DT Investment Partners LLC Grows Position in Abbott Laboratories (NYSE:ABT)

DT Investment Partners LLC raised its position in Abbott Laboratories (NYSE:ABT) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,945 shares of the healthcare product maker’s stock after purchasing an additional 320 shares during the quarter. DT Investment Partners LLC’s holdings in Abbott Laboratories were worth $3,072,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ABT. Peoples Bank OH increased its stake in Abbott Laboratories by 3.0% in the third quarter. Peoples Bank OH now owns 4,013 shares of the healthcare product maker’s stock worth $458,000 after purchasing an additional 115 shares during the period. Pinnacle West Asset Management Inc. increased its stake in Abbott Laboratories by 1.3% in the 3rd quarter. Pinnacle West Asset Management Inc. now owns 8,285 shares of the healthcare product maker’s stock worth $945,000 after buying an additional 105 shares during the period. Arcataur Capital Management LLC lifted its holdings in Abbott Laboratories by 2.2% during the 3rd quarter. Arcataur Capital Management LLC now owns 6,434 shares of the healthcare product maker’s stock valued at $734,000 after buying an additional 137 shares in the last quarter. Grimes & Company Inc. boosted its position in Abbott Laboratories by 2.1% in the 3rd quarter. Grimes & Company Inc. now owns 57,945 shares of the healthcare product maker’s stock valued at $6,606,000 after buying an additional 1,188 shares during the period. Finally, Harvey Investment Co. LLC grew its stake in Abbott Laboratories by 5.2% in the 3rd quarter. Harvey Investment Co. LLC now owns 243,635 shares of the healthcare product maker’s stock worth $27,777,000 after acquiring an additional 12,050 shares in the last quarter. Institutional investors own 75.18% of the company’s stock.

Insider Activity

In related news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories 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 completion of the sale, the chief executive officer now directly owns 220,059 shares in the company, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% of the company’s stock.

Abbott Laboratories Trading Down 0.4 %

NYSE ABT opened at $116.54 on Friday. Abbott Laboratories has a 52 week low of $91.64 and a 52 week high of $121.64. The company has a 50 day moving average price of $114.46 and a 200 day moving average price of $108.62. 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 firm has a market cap of $202.74 billion, a PE ratio of 36.31, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results 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. The business had revenue of $10.64 billion for 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 13.65%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.14 earnings per share. As a group, sell-side analysts forecast that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.89%. Abbott Laboratories’s payout ratio is 68.54%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ABT shares. Morgan Stanley lifted their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Royal Bank of Canada lifted their target price on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. 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 research report on Thursday, October 17th. Barclays lifted their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Edward Jones downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Four 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, the stock presently has an average 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.