Valley Wealth Managers Inc. Has $129,000 Holdings in Abbott Laboratories (NYSE:ABT)

Valley Wealth Managers Inc. reduced its holdings in Abbott Laboratories (NYSE:ABT) by 68.4% in the 3rd quarter, Holdings Channel reports. The fund owned 1,133 shares of the healthcare product maker’s stock after selling 2,450 shares during the quarter. Valley Wealth Managers Inc.’s holdings in Abbott Laboratories were worth $129,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Capital International Investors boosted its holdings in shares of Abbott Laboratories by 9.1% in the first quarter. Capital International Investors now owns 70,177,564 shares of the healthcare product maker’s stock valued at $7,976,382,000 after buying an additional 5,882,780 shares during the period. Ameriprise Financial Inc. boosted its stake in Abbott Laboratories by 5.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,675,827 shares of the healthcare product maker’s stock worth $1,103,997,000 after purchasing an additional 508,524 shares during the period. Dimensional Fund Advisors LP increased its holdings in Abbott Laboratories by 27.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,428,752 shares of the healthcare product maker’s stock worth $771,940,000 after purchasing an additional 1,596,835 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Abbott Laboratories by 8.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,683,586 shares of the healthcare product maker’s stock valued at $761,996,000 after purchasing an additional 524,683 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Abbott Laboratories by 13.8% during the second quarter. The Manufacturers Life Insurance Company now owns 4,654,712 shares of the healthcare product maker’s stock worth $483,673,000 after buying an additional 563,506 shares during the period. Institutional investors and hedge funds own 75.18% of the company’s stock.

Insider Buying and Selling

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the transaction, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. This represents a 39.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by insiders.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $115.90 on Friday. Abbott Laboratories has a 52 week low of $97.64 and a 52 week high of $121.64. The company has a market capitalization of $201.02 billion, a price-to-earnings ratio of 35.23, a PEG ratio of 2.72 and a beta of 0.72. The company has a 50-day simple moving average of $115.53 and a 200 day simple moving average of $109.49. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 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 the consensus estimate of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.14 earnings per share. On average, sell-side analysts predict that Abbott Laboratories will post 4.67 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were paid a $0.55 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.90%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 66.87%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Citigroup boosted their target price on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Piper Sandler increased their target price on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Mizuho boosted their price target on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Barclays lifted their target price on Abbott Laboratories from $143.00 to $149.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada increased their price target on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and an average price target of $130.07.

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.