Mattern Wealth Management LLC Cuts Stake in Abbott Laboratories (NYSE:ABT)

Mattern Wealth Management LLC decreased its position in Abbott Laboratories (NYSE:ABT) by 41.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,862 shares of the healthcare product maker’s stock after selling 14,813 shares during the quarter. Mattern Wealth Management LLC’s holdings in Abbott Laboratories were worth $2,378,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABT. Unique Wealth Strategies LLC purchased a new position in Abbott Laboratories in the 2nd quarter worth about $28,000. Redmont Wealth Advisors LLC purchased a new position in Abbott Laboratories in the 1st quarter worth about $30,000. Future Financial Wealth Managment LLC purchased a new position in Abbott Laboratories in the 3rd quarter worth about $31,000. Itau Unibanco Holding S.A. purchased a new position in Abbott Laboratories in the 2nd quarter worth about $32,000. Finally, Ridgewood Investments LLC purchased a new position in Abbott Laboratories in the 2nd quarter worth about $37,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Analyst Upgrades and Downgrades

ABT has been the topic of a number of research reports. UBS Group raised their target price 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. Mizuho raised their price target on shares of Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Jefferies Financial Group raised their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, October 17th. Sanford C. Bernstein lifted their target price on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, 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. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $129.67.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was 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 directly 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 at this link. Company insiders own 1.10% of the company’s stock.

Abbott Laboratories Trading Down 0.8 %

Shares of NYSE:ABT traded down $0.88 during trading on Tuesday, reaching $116.11. 895,247 shares of the stock were exchanged, compared to its average volume of 5,720,984. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68. Abbott Laboratories has a 12-month low of $91.64 and a 12-month high of $121.64. The firm has a market cap of $201.99 billion, a price-to-earnings ratio of 36.36, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. The firm’s 50-day moving average price is $114.16 and its 200 day moving average price is $108.52.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, beating the consensus estimate of $1.20 by $0.01. The company had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.14 EPS. On average, sell-side analysts anticipate that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

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

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.