Abbott Laboratories $ABT Stock Sold by Alps Advisors Inc.

Key Points

• Alps Advisors cut its Abbott Laboratories stake by 55.7% in the third quarter, selling 102,455 shares and retaining 81,338 shares valued at about $8.04 million.
• Abbott’s latest quarterly results met EPS expectations at $1.42 and slightly beat revenue estimates, with revenue up 14.5% year over year to $13.01 billion.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $118.32; the stock opened at $110.02.

Alps Advisors Inc. reduced its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 55.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 81,338 shares of the healthcare product maker's stock after selling 102,455 shares during the period. Alps Advisors Inc.'s holdings in Abbott Laboratories were worth $8,039,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Manning & Napier Advisors LLC bought a new stake in Abbott Laboratories during the second quarter worth approximately $31,000. Foresight Capital Management Advisors Inc. acquired a new stake in shares of Abbott Laboratories during the 3rd quarter valued at $31,000. Balance Wealth Partners LLC bought a new stake in shares of Abbott Laboratories during the 3rd quarter worth $34,000. Summit Securities Group LLC grew its holdings in shares of Abbott Laboratories by 41.3% in the 2nd quarter. Summit Securities Group LLC now owns 404 shares of the healthcare product maker's stock worth $37,000 after acquiring an additional 118 shares during the last quarter. Finally, Addison Advisors LLC acquired a new position in shares of Abbott Laboratories in the 2nd quarter worth $40,000. 75.18% of the stock is currently owned by institutional investors.

Insider Activity

In other Abbott Laboratories news, EVP Mary Moreland sold 3,500 shares of the business's stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $116.00, for a total value of $406,000.00. Following the sale, the executive vice president owned 100,791 shares of the company's stock, valued at $11,691,756. The trade was a 3.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.46% of the company's stock.

Analyst Ratings Changes

ABT has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Abbott Laboratories from $120.00 to $118.00 and set an "overweight" rating for the company in a research note on Thursday, October 22nd. Piper Sandler restated an "overweight" rating and issued a $118.00 price target (up from $115.00) on shares of Abbott Laboratories in a research report on Friday, July 17th. TD Cowen reduced their price target on shares of Abbott Laboratories from $135.00 to $118.00 and set a "buy" rating for the company in a research report on Thursday, October 22nd. Wells Fargo & Company raised their price objective on shares of Abbott Laboratories from $112.00 to $119.00 and gave the stock an "overweight" rating in a research note on Thursday, October 22nd. Finally, Weiss Ratings upgraded shares of Abbott Laboratories from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, September 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Abbott Laboratories presently has an average rating of "Moderate Buy" and an average target price of $118.32.

Abbott Laboratories Stock Down 3.2%

ABT opened at $110.02 on Friday. The firm has a market cap of $190.38 billion, a P/E ratio of 41.05, a price-to-earnings-growth ratio of 1.93 and a beta of 0.54. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.97 and a current ratio of 1.45. The business has a 50 day moving average price of $104.04 and a 200 day moving average price of $101.78. Abbott Laboratories has a twelve month low of $81.97 and a twelve month high of $132.02.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 EPS for the quarter, hitting the consensus estimate of $1.42. The firm had revenue of $13.01 billion for the quarter, compared to the consensus estimate of $12.99 billion. Abbott Laboratories had a net margin of 9.75% and a return on equity of 18.04%. The business's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.30 EPS. Research analysts forecast that Abbott Laboratories will post 5.52 EPS for the current year.

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Thursday, October 15th. Abbott Laboratories's dividend payout ratio (DPR) is presently 94.03%.

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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