Perkins Capital Management Inc. Sells 2,050 Shares of Abbott Laboratories (NYSE:ABT)

Perkins Capital Management Inc. reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 8.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,830 shares of the healthcare product maker’s stock after selling 2,050 shares during the quarter. Abbott Laboratories comprises about 2.4% of Perkins Capital Management Inc.’s investment portfolio, making the stock its 11th biggest position. Perkins Capital Management Inc.’s holdings in Abbott Laboratories were worth $2,603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Unique Wealth Strategies LLC purchased a new stake in Abbott Laboratories in the 2nd quarter worth about $28,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Abbott Laboratories in the third quarter worth approximately $31,000. Itau Unibanco Holding S.A. bought a new stake in shares of Abbott Laboratories during the 2nd quarter worth approximately $32,000. Valued Wealth Advisors LLC boosted its holdings in Abbott Laboratories by 78.4% during the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after acquiring an additional 127 shares during the period. Finally, Ridgewood Investments LLC bought a new position in Abbott Laboratories in the 2nd quarter valued at $37,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Trading Down 0.8 %

NYSE ABT opened at $116.77 on Thursday. The firm has a market cap of $202.53 billion, a PE ratio of 35.49, a price-to-earnings-growth ratio of 2.79 and a beta of 0.72. 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 company has a 50 day moving average price of $115.20 and a 200 day moving average price of $109.08. Abbott Laboratories has a 52 week low of $92.43 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The business had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. During the same quarter last year, the company posted $1.14 earnings per share. The business’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts forecast that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 66.87%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Citigroup boosted their price objective on shares of 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 shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Finally, Raymond James reaffirmed a “buy” rating and set a $129.00 target price (up from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $130.07.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly 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 filing with the SEC, which can be accessed through this link. 0.47% of the stock is owned by 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.