Gilliland Jeter Wealth Management LLC Raises Position in Abbott Laboratories (NYSE:ABT)

Gilliland Jeter Wealth Management LLC boosted its stake in shares of Abbott Laboratories (NYSE:ABT) by 5.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,040 shares of the healthcare product maker’s stock after purchasing an additional 252 shares during the period. Gilliland Jeter Wealth Management LLC’s holdings in Abbott Laboratories were worth $575,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ABT. Unique Wealth Strategies LLC bought a new position in shares of Abbott Laboratories during the 2nd quarter valued at approximately $28,000. Redmont Wealth Advisors LLC bought a new position in shares of Abbott Laboratories in the first quarter worth approximately $30,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Abbott Laboratories in the third quarter worth $31,000. Itau Unibanco Holding S.A. bought a new stake in shares of Abbott Laboratories during the 2nd quarter valued at $32,000. Finally, Ridgewood Investments LLC purchased a new position in shares of Abbott Laboratories during the 2nd quarter valued at $37,000. Institutional investors own 75.18% of the company’s stock.

Insider Activity

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the firm’s 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 transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.10% of the company’s stock.

Abbott Laboratories Price Performance

Abbott Laboratories stock opened at $119.39 on Monday. Abbott Laboratories has a 12-month low of $91.64 and a 12-month high of $121.64. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The firm has a 50-day moving average price of $113.97 and a 200-day moving average price of $108.48. The firm has a market capitalization of $207.69 billion, a PE ratio of 37.19, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72.

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 analysts’ consensus estimates of $1.20 by $0.01. The firm had revenue of $10.64 billion for the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.14 earnings per share. As a group, equities research analysts forecast that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

Wall Street Analysts Forecast Growth

ABT has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a report on Thursday. Evercore ISI upped their price target on Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Sanford C. Bernstein boosted their target price on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday. Morgan Stanley lifted their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Raymond James reaffirmed a “buy” rating and issued a $129.00 target price (up from $122.00) on shares of Abbott Laboratories in a report on Monday, October 14th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.67.

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.