Kingsview Wealth Management LLC Lowers Stake in Abbott Laboratories (NYSE:ABT)

Kingsview Wealth Management LLC lessened its position in shares of Abbott Laboratories (NYSE:ABT) by 0.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 78,067 shares of the healthcare product maker’s stock after selling 293 shares during the period. Kingsview Wealth Management LLC’s holdings in Abbott Laboratories were worth $8,900,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ABT. Steel Grove Capital Advisors LLC boosted its position in shares of Abbott Laboratories by 21.1% in the first quarter. Steel Grove Capital Advisors LLC now owns 2,457 shares of the healthcare product maker’s stock worth $279,000 after buying an additional 428 shares during the period. Kestra Advisory Services LLC lifted its stake in shares of Abbott Laboratories by 6.7% in the first quarter. Kestra Advisory Services LLC now owns 166,059 shares of the healthcare product maker’s stock worth $18,874,000 after acquiring an additional 10,390 shares in the last quarter. Beaird Harris Wealth Management LLC lifted its stake in shares of Abbott Laboratories by 25.4% in the first quarter. Beaird Harris Wealth Management LLC now owns 863 shares of the healthcare product maker’s stock worth $98,000 after acquiring an additional 175 shares in the last quarter. Mount Yale Investment Advisors LLC lifted its stake in shares of Abbott Laboratories by 3.5% in the first quarter. Mount Yale Investment Advisors LLC now owns 32,807 shares of the healthcare product maker’s stock worth $3,729,000 after acquiring an additional 1,122 shares in the last quarter. Finally, Transcendent Capital Group LLC lifted its stake in shares of Abbott Laboratories by 306.0% in the first quarter. Transcendent Capital Group LLC now owns 1,084 shares of the healthcare product maker’s stock worth $123,000 after acquiring an additional 817 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ABT shares. Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Piper Sandler upped their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Sanford C. Bernstein upped their price objective on Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Jefferies Financial Group upped their price objective on Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, October 17th. Finally, UBS Group upped their price objective on Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and an average price target of $130.07.

Abbott Laboratories Stock Performance

ABT opened at $117.76 on Friday. The firm has a market cap of $204.25 billion, a PE ratio of 35.79, a P/E/G ratio of 2.76 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. The business has a fifty day simple moving average of $115.58 and a 200-day simple moving average of $109.88. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $121.64.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. The business had revenue of $10.64 billion during the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company posted $1.14 EPS. As a group, equities analysts predict that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.87%. The ex-dividend date was Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is presently 66.87%.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This trade represents a 39.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.10% of the company’s stock.

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.