Lummis Asset Management LP Boosts Holdings in Abbott Laboratories (NYSE:ABT)

Lummis Asset Management LP raised its holdings in Abbott Laboratories (NYSE:ABT) by 20.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,840 shares of the healthcare product maker’s stock after purchasing an additional 2,815 shares during the quarter. Abbott Laboratories accounts for approximately 2.2% of Lummis Asset Management LP’s investment portfolio, making the stock its 15th biggest holding. Lummis Asset Management LP’s holdings in Abbott Laboratories were worth $1,920,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Unique Wealth Strategies LLC purchased a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $28,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Abbott Laboratories during the 3rd quarter worth about $31,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $32,000. Valued Wealth Advisors LLC boosted its stake in shares of Abbott Laboratories by 78.4% during the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock worth $33,000 after acquiring an additional 127 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $37,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Trading Up 0.1 %

Shares of NYSE:ABT traded up $0.07 during mid-day trading on Thursday, reaching $115.81. 179,117 shares of the company were exchanged, compared to its average volume of 5,679,779. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The firm has a market cap of $200.87 billion, a price-to-earnings ratio of 35.18, a P/E/G ratio of 2.74 and a beta of 0.72. The firm’s 50-day simple moving average is $115.45 and its 200 day simple moving average is $109.39. Abbott Laboratories has a 1 year low of $96.92 and a 1 year high of $121.64.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data 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 net margin of 13.99% and a return on equity of 20.18%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company posted $1.14 EPS. Equities research analysts forecast that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.90%. Abbott Laboratories’s payout ratio is currently 66.87%.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ABT shares. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. UBS Group raised their price target on shares of Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Sanford C. Bernstein increased their price objective on shares of Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Piper Sandler Companies initiated coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective for the company. Finally, Raymond James reiterated a “buy” rating and issued a $129.00 price objective (up previously from $122.00) on shares of Abbott Laboratories in a report on Monday, October 14th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.