StoneRidge PMG Advisors LLC Acquires 11,401 Shares of Abbott Laboratories $ABT

Key Points

• StoneRidge PMG Advisors opened a new Abbott position, buying 11,401 shares worth about $1.13 million in the third quarter; the stock represents 0.8% of its portfolio.
• Abbott’s latest quarterly results met EPS expectations at $1.42 and slightly beat revenue estimates at $13.01 billion, up 14.5% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $118.32; Abbott also declared a quarterly dividend of $0.63 per share.

StoneRidge PMG Advisors LLC bought a new position in Abbott Laboratories (NYSE:ABT - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 11,401 shares of the healthcare product maker's stock, valued at approximately $1,127,000. Abbott Laboratories accounts for about 0.8% of StoneRidge PMG Advisors LLC's investment portfolio, making the stock its 27th largest holding.

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. increased its stake in Abbott Laboratories by 4.6% in the 2nd quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker's stock worth $13,843,610,000 after buying an additional 6,769,518 shares during the period. State Street Corp boosted its position in Abbott Laboratories by 1.7% in the 2nd quarter. State Street Corp now owns 80,926,234 shares of the healthcare product maker's stock valued at $7,343,246,000 after buying an additional 1,350,766 shares during the period. Bank of America Corp DE bought a new position in Abbott Laboratories in the 2nd quarter worth about $1,603,607,000. Deutsche Bank AG increased its position in shares of Abbott Laboratories by 18.6% during the second quarter. Deutsche Bank AG now owns 16,706,669 shares of the healthcare product maker's stock worth $1,515,963,000 after acquiring an additional 2,614,965 shares during the period. Finally, Legal & General Group Plc purchased a new position in shares of Abbott Laboratories during the second quarter worth approximately $1,082,524,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ABT shares. JPMorgan Chase & Co. lowered their price target on Abbott Laboratories from $120.00 to $118.00 and set an "overweight" rating for the company in a report on Thursday, October 22nd. Robert W. Baird raised their price objective on Abbott Laboratories from $121.00 to $123.00 and gave the stock an "outperform" rating in a report on Thursday, October 22nd. Wells Fargo & Company lifted their target price on Abbott Laboratories from $112.00 to $119.00 and gave the company an "overweight" rating in a research report on Thursday, October 22nd. BTIG Research lowered their target price on Abbott Laboratories from $134.00 to $125.00 and set a "buy" rating for the company in a report on Thursday, October 22nd. Finally, Weiss Ratings raised Abbott Laboratories from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $118.32.

Abbott Laboratories Price Performance

NYSE ABT opened at $110.02 on Monday. The firm's fifty day simple moving average is $104.04 and its two-hundred day simple moving average is $101.78. The company has a current ratio of 1.45, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. Abbott Laboratories has a 12-month low of $81.97 and a 12-month high of $132.02. The firm has a market capitalization of $190.38 billion, a P/E ratio of 41.05, a P/E/G ratio of 1.93 and a beta of 0.54.

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

Abbott Laboratories Announces Dividend

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

Abbott Laboratories 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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