgan Stanley lifted their price objective on Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $130.07.

Insider Transactions at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This trade represents a 39.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.10% of the company’s stock.

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.