Resources Management Corp CT ADV Lowers Stake in Abbott Laboratories (NYSE:ABT)

Resources Management Corp CT ADV lessened its position in shares of Abbott Laboratories (NYSE:ABT) by 5.8% in the third quarter, Holdings Channel.com reports. The fund owned 57,192 shares of the healthcare product maker’s stock after selling 3,535 shares during the quarter. Resources Management Corp CT ADV’s holdings in Abbott Laboratories were worth $6,520,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Groupama Asset Managment lifted its stake in shares of Abbott Laboratories by 22.2% during the third quarter. Groupama Asset Managment now owns 228,448 shares of the healthcare product maker’s stock worth $26,000 after purchasing an additional 41,557 shares in the last quarter. Unique Wealth Strategies LLC acquired a new position in shares of Abbott Laboratories during the second quarter worth about $28,000. Future Financial Wealth Managment LLC acquired a new position in shares of Abbott Laboratories during the third quarter worth about $31,000. Itau Unibanco Holding S.A. acquired a new position in shares of Abbott Laboratories during the second quarter worth about $32,000. Finally, Peterson Financial Group Inc. acquired a new position in shares of Abbott Laboratories during the third quarter worth about $32,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Insider Activity

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction 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 sale, the chief executive officer now owns 220,059 shares in the company, valued at approximately $25,617,068.19. This represents a 39.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ABT. Morgan Stanley boosted their price objective on Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Barclays boosted their price target on Abbott Laboratories from $143.00 to $149.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Piper Sandler Companies began coverage on Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price target on the stock. Royal Bank of Canada boosted their price target on Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Finally, Sanford C. Bernstein upped their price objective on Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $130.07.

Abbott Laboratories Stock Performance

Shares of NYSE ABT opened at $114.90 on Tuesday. The stock has a fifty day moving average price of $116.17 and a two-hundred day moving average price of $110.93. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. The firm has a market cap of $199.29 billion, a P/E ratio of 34.92, a PEG ratio of 2.72 and a beta of 0.73. Abbott Laboratories has a 1 year low of $99.71 and a 1 year high of $121.64.

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, beating analysts’ consensus estimates of $1.20 by $0.01. The firm had revenue of $10.64 billion during the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the company posted $1.14 EPS. Research analysts forecast that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.91%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 66.87%.

About Abbott Laboratories

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.