Cornerstone Wealth Group LLC Buys 807 Shares of Abbott Laboratories (NYSE:ABT)

Cornerstone Wealth Group LLC raised its holdings in Abbott Laboratories (NYSE:ABT) by 1.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,367 shares of the healthcare product maker’s stock after buying an additional 807 shares during the period. Cornerstone Wealth Group LLC’s holdings in Abbott Laboratories were worth $7,339,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Unique Wealth Strategies LLC acquired a new position in shares of Abbott Laboratories during the second quarter worth $28,000. Future Financial Wealth Managment LLC purchased a new position in Abbott Laboratories during the 3rd quarter worth $31,000. Itau Unibanco Holding S.A. purchased a new position in Abbott Laboratories during the 2nd quarter worth $32,000. Ridgewood Investments LLC purchased a new position in shares of Abbott Laboratories in the 2nd quarter worth about $37,000. Finally, Highline Wealth Partners LLC purchased a new position in shares of Abbott Laboratories in the 3rd quarter worth about $37,000. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Trading Up 0.9 %

Shares of NYSE:ABT opened at $114.45 on Thursday. Abbott Laboratories has a 52-week low of $92.43 and a 52-week high of $121.64. The stock has a market cap of $199.13 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 2.74 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. The business has a 50-day moving average price of $114.79 and a 200-day moving average price of $108.74.

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 the consensus estimate of $1.20 by $0.01. The firm had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. Abbott Laboratories’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $1.14 earnings per share. Equities analysts predict that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Dividend Announcement

The firm 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. This represents a $2.20 annualized dividend and a yield of 1.92%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s payout ratio is currently 66.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ABT shares. Oppenheimer assumed coverage on shares of Abbott Laboratories in a report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price target on the stock. Piper Sandler Companies started coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Mizuho lifted their price target 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. Finally, Evercore ISI raised their price objective on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $129.67.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by corporate insiders.

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.