Concentric Capital Strategies LP Increases Stock Position in Abbott Laboratories (NYSE:ABT)

Concentric Capital Strategies LP lifted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 160.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,926 shares of the healthcare product maker’s stock after purchasing an additional 4,884 shares during the period. Concentric Capital Strategies LP’s holdings in Abbott Laboratories were worth $904,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of ABT. Massachusetts Financial Services Co. MA raised its holdings in shares of Abbott Laboratories by 25.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 13,319,347 shares of the healthcare product maker’s stock worth $1,518,539,000 after acquiring an additional 2,711,586 shares during the last quarter. Sessa Capital IM L.P. acquired a new position in Abbott Laboratories in the 2nd quarter valued at about $264,876,000. Assenagon Asset Management S.A. lifted its holdings in Abbott Laboratories by 493.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,401,190 shares of the healthcare product maker’s stock valued at $249,508,000 after purchasing an additional 1,996,320 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Abbott Laboratories by 13,194.9% during the 3rd quarter. International Assets Investment Management LLC now owns 1,679,805 shares of the healthcare product maker’s stock worth $191,515,000 after purchasing an additional 1,667,170 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Abbott Laboratories by 27.4% during the second quarter. Dimensional Fund Advisors LP now owns 7,428,752 shares of the healthcare product maker’s stock worth $771,940,000 after buying an additional 1,596,835 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the company’s 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 transaction, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This represents a 39.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.10% of the stock is currently owned by corporate insiders.

Abbott Laboratories Trading Down 1.7 %

Shares of ABT opened at $116.81 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $121.64. The stock has a market cap of $202.60 billion, a PE ratio of 35.50, a P/E/G ratio of 2.79 and a beta of 0.72. The stock’s 50-day moving average is $115.87 and its two-hundred day moving average is $110.43.

Abbott Laboratories (NYSE:ABT) last released 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. The firm 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 13.99%. Abbott Laboratories’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 EPS. Equities analysts forecast that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were issued a $0.55 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.88%. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ABT. Oppenheimer assumed coverage on shares of Abbott Laboratories in a research report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 target price on the stock. UBS Group lifted their price objective on Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Sanford C. Bernstein upped their target price on Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Barclays raised their price target on Abbott Laboratories from $143.00 to $149.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Finally, Piper Sandler increased their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.07.

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.