Abbott Laboratories $ABT Stock Sold by Curated Wealth Partners LLC

Key Points

• Curated Wealth Partners cut its Abbott Laboratories stake by 99.7% in the third quarter, selling 4.02 million shares and retaining 13,175 shares valued at approximately $1.3 million.
• Abbott shares rose 1.6% to $104.60, while the company reported quarterly earnings of $1.31 per share and revenue of $12.59 billion, both above analyst expectations.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $118.88. Abbott also declared a quarterly dividend of $0.63 per share, representing a 2.4% annualized yield.

Curated Wealth Partners LLC reduced its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 99.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,175 shares of the healthcare product maker's stock after selling 4,024,218 shares during the quarter. Curated Wealth Partners LLC's holdings in Abbott Laboratories were worth $1,302,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ABT. Howard Financial Services LTD. increased its stake in Abbott Laboratories by 31.8% in the third quarter. Howard Financial Services LTD. now owns 3,230 shares of the healthcare product maker's stock valued at $319,000 after purchasing an additional 780 shares during the last quarter. ZWJ Investment Counsel Inc. boosted its stake in Abbott Laboratories by 1.2% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 47,166 shares of the healthcare product maker's stock worth $4,661,000 after buying an additional 550 shares during the last quarter. First Pacific Financial boosted its stake in Abbott Laboratories by 120.4% in the 3rd quarter. First Pacific Financial now owns 2,030 shares of the healthcare product maker's stock worth $201,000 after buying an additional 1,109 shares during the last quarter. Fortitude Family Office LLC grew its holdings in Abbott Laboratories by 12.3% in the 3rd quarter. Fortitude Family Office LLC now owns 3,107 shares of the healthcare product maker's stock valued at $307,000 after buying an additional 341 shares during the period. Finally, Meridian Investment Counsel Inc. grew its holdings in Abbott Laboratories by 9.8% in the 3rd quarter. Meridian Investment Counsel Inc. now owns 3,977 shares of the healthcare product maker's stock valued at $393,000 after buying an additional 356 shares during the period. Institutional investors and hedge funds own 75.18% of the company's stock.

Abbott Laboratories Stock Up 1.6%

NYSE ABT traded up $1.63 during trading hours on Thursday, hitting $104.60. The company had a trading volume of 4,032,164 shares, compared to its average volume of 11,249,782. Abbott Laboratories has a fifty-two week low of $81.97 and a fifty-two week high of $132.02. The firm's 50 day moving average is $106.03 and its 200 day moving average is $98.26. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.38 and a quick ratio of 0.97. The company has a market capitalization of $181.00 billion, a price-to-earnings ratio of 33.86, a P/E/G ratio of 1.90 and a beta of 0.59.

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

Abbott Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders 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 2.4%. Abbott Laboratories's dividend payout ratio (DPR) is 81.55%.

Wall Street Analyst Weigh In

ABT has been the topic of several research analyst reports. Barclays started coverage on shares of Abbott Laboratories in a research report on Wednesday, October 7th. They issued an "overweight" rating and a $120.00 target price on the stock. Royal Bank Of Canada reissued an "outperform" rating and set a $130.00 price objective on shares of Abbott Laboratories in a research note on Friday, July 17th. Rothschild & Co Redburn raised Abbott Laboratories from a "neutral" rating to a "buy" rating and boosted their price target for the company from $119.00 to $127.00 in a research report on Friday, October 2nd. JPMorgan Chase & Co. upped their price target on Abbott Laboratories from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Finally, Citigroup raised their price objective on Abbott Laboratories from $108.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Abbott Laboratories currently has an average rating of "Moderate Buy" and a consensus price target of $118.88.

Abbott Laboratories Company Profile

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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