Riverstone Advisors LLC Makes New $216,000 Investment in Abbott Laboratories (NYSE:ABT)

Riverstone Advisors LLC bought a new position in shares of Abbott Laboratories (NYSE:ABT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,897 shares of the healthcare product maker’s stock, valued at approximately $216,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Unique Wealth Strategies LLC bought a new position in Abbott Laboratories during the 2nd quarter valued at $28,000. Future Financial Wealth Managment LLC bought a new stake in Abbott Laboratories in the third quarter valued at about $31,000. Itau Unibanco Holding S.A. acquired a new stake in Abbott Laboratories during the second quarter valued at approximately $32,000. Valued Wealth Advisors LLC lifted 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 worth $33,000 after buying an additional 127 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new position in shares of Abbott Laboratories in the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on ABT. Citigroup raised their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. 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, October 17th. Piper Sandler Companies began 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 on the stock. Royal Bank of Canada upped their target price on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Finally, Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $130.07.

Insider Activity

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were 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 directly owns 220,059 shares in the company, valued at approximately $25,617,068.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.

Abbott Laboratories Price Performance

Shares of NYSE ABT opened at $116.59 on Friday. The firm’s 50-day simple moving average is $115.32 and its 200 day simple moving average is $109.19. The stock has a market cap of $202.22 billion, a P/E ratio of 35.44, a P/E/G ratio of 2.75 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. Abbott Laboratories has a fifty-two week low of $92.43 and a fifty-two week high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share 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 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 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities analysts expect that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

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 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 66.87%.

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.