Vestor Capital LLC Buys 1,062,221 Shares of Abbott Laboratories $ABT

Key Points

• Vestor Capital acquired 1,062,221 Abbott Laboratories shares in the third quarter, valued at about $105 million; the position represents 3% of its portfolio and is its seventh-largest holding.
• Abbott reported quarterly earnings of $1.42 per share, matching analyst estimates, while revenue of $13.01 billion slightly topped expectations and increased 14.5% year over year.
• The company declared a quarterly dividend of $0.63 per share, or $2.52 annualized, equivalent to a 2.3% yield; analysts’ consensus rating is “Moderate Buy,” with an average price target of $118.32.

Vestor Capital LLC purchased a new stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,062,221 shares of the healthcare product maker's stock, valued at approximately $104,979,000. Abbott Laboratories accounts for 3.0% of Vestor Capital LLC's holdings, making the stock its 7th largest position. Vestor Capital LLC owned 0.06% of Abbott Laboratories at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABT. Elwood & Goetz Wealth Advisory Group LLC increased its holdings in Abbott Laboratories by 3.1% during the 3rd quarter. Elwood & Goetz Wealth Advisory Group LLC now owns 3,216 shares of the healthcare product maker's stock worth $318,000 after acquiring an additional 97 shares during the period. Parkway Wealth Management Group LLC lifted its stake in Abbott Laboratories by 3.2% in the 3rd quarter. Parkway Wealth Management Group LLC now owns 3,208 shares of the healthcare product maker's stock worth $317,000 after purchasing an additional 98 shares in the last quarter. Signature Equity Partners LLC boosted its holdings in Abbott Laboratories by 7.9% in the 3rd quarter. Signature Equity Partners LLC now owns 1,363 shares of the healthcare product maker's stock valued at $135,000 after purchasing an additional 100 shares during the period. St. Johns Investment Management Company LLC boosted its holdings in Abbott Laboratories by 1.0% in the 2nd quarter. St. Johns Investment Management Company LLC now owns 9,859 shares of the healthcare product maker's stock valued at $895,000 after purchasing an additional 101 shares during the period. Finally, AA Financial Advisors LLC grew its position in shares of Abbott Laboratories by 1.7% during the 3rd quarter. AA Financial Advisors LLC now owns 6,186 shares of the healthcare product maker's stock valued at $611,000 after purchasing an additional 101 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Up 0.4%

ABT opened at $110.41 on Tuesday. The business's fifty day simple moving average is $103.99 and its 200 day simple moving average is $101.72. Abbott Laboratories has a 52 week low of $81.97 and a 52 week high of $132.02. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. The stock has a market cap of $191.04 billion, a PE ratio of 41.20, a P/E/G ratio of 2.02 and a beta of 0.54.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share for the quarter, meeting analysts' consensus estimates of $1.42. The company had revenue of $13.01 billion for the quarter, compared to analysts' expectations of $12.99 billion. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. Abbott Laboratories's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted $1.30 EPS. As a group, research analysts expect that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

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

Analyst Upgrades and Downgrades

ABT has been the subject of several research analyst reports. Barclays assumed coverage on Abbott Laboratories in a research note on Wednesday, October 7th. They set an "overweight" rating and a $120.00 price objective for the company. Wall Street Zen raised Abbott Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, October 24th. Rothschild & Co Redburn upgraded Abbott Laboratories from a "neutral" rating to a "buy" rating and lifted their price target for the company from $119.00 to $127.00 in a research report on Friday, October 2nd. JPMorgan Chase & Co. cut their price objective on Abbott Laboratories from $120.00 to $118.00 and set an "overweight" rating for the company in a report on Thursday, October 22nd. Finally, Wolfe Research raised shares of Abbott Laboratories from a "peer perform" rating to an "outperform" rating and set a $130.00 target price on the stock in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $118.32.

Insider Buying and Selling at Abbott Laboratories

In other news, EVP Mary Moreland sold 3,500 shares of the business's stock in a transaction that occurred 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 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.46% of the company's stock.

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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