Mediolanum International Funds Ltd Trims Stock Position in Abbott Laboratories (NYSE:ABT)

Mediolanum International Funds Ltd lessened its holdings in shares of Abbott Laboratories (NYSE:ABT) by 12.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 179,802 shares of the healthcare product maker’s stock after selling 25,977 shares during the period. Mediolanum International Funds Ltd’s holdings in Abbott Laboratories were worth $20,182,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Unique Wealth Strategies LLC purchased a new position in Abbott Laboratories in the second quarter valued at $28,000. Redmont Wealth Advisors LLC purchased a new position in Abbott Laboratories in the first quarter valued at $30,000. Future Financial Wealth Managment LLC purchased a new position in Abbott Laboratories in the third quarter valued at $31,000. Itau Unibanco Holding S.A. purchased a new position in Abbott Laboratories in the second quarter valued at $32,000. Finally, Ridgewood Investments LLC purchased a new position in Abbott Laboratories in the second quarter valued at $37,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

NYSE:ABT traded down $1.28 during mid-day trading on Friday, hitting $115.26. 912,690 shares of the company’s stock traded hands, compared to its average volume of 5,699,912. Abbott Laboratories has a 1 year low of $91.64 and a 1 year high of $121.64. The company has a market cap of $200.51 billion, a PE ratio of 36.31, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. The firm’s 50 day simple moving average is $114.46 and its 200 day simple moving average is $108.62. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68.

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

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.91%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insider Buying and Selling

In related news, CEO Robert B. Ford sold 141,679 shares of the firm’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 value 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 approximately $25,617,068.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ABT. Mizuho lifted their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Jefferies Financial Group lifted their target price on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, October 17th. Morgan Stanley lifted their target price 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. UBS Group lifted their target price on shares of Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, Piper Sandler Companies started coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and an average price target of $129.67.

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.