Ironwood Financial llc Reduces Stake in Abbott Laboratories (NYSE:ABT)

Ironwood Financial llc cut its holdings in shares of Abbott Laboratories (NYSE:ABT) by 4.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,737 shares of the healthcare product maker’s stock after selling 133 shares during the quarter. Ironwood Financial llc’s holdings in Abbott Laboratories were worth $312,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Unique Wealth Strategies LLC acquired a new position in Abbott Laboratories during the second quarter valued at $28,000. Redmont Wealth Advisors LLC purchased a new position in shares of Abbott Laboratories during the 1st quarter valued at about $30,000. Future Financial Wealth Managment LLC acquired a new position in shares of Abbott Laboratories in the 3rd quarter valued at about $31,000. Itau Unibanco Holding S.A. acquired a new stake in Abbott Laboratories during the second quarter worth about $32,000. Finally, Ridgewood Investments LLC purchased a new position in Abbott Laboratories during the second quarter valued at approximately $37,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Trading Down 0.1 %

Shares of ABT traded down $0.15 during mid-day trading on Thursday, reaching $117.67. The stock had a trading volume of 245,349 shares, compared to its average volume of 5,702,921. Abbott Laboratories has a 52-week low of $91.64 and a 52-week high of $121.64. The firm has a market cap of $204.70 billion, a price-to-earnings ratio of 36.66, a P/E/G ratio of 2.74 and a beta of 0.72. The business’s fifty day moving average is $113.60 and its 200 day moving average is $108.40. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The company had revenue of $10.64 billion during the quarter, compared to analyst estimates of $10.55 billion. During the same period in the prior year, the business posted $1.14 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, sell-side analysts predict that Abbott Laboratories will post 4.66 EPS 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. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is 68.54%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ABT shares. Piper Sandler raised their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research note on Thursday. Mizuho lifted their price objective on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday. Raymond James reissued a “buy” rating and set a $129.00 target price (up from $122.00) on shares of Abbott Laboratories in a research note on Monday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $120.00 price target on shares of Abbott Laboratories in a report on Thursday, September 26th. Finally, Citigroup raised their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $126.71.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.10% of the company’s stock.

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.