Carret Asset Management LLC Lowers Position in Abbott Laboratories (NYSE:ABT)

Carret Asset Management LLC reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 1.2% during the third quarter, Holdings Channel reports. The institutional investor owned 50,143 shares of the healthcare product maker’s stock after selling 600 shares during the period. Carret Asset Management LLC’s holdings in Abbott Laboratories were worth $5,717,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the company. Unique Wealth Strategies LLC bought a new position in shares of Abbott Laboratories during the 2nd quarter valued at approximately $28,000. Redmont Wealth Advisors LLC purchased a new stake in Abbott Laboratories during the first quarter valued at $30,000. Future Financial Wealth Managment LLC purchased a new position in shares of Abbott Laboratories in the 3rd quarter worth $31,000. Itau Unibanco Holding S.A. bought a new stake in shares of Abbott Laboratories in the 2nd quarter worth about $32,000. Finally, Ridgewood Investments LLC purchased a new stake in shares of Abbott Laboratories during the 2nd quarter valued at about $37,000. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

Shares of ABT stock opened at $114.22 on Friday. Abbott Laboratories has a twelve month low of $91.64 and a twelve month high of $121.64. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The stock has a fifty day simple moving average of $114.63 and a two-hundred day simple moving average of $108.67. The stock has a market capitalization of $198.70 billion, a price-to-earnings ratio of 35.58, a P/E/G ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.01. The company 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%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.14 earnings per share. On average, analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm 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. This represents a $2.20 annualized dividend and a yield of 1.93%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 68.54%.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories 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 transaction 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

ABT has been the subject of several recent research reports. Raymond James reiterated a “buy” rating and issued a $129.00 price target (up previously from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Evercore ISI lifted their target price on Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Jefferies Financial Group raised their price target on Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, October 17th. Mizuho boosted their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, Oppenheimer started coverage on shares of Abbott Laboratories in a report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.