10,120 Abbott Laboratories $ABT Shares Sold by Alpha Wealth Funds LLC

Key Points

• Alpha Wealth Funds cut its Abbott Laboratories stake by 62.8% in the third quarter, selling 10,120 shares and ending the period with 6,000 shares valued at about $606,000.
• Abbott reported quarterly EPS of $1.42, in line with estimates, while revenue rose 14.5% year over year to $13.01 billion. The company also declared a quarterly dividend of $0.63 per share.
• Institutional ownership stands at 75.18%, and analysts’ consensus rating is “Moderate Buy,” with an average price target of $118.32.

Alpha Wealth Funds LLC cut its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 62.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,000 shares of the healthcare product maker's stock after selling 10,120 shares during the period. Abbott Laboratories accounts for approximately 2.0% of Alpha Wealth Funds LLC's portfolio, making the stock its 11th largest position. Alpha Wealth Funds LLC's holdings in Abbott Laboratories were worth $606,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of ABT. Bank of America Corp DE purchased a new position in shares of Abbott Laboratories during the 2nd quarter worth approximately $1,603,607,000. Legal & General Group Plc purchased a new stake in Abbott Laboratories in the second quarter worth $1,082,524,000. Flossbach Von Storch SE purchased a new stake in Abbott Laboratories in the second quarter worth $902,938,000. Jupiter Topco LLC bought a new position in Abbott Laboratories in the second quarter worth $732,788,000. Finally, BlackRock Inc. raised its holdings in Abbott Laboratories by 4.6% in the second quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker's stock worth $13,843,610,000 after purchasing an additional 6,769,518 shares in the last quarter. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Stock Performance

Shares of Abbott Laboratories stock opened at $110.41 on Tuesday. The stock has a market cap of $191.04 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 2.02 and a beta of 0.54. The firm's 50-day moving average is $103.99 and its 200 day moving average is $101.72. Abbott Laboratories has a 1 year low of $81.97 and a 1 year high of $132.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.38 and a quick ratio of 0.97.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.42. Abbott Laboratories had a net margin of 9.75% and a return on equity of 17.97%. The firm had revenue of $13.01 billion for the quarter, compared to the consensus estimate of $12.99 billion. During the same quarter in the prior year, the firm posted $1.30 earnings per share. The business's revenue was up 14.5% on a year-over-year basis. Sell-side analysts anticipate that Abbott Laboratories will post 5.52 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

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

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, EVP Mary Moreland sold 3,500 shares of the stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $116.00, for a total transaction of $406,000.00. Following the sale, the executive vice president directly owned 100,791 shares in the company, valued at approximately $11,691,756. This trade represents a 3.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company's stock.

Analyst Upgrades and Downgrades

ABT has been the subject of several recent research reports. Citigroup lowered their price objective on Abbott Laboratories from $125.00 to $122.00 and set a "buy" rating for the company in a research report on Thursday, October 22nd. BTIG Research lowered their price target on shares of Abbott Laboratories from $134.00 to $125.00 and set a "buy" rating for the company in a research report on Thursday, October 22nd. Weiss Ratings raised shares of Abbott Laboratories from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, September 18th. TD Cowen cut their price objective on shares of Abbott Laboratories from $135.00 to $118.00 and set a "buy" rating on the stock in a report on Thursday, October 22nd. Finally, Robert W. Baird raised their target price 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. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Abbott Laboratories has an average rating of "Moderate Buy" and an average price target 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.

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