CMG Global Holdings LLC Invests $207,000 in Abbott Laboratories (NYSE:ABT)

CMG Global Holdings LLC bought a new stake in Abbott Laboratories (NYSE:ABT) during the 3rd quarter, Holdings Channel.com reports. The firm bought 1,812 shares of the healthcare product maker’s stock, valued at approximately $207,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cerity Partners LLC lifted its holdings in Abbott Laboratories by 9.6% in the third quarter. Cerity Partners LLC now owns 967,938 shares of the healthcare product maker’s stock valued at $110,355,000 after buying an additional 84,693 shares during the period. Great Valley Advisor Group Inc. raised its position in shares of Abbott Laboratories by 0.4% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 24,902 shares of the healthcare product maker’s stock worth $2,839,000 after acquiring an additional 100 shares in the last quarter. Waddell & Associates LLC bought a new stake in shares of Abbott Laboratories during the 3rd quarter valued at about $212,000. Nicolet Advisory Services LLC grew its stake in Abbott Laboratories by 7.1% during the third quarter. Nicolet Advisory Services LLC now owns 32,768 shares of the healthcare product maker’s stock worth $3,678,000 after purchasing an additional 2,167 shares during the period. Finally, Nwam LLC bought a new stake in Abbott Laboratories in the third quarter worth approximately $2,348,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Stock Up 0.4 %

Abbott Laboratories stock opened at $117.76 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. The stock has a market cap of $204.25 billion, a PE ratio of 35.79, a price-to-earnings-growth ratio of 2.76 and a beta of 0.72. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $121.64. The firm’s 50-day simple moving average is $115.58 and its 200 day simple moving average is $109.88.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results 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 return on equity of 20.18% and a net margin of 13.99%. Abbott Laboratories’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $1.14 earnings per share. Research analysts predict that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were given a dividend of $0.55 per share. The ex-dividend date was Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.87%. Abbott Laboratories’s payout ratio is currently 66.87%.

Analyst Upgrades and Downgrades

ABT has been the topic of a number of research analyst reports. Jefferies Financial Group increased their price target on Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, October 17th. UBS Group increased their target price on shares of Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Piper Sandler Companies assumed coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price objective on the stock. Barclays raised their target price on Abbott Laboratories from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada upped their price target on Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and an average target price of $130.07.

Insiders Place Their Bets

In other 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 transaction of $16,492,852.39. Following the completion of the transaction, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. This represents a 39.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.

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.