Insight Wealth Partners LLC Sells 556 Shares of Abbott Laboratories (NYSE:ABT)

Insight Wealth Partners LLC decreased its position in Abbott Laboratories (NYSE:ABT) by 21.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,008 shares of the healthcare product maker’s stock after selling 556 shares during the quarter. Insight Wealth Partners LLC’s holdings in Abbott Laboratories were worth $229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. RBO & Co. LLC raised its position in shares of Abbott Laboratories by 0.8% during the 3rd quarter. RBO & Co. LLC now owns 212,609 shares of the healthcare product maker’s stock valued at $24,240,000 after buying an additional 1,643 shares in the last quarter. Baldwin Investment Management LLC boosted its holdings in shares of Abbott Laboratories by 1.9% in the 3rd quarter. Baldwin Investment Management LLC now owns 34,165 shares of the healthcare product maker’s stock worth $3,895,000 after purchasing an additional 652 shares during the period. Carlson Capital Management increased its position in shares of Abbott Laboratories by 8.1% during the 3rd quarter. Carlson Capital Management now owns 8,242 shares of the healthcare product maker’s stock valued at $940,000 after purchasing an additional 619 shares during the last quarter. Transamerica Financial Advisors Inc. purchased a new stake in Abbott Laboratories during the 3rd quarter valued at $719,000. Finally, Shum Financial Group Inc. bought a new position in shares of Abbott Laboratories during the third quarter valued at approximately $1,054,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on ABT. Raymond James reaffirmed a “buy” rating and issued a $129.00 price objective (up previously from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Citigroup lifted their price target 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 shares of Abbott Laboratories in a research note on Thursday, September 19th. They set an “overweight” rating and a $131.00 price objective for the company. UBS Group increased their price objective on shares of Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, Evercore ISI raised their target price on Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $130.07.

Abbott Laboratories Price Performance

Abbott Laboratories stock opened at $117.95 on Wednesday. The company has a fifty day simple moving average of $115.59 and a 200-day simple moving average of $110.13. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $204.58 billion, a price-to-earnings ratio of 35.85, a PEG ratio of 2.77 and a beta of 0.72. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $121.64.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping the consensus estimate of $1.20 by $0.01. The business had revenue of $10.64 billion for 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 company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.14 EPS. On average, equities analysts anticipate that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

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

Insider Activity at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This represents a 39.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.47% of the stock is currently owned by company insiders.

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.