Twin Lakes Capital Management LLC Trims Holdings in Abbott Laboratories (NYSE:ABT)

Twin Lakes Capital Management LLC lessened its holdings in Abbott Laboratories (NYSE:ABT) by 1.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 6,774 shares of the healthcare product maker’s stock after selling 88 shares during the period. Twin Lakes Capital Management LLC’s holdings in Abbott Laboratories were worth $772,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. State Street Corp lifted its position in Abbott Laboratories by 3.1% during the third quarter. State Street Corp now owns 76,720,429 shares of the healthcare product maker’s stock valued at $8,746,896,000 after purchasing an additional 2,323,807 shares during the period. Geode Capital Management LLC raised its stake in shares of Abbott Laboratories by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 34,903,198 shares of the healthcare product maker’s stock valued at $3,963,974,000 after buying an additional 488,764 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Abbott Laboratories by 1.1% in the 3rd quarter. Wellington Management Group LLP now owns 25,810,977 shares of the healthcare product maker’s stock valued at $2,942,709,000 after buying an additional 280,441 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Abbott Laboratories by 25.6% during 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 period. Finally, Fisher Asset Management LLC raised its position in Abbott Laboratories by 5.6% during the third quarter. Fisher Asset Management LLC now owns 11,102,204 shares of the healthcare product maker’s stock valued at $1,265,762,000 after acquiring an additional 585,915 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. The trade was a 39.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.47% of the stock is owned by insiders.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $114.90 on Tuesday. Abbott Laboratories has a twelve month low of $99.71 and a twelve month high of $121.64. The company has a market cap of $199.29 billion, a P/E ratio of 34.92, a P/E/G ratio of 2.72 and a beta of 0.73. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average price is $116.17 and its 200-day moving average price is $110.93.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 earnings per share. On average, sell-side 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. Investors of record on Tuesday, October 15th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ABT shares. Raymond James reaffirmed a “buy” rating and set a $129.00 price objective (up previously from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Citigroup raised their price target on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Sanford C. Bernstein upped their price objective on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Piper Sandler Companies started coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Finally, Morgan Stanley upped their price target on Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and an average price target of $130.07.

Abbott Laboratories 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.