Renasant Bank Acquires New Holdings in Abbott Laboratories $ABT

Renasant Bank bought a new stake in Abbott Laboratories (NYSE:ABT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,573 shares of the healthcare product maker’s stock, valued at approximately $551,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in Abbott Laboratories by 14.1% in the third quarter. Farther Finance Advisors LLC now owns 84,377 shares of the healthcare product maker’s stock valued at $8,339,000 after acquiring an additional 10,431 shares during the last quarter. Juncture Wealth Strategies LLC bought a new position in Abbott Laboratories during the 3rd quarter worth approximately $658,000. Aureus Asset Management LLC raised its holdings in Abbott Laboratories by 25.0% during the 1st quarter. Aureus Asset Management LLC now owns 331,920 shares of the healthcare product maker’s stock worth $34,078,000 after purchasing an additional 66,422 shares during the last quarter. Thompson Investment Management Inc. raised its holdings in Abbott Laboratories by 786.0% during the 2nd quarter. Thompson Investment Management Inc. now owns 14,061 shares of the healthcare product maker’s stock worth $1,276,000 after purchasing an additional 12,474 shares during the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of Abbott Laboratories in the 2nd quarter worth approximately $4,889,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Trading Up 0.1%

Shares of Abbott Laboratories stock opened at $110.58 on Wednesday. The stock has a market capitalization of $191.53 billion, a PE ratio of 41.26, a price-to-earnings-growth ratio of 1.94 and a beta of 0.54. Abbott Laboratories has a 52 week low of $81.97 and a 52 week high of $132.02. The stock has a 50 day moving average price of $103.99 and a two-hundred day moving average price of $101.74. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.45.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.42. Abbott Laboratories had a return on equity of 18.04% and a net margin of 9.75%. The company had revenue of $13.01 billion for the quarter, compared to analyst estimates of $12.99 billion. During the same period in the prior year, the firm earned $1.30 earnings per share. Abbott Laboratories’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, equities analysts anticipate that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a dividend of $0.63 per share. The ex-dividend date is Thursday, October 15th. This represents a $2.52 annualized dividend and a yield of 2.3%. Abbott Laboratories’s dividend payout ratio is presently 94.03%.

Insiders Place Their Bets

In other Abbott Laboratories news, EVP Mary Moreland sold 3,500 shares of the firm’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $116.00, for a total value of $406,000.00. Following the transaction, the executive vice president directly owned 100,791 shares of the company’s stock, valued at approximately $11,691,756. This trade represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Robert W. Baird upped their price objective on shares of Abbott Laboratories from $121.00 to $123.00 and gave the company an “outperform” rating in a research note on Thursday, October 22nd. Wells Fargo & Company lifted their target price on shares of Abbott Laboratories from $112.00 to $119.00 and gave the stock an “overweight” rating in a research note on Thursday, October 22nd. Citigroup dropped their target price on shares of Abbott Laboratories from $125.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. UBS Group cut their price target on shares of Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. decreased their price target on Abbott Laboratories from $120.00 to $118.00 and set an “overweight” rating for the company in a report on Thursday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $118.32.

Abbott Laboratories Company Profile

Abbott Laboratories is a global healthcare company that develops, manufactures and markets medical devices, diagnostic tests, nutritional products and branded generic medicines. Its products serve patients and healthcare professionals in hospitals, clinics and other care settings. Abbott’s offerings include the FreeStyle Libre continuous glucose monitoring system, cardiovascular and other medical devices, laboratory and rapid diagnostic tests, and nutrition brands such as Ensure and Similac. Its established pharmaceuticals business sells branded generic medicines in markets outside the United States.