Glenmede Trust Co. NA Lowers Position in Abbott Laboratories (NYSE:ABT)

Glenmede Trust Co. NA lowered its stake in shares of Abbott Laboratories (NYSE:ABT) by 1.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,516,845 shares of the healthcare product maker’s stock after selling 19,297 shares during the quarter. Abbott Laboratories accounts for 0.8% of Glenmede Trust Co. NA’s portfolio, making the stock its 19th biggest position. Glenmede Trust Co. NA’s holdings in Abbott Laboratories were worth $172,935,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of ABT. Unique Wealth Strategies LLC bought a new position in shares of Abbott Laboratories during the second quarter valued at about $28,000. Future Financial Wealth Managment LLC bought a new position in shares of Abbott Laboratories in the third quarter valued at approximately $31,000. Peterson Financial Group Inc. bought a new stake in Abbott Laboratories during the third quarter worth $32,000. Valued Wealth Advisors LLC grew its stake in Abbott Laboratories by 78.4% in the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after purchasing an additional 127 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of Abbott Laboratories in the 2nd quarter worth about $32,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Down 0.2 %

Shares of NYSE:ABT opened at $117.95 on Wednesday. Abbott Laboratories has a 12-month low of $99.71 and a 12-month high of $121.64. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. The stock’s 50-day moving average price is $115.59 and its 200-day moving average price is $110.13. The stock has a market capitalization of $204.58 billion, a P/E ratio of 35.85, a price-to-earnings-growth ratio of 2.78 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, topping the consensus estimate of $1.20 by $0.01. The company had revenue of $10.64 billion for the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. Abbott Laboratories’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $1.14 earnings per share. On average, equities analysts anticipate that Abbott Laboratories will post 4.67 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ABT shares. UBS Group lifted their price target on shares of Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Piper Sandler increased their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Oppenheimer began coverage on Abbott Laboratories in a research report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 price target on the stock. Finally, Piper Sandler Companies initiated coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus target price of $130.07.

Insider Activity

In related news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $25,617,068.19. This trade represents a 39.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.47% of the company’s stock.

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.