Abbott Laboratories (NYSE:ABT) Position Lessened by Lynch & Associates IN

Lynch & Associates IN decreased its stake in Abbott Laboratories (NYSE:ABT) by 0.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,856 shares of the healthcare product maker’s stock after selling 249 shares during the period. Abbott Laboratories accounts for 1.4% of Lynch & Associates IN’s portfolio, making the stock its 25th largest position. Lynch & Associates IN’s holdings in Abbott Laboratories were worth $6,482,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in ABT. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the 2nd quarter valued at $28,000. Redmont Wealth Advisors LLC bought a new stake in Abbott Laboratories during the 1st quarter valued at $30,000. Richardson Financial Services Inc. bought a new stake in Abbott Laboratories during the 4th quarter valued at $29,000. Future Financial Wealth Managment LLC bought a new stake in Abbott Laboratories during the 3rd quarter valued at $31,000. Finally, Itau Unibanco Holding S.A. bought a new stake in Abbott Laboratories during the 2nd quarter valued at $32,000. Institutional investors own 75.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Citigroup lifted their price target on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Royal Bank of Canada lifted their price target on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Evercore ISI lifted their price target on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Piper Sandler assumed coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target on the stock. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $120.00 price target on shares of Abbott Laboratories in a research report on Thursday, September 26th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.54.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’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 sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.10% of the stock is currently owned by insiders.

Abbott Laboratories Stock Performance

Shares of NYSE ABT opened at $116.04 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $201.87 billion, a price-to-earnings ratio of 36.15, a PEG ratio of 2.74 and a beta of 0.72. The stock’s fifty day simple moving average is $113.44 and its 200 day simple moving average is $108.34. Abbott Laboratories has a 52-week low of $90.87 and a 52-week high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 EPS for the quarter, topping the consensus estimate of $1.10 by $0.04. The business had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. Abbott Laboratories’s revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.08 earnings per share. As a group, sell-side analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $0.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.90%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

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.