Abbott Laboratories (NYSE:ABT) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its stake in shares of Abbott Laboratories (NYSE:ABT) by 17.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 268,538 shares of the healthcare product maker’s stock after buying an additional 40,783 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Abbott Laboratories were worth $30,616,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC purchased a new position in Abbott Laboratories in the 2nd quarter valued at $28,000. Redmont Wealth Advisors LLC purchased a new position in Abbott Laboratories during the first quarter worth about $30,000. Future Financial Wealth Managment LLC purchased a new stake in Abbott Laboratories in the 3rd quarter valued at approximately $31,000. Itau Unibanco Holding S.A. acquired a new position in Abbott Laboratories during the 2nd quarter worth approximately $32,000. Finally, Ridgewood Investments LLC purchased a new position in shares of Abbott Laboratories during the 2nd quarter worth approximately $37,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ABT. Citigroup raised their target price on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Piper Sandler boosted their target price on Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Jefferies Financial Group lifted their price target on Abbott Laboratories from $120.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, October 17th. Royal Bank of Canada boosted their price objective on shares of Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, Oppenheimer began coverage on shares of Abbott Laboratories in a report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 target price for the company. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average target price of $129.67.

Insider Buying and Selling

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories 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 completion of the transaction, the chief executive officer now directly owns 220,059 shares in the company, 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 legal filing with the SEC, which is available at this link. 1.10% of the stock is owned by company insiders.

Abbott Laboratories Trading Up 0.7 %

NYSE ABT opened at $116.99 on Thursday. The company’s fifty day moving average price is $114.46 and its two-hundred day moving average price is $108.62. The company has a market capitalization of $203.52 billion, a price-to-earnings ratio of 36.45, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a 12 month low of $91.64 and a 12 month high of $121.64. 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 results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. During the same period in the previous year, the business earned $1.14 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, research analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors 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 1.88%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 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.