Abbott Laboratories $ABT Stock: Cyndeo Wealth Partners LLC Decreases Holdings

Key Points

• Cyndeo Wealth Partners reduced its Abbott Laboratories stake by 42.3% in the third quarter, selling 68,886 shares and retaining 94,043 shares valued at approximately $9.3 million. Institutional investors collectively own 75.18% of Abbott’s stock.
• Wall Street remains broadly positive on Abbott, with a consensus rating of “Moderate Buy” and an average price target of $118.88. Recent targets range from $118 to $135, despite UBS lowering its target to $125.
• Abbott reported quarterly earnings and revenue above analyst expectations, with EPS of $1.31 and revenue of $12.59 billion, up 13% year over year. The company also declared a quarterly dividend of $0.63 per share, representing a 2.4% annualized yield.

Cyndeo Wealth Partners LLC cut its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 42.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,043 shares of the healthcare product maker's stock after selling 68,886 shares during the quarter. Cyndeo Wealth Partners LLC's holdings in Abbott Laboratories were worth $9,294,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Farther Finance Advisors LLC increased its stake in Abbott Laboratories by 14.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 84,377 shares of the healthcare product maker's stock worth $8,339,000 after acquiring an additional 10,431 shares during the period. Juncture Wealth Strategies LLC acquired a new position in shares of Abbott Laboratories in the 3rd quarter valued at approximately $658,000. Aureus Asset Management LLC lifted its holdings in shares of Abbott Laboratories by 25.0% during the 1st quarter. Aureus Asset Management LLC now owns 331,920 shares of the healthcare product maker's stock worth $34,078,000 after acquiring an additional 66,422 shares during the period. Thompson Investment Management Inc. lifted its holdings in shares of Abbott Laboratories by 786.0% during the 2nd quarter. Thompson Investment Management Inc. now owns 14,061 shares of the healthcare product maker's stock worth $1,276,000 after acquiring an additional 12,474 shares during the period. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of Abbott Laboratories during the 2nd quarter worth approximately $4,889,000. Institutional investors and hedge funds own 75.18% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. UBS Group cut their target price on Abbott Laboratories from $135.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. Piper Sandler reiterated an "overweight" rating and issued a $118.00 price target (up from $115.00) on shares of Abbott Laboratories in a research note on Friday, July 17th. TD Cowen reiterated a "buy" rating and issued a $135.00 price target on shares of Abbott Laboratories in a research note on Friday. Robert W. Baird assumed coverage on Abbott Laboratories in a report on Wednesday, July 1st. They set an "outperform" rating and a $121.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on Abbott Laboratories from $110.00 to $120.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $118.88.

Abbott Laboratories Stock Up 0.1%

Shares of NYSE:ABT opened at $104.79 on Friday. The firm has a market cap of $181.32 billion, a P/E ratio of 33.91, a P/E/G ratio of 1.94 and a beta of 0.59. Abbott Laboratories has a 12-month low of $81.97 and a 12-month high of $132.02. The business has a fifty day simple moving average of $105.91 and a 200 day simple moving average of $98.31. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The healthcare product maker reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.03. The firm had revenue of $12.59 billion for the quarter, compared to analyst estimates of $12.52 billion. Abbott Laboratories had a return on equity of 17.69% and a net margin of 11.65%. The business's revenue was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.26 EPS. Analysts predict that Abbott Laboratories will post 5.52 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Thursday, October 15th. Abbott Laboratories's dividend payout ratio is currently 81.55%.

About Abbott Laboratories

Abbott Laboratories NYSE: ABT is a diversified healthcare company that develops, manufactures and sells medical devices, diagnostic products, nutritional products and branded generic pharmaceuticals. Founded in 1888 by Wallace C. Abbott, the company serves healthcare providers, institutions, retailers and consumers worldwide.

Abbott's medical device portfolio includes cardiovascular products, such as coronary stents, structural heart systems and heart failure devices, as well as diabetes-care technologies, including the FreeStyle Libre continuous glucose monitoring system.

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