Abbott Laboratories (NYSE:ABT) Shares Sold by Birch Hill Investment Advisors LLC

Birch Hill Investment Advisors LLC cut its position in shares of Abbott Laboratories (NYSE:ABT) by 5.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,363 shares of the healthcare product maker’s stock after selling 1,500 shares during the quarter. Birch Hill Investment Advisors LLC’s holdings in Abbott Laboratories were worth $3,006,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Ayrshire Capital Management LLC lifted its stake in Abbott Laboratories by 1.2% during the third quarter. Ayrshire Capital Management LLC now owns 45,066 shares of the healthcare product maker’s stock valued at $5,138,000 after buying an additional 542 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Abbott Laboratories by 13.2% during the third quarter. Exchange Traded Concepts LLC now owns 16,975 shares of the healthcare product maker’s stock valued at $1,935,000 after buying an additional 1,985 shares in the last quarter. Retirement Planning Group LLC lifted its stake in Abbott Laboratories by 18.7% during the third quarter. Retirement Planning Group LLC now owns 3,137 shares of the healthcare product maker’s stock valued at $358,000 after buying an additional 494 shares in the last quarter. Annex Advisory Services LLC lifted its stake in Abbott Laboratories by 4.9% during the third quarter. Annex Advisory Services LLC now owns 69,851 shares of the healthcare product maker’s stock valued at $7,964,000 after buying an additional 3,268 shares in the last quarter. Finally, Brown Miller Wealth Management LLC lifted its stake in Abbott Laboratories by 1.4% during the third quarter. Brown Miller Wealth Management LLC now owns 42,653 shares of the healthcare product maker’s stock valued at $4,862,000 after buying an additional 574 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Trading Up 0.4 %

Shares of Abbott Laboratories stock opened at $116.12 on Friday. The company has a market capitalization of $202.01 billion, a price-to-earnings ratio of 36.17, a PEG ratio of 2.74 and a beta of 0.72. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. Abbott Laboratories has a 12-month low of $89.67 and a 12-month high of $121.64. The firm’s 50-day moving average price is $113.13 and its two-hundred day moving average price is $108.33.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The firm had revenue of $10.38 billion for the quarter, compared to the consensus estimate of $10.37 billion. During the same period in the prior year, the company posted $1.08 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.89%. Abbott Laboratories’s payout ratio is currently 68.54%.

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 shares were 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 owns 220,059 shares in the company, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ABT has been the subject of a number of analyst reports. Evercore ISI upped their price objective on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Barclays upped their target price on Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Citigroup upped their target price on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Piper Sandler Companies started coverage on Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective on the stock. Finally, Oppenheimer started coverage on Abbott Laboratories in a research report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 target price for the company. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $125.15.

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.