Abbott Laboratories (NYSE:ABT) is Menlo Advisors LLC’s 10th Largest Position

Menlo Advisors LLC cut its stake in shares of Abbott Laboratories (NYSE:ABT) by 0.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 69,231 shares of the healthcare product maker’s stock after selling 261 shares during the period. Abbott Laboratories makes up 4.1% of Menlo Advisors LLC’s investment portfolio, making the stock its 10th biggest holding. Menlo Advisors LLC’s holdings in Abbott Laboratories were worth $7,893,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABT. Lantz Financial LLC boosted its position in shares of Abbott Laboratories by 5.2% in the 2nd quarter. Lantz Financial LLC now owns 5,737 shares of the healthcare product maker’s stock worth $596,000 after buying an additional 281 shares in the last quarter. Maia Wealth LLC acquired a new stake in shares of Abbott Laboratories in the second quarter worth approximately $254,000. NorthCrest Asset Manangement LLC boosted its position in shares of Abbott Laboratories by 1.5% in the second quarter. NorthCrest Asset Manangement LLC now owns 63,819 shares of the healthcare product maker’s stock worth $6,631,000 after acquiring an additional 944 shares during the last quarter. Great Valley Advisor Group Inc. lifted its position in Abbott Laboratories by 5.7% during the second quarter. Great Valley Advisor Group Inc. now owns 24,802 shares of the healthcare product maker’s stock valued at $2,577,000 after buying an additional 1,328 shares in the last quarter. Finally, TRUE Private Wealth Advisors lifted its position in Abbott Laboratories by 5.2% during the second quarter. TRUE Private Wealth Advisors now owns 4,562 shares of the healthcare product maker’s stock valued at $474,000 after buying an additional 226 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction dated 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 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 Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

ABT has been the topic of a number of recent research reports. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Piper Sandler boosted their target price on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. UBS Group boosted their target price on shares of Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Morgan Stanley lifted their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Raymond James restated a “buy” rating and issued a $129.00 price target (up previously from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $130.07.

Abbott Laboratories Stock Performance

ABT stock opened at $114.90 on Tuesday. The company has a market capitalization of $199.29 billion, a P/E ratio of 34.92, a PEG ratio of 2.72 and a beta of 0.73. The company has a 50-day simple moving average of $116.17 and a 200 day simple moving average of $110.93. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $121.64. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The company had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. During the same period in the prior year, the company earned $1.14 EPS. Abbott Laboratories’s revenue was up 4.9% on a year-over-year basis. Sell-side analysts predict that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were issued 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 1.91%. Abbott Laboratories’s payout ratio is presently 66.87%.

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.