Abbott Laboratories $ABT Stock: Iams Wealth Management LLC Lowers Position

Iams Wealth Management LLC lowered its stake in Abbott Laboratories (NYSE:ABT) by 21.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,164 shares of the healthcare product maker’s stock after selling 4,857 shares during the period. Iams Wealth Management LLC’s holdings in Abbott Laboratories were worth $1,795,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Detalus Advisors LLC boosted its holdings in shares of Abbott Laboratories by 0.9% in the third quarter. Detalus Advisors LLC now owns 14,948 shares of the healthcare product maker’s stock valued at $1,477,000 after acquiring an additional 136 shares in the last quarter. Whitener Capital Management Inc. increased its stake in shares of Abbott Laboratories by 0.6% during the third quarter. Whitener Capital Management Inc. now owns 25,539 shares of the healthcare product maker’s stock worth $2,524,000 after acquiring an additional 146 shares during the period. Walser Wealth Management Company A Ltd Liability Co raised its holdings in Abbott Laboratories by 13.1% during the third quarter. Walser Wealth Management Company A Ltd Liability Co now owns 3,595 shares of the healthcare product maker’s stock worth $355,000 after purchasing an additional 417 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Abbott Laboratories by 61.2% in the third quarter. Assenagon Asset Management S.A. now owns 5,187,488 shares of the healthcare product maker’s stock valued at $512,679,000 after purchasing an additional 1,968,916 shares during the period. Finally, Howard Financial Services LTD. lifted its position in Abbott Laboratories by 31.8% in the third quarter. Howard Financial Services LTD. now owns 3,230 shares of the healthcare product maker’s stock valued at $319,000 after purchasing an additional 780 shares during the period. 75.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ABT has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on Abbott Laboratories from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, July 17th. UBS Group cut their target price on Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. BTIG Research increased their target price on Abbott Laboratories from $131.00 to $134.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Wolfe Research raised Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 price target for the company in a report on Thursday, August 13th. Finally, Piper Sandler restated an “overweight” rating and issued a $118.00 price target (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $118.88.

Abbott Laboratories Stock Performance

Shares of ABT opened at $104.79 on Friday. The company has a 50-day simple moving average of $105.97 and a 200-day simple moving average of $98.26. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $181.33 billion, a PE ratio of 33.91, a P/E/G ratio of 1.91 and a beta of 0.59. Abbott Laboratories has a 52-week low of $81.97 and a 52-week high of $132.02.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Thursday, July 16th. The healthcare product maker reported $1.31 EPS for the quarter, beating the consensus estimate of $1.28 by $0.03. The firm had revenue of $12.59 billion during the quarter, compared to analysts’ expectations of $12.52 billion. Abbott Laboratories had a net margin of 11.65% and a return on equity of 17.69%. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.26 earnings per share. Equities research analysts predict that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a $0.63 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $2.52 dividend on an annualized basis and a yield of 2.4%. Abbott Laboratories’s dividend payout ratio (DPR) is 81.55%.

About Abbott Laboratories

Abbott Laboratories (NYSE:ABT) is a diversified healthcare company that develops, manufactures and sells medical devices, diagnostic products, nutritional products and branded generic pharmaceuticals. Founded in 1888 by Wallace C. Abbott, the company serves healthcare providers, institutions, retailers and consumers worldwide.

Abbott’s medical device portfolio includes cardiovascular products, such as coronary stents, structural heart systems and heart failure devices, as well as diabetes-care technologies, including the FreeStyle Libre continuous glucose monitoring system.