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Mark Sheptoff Financial Planning LLC Sells 2,150 Shares of Abbott Laboratories (NYSE:ABT)

Financial News Live · Feb 5, 2023 13:42

Mark Sheptoff Financial Planning LLC lowered its holdings in Abbott Laboratories (NYSE:ABT – Get Rating) by 3.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 52,925 shares of the healthcare product maker's stock after selling 2,150 shares during the quarter. Abbott Laboratories accounts for about 3.1% of Mark Sheptoff Financial Planning LLC's investment portfolio, making the stock its 9th largest position. Mark Sheptoff Financial Planning LLC's holdings in Abbott Laboratories were worth $5,121,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Polen Capital Management LLC grew its holdings in Abbott Laboratories by 2.1% in the 3rd quarter. Polen Capital Management LLC now owns 15,689,512 shares of the healthcare product maker's stock valued at $1,518,117,000 after buying an additional 316,416 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Abbott Laboratories by 4.5% in the 2nd quarter. Legal & General Group Plc now owns 13,252,430 shares of the healthcare product maker's stock worth $1,439,881,000 after acquiring an additional 565,475 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Abbott Laboratories by 1.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,523,473 shares of the healthcare product maker's stock worth $1,363,917,000 after acquiring an additional 218,683 shares during the period. Jennison Associates LLC lifted its position in shares of Abbott Laboratories by 80.5% in the 2nd quarter. Jennison Associates LLC now owns 10,925,104 shares of the healthcare product maker's stock worth $1,187,013,000 after acquiring an additional 4,872,961 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Abbott Laboratories by 12.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 9,412,794 shares of the healthcare product maker's stock worth $1,022,700,000 after acquiring an additional 1,074,432 shares during the period. Institutional investors and hedge funds own 72.93% of the company's stock.

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Abbott Laboratories Price Performance

ABT stock traded down $0.46 during midday trading on Friday, reaching $111.79. 3,754,480 shares of the company's stock traded hands, compared to its average volume of 4,640,867. The company has a 50-day simple moving average of $109.76 and a two-hundred day simple moving average of $105.98. The company has a market cap of $194.91 billion, a price-to-earnings ratio of 28.59, a PEG ratio of 5.01 and a beta of 0.66. Abbott Laboratories has a 1-year low of $93.25 and a 1-year high of $130.79. The company has a quick ratio of 1.43, a current ratio of 1.86 and a debt-to-equity ratio of 0.43.

Abbott Laboratories (NYSE:ABT – Get Rating) last released its earnings results on Wednesday, January 25th. The healthcare product maker reported $1.03 EPS for the quarter, beating the consensus estimate of $0.90 by $0.13. The company had revenue of $10.09 billion during the quarter, compared to analysts' expectations of $9.69 billion. Abbott Laboratories had a return on equity of 26.24% and a net margin of 15.88%. The business's revenue for the quarter was down 12.0% on a year-over-year basis. During the same period last year, the firm earned $1.32 EPS. On average, analysts anticipate that Abbott Laboratories will post 4.38 earnings per share for the current year.

Abbott Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Friday, January 13th will be paid a $0.51 dividend. This is a boost from Abbott Laboratories's previous quarterly dividend of $0.47. This represents a $2.04 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Thursday, January 12th. Abbott Laboratories's dividend payout ratio (DPR) is 52.17%.

Insider Activity

In related news, EVP John F. Ginascol sold 11,000 shares of Abbott Laboratories stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $112.32, for a total transaction of $1,235,520.00. Following the completion of the sale, the executive vice president now directly owns 111,912 shares of the company's stock, valued at $12,569,955.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.52% of the company's stock.

Wall Street Analysts Forecast Growth

ABT has been the subject of a number of research reports. Raymond James raised their price objective on Abbott Laboratories from $109.00 to $123.00 and gave the stock an "outperform" rating in a research report on Thursday, January 26th. Stifel Nicolaus raised their target price on Abbott Laboratories from $110.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, January 26th. Citigroup raised their target price on Abbott Laboratories from $114.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday, December 12th. Barclays raised their target price on Abbott Laboratories from $122.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, January 27th. Finally, StockNews.com downgraded Abbott Laboratories from a "strong-buy" rating to a "buy" rating in a research report on Thursday, October 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Abbott Laboratories has an average rating of "Moderate Buy" and an average target price of $125.63.

Abbott Laboratories Company Profile

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Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.