Grimes & Company Inc. Grows Position in Abbott Laboratories (NYSE:ABT)

Grimes & Company Inc. grew its stake in shares of Abbott Laboratories (NYSE:ABT) by 2.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 57,945 shares of the healthcare product maker’s stock after purchasing an additional 1,188 shares during the quarter. Grimes & Company Inc.’s holdings in Abbott Laboratories were worth $6,606,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Unique Wealth Strategies LLC bought a new position in shares of Abbott Laboratories during the second quarter valued at approximately $28,000. Redmont Wealth Advisors LLC bought a new position in shares of Abbott Laboratories during the first quarter valued at $30,000. Future Financial Wealth Managment LLC bought a new position in shares of Abbott Laboratories during the third quarter valued at $31,000. Itau Unibanco Holding S.A. bought a new position in shares of Abbott Laboratories during the second quarter valued at $32,000. Finally, Ridgewood Investments LLC bought a new position in shares of Abbott Laboratories during the second quarter valued at $37,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Up 0.1 %

Shares of ABT stock traded up $0.17 during mid-day trading on Thursday, hitting $117.18. The stock had a trading volume of 137,845 shares, compared to its average volume of 5,705,529. Abbott Laboratories has a 12-month low of $91.64 and a 12-month high of $121.64. The firm has a market capitalization of $203.85 billion, a P/E ratio of 36.45, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. The firm’s 50-day moving average is $114.46 and its two-hundred day moving average is $108.62. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. During the same period in the prior year, the business earned $1.14 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently announced 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 dividend yield of 1.88%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is 68.54%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Oppenheimer began coverage on Abbott Laboratories in a report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 price target for the company. Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Sanford C. Bernstein increased their price objective on Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Piper Sandler Companies started coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price objective on the stock. Finally, Piper Sandler raised their target price on Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus price target of $129.67.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate 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.