Martingale Asset Management L P Sells 52,620 Shares of Abbott Laboratories (NYSE:ABT)

Martingale Asset Management L P lowered its stake in shares of Abbott Laboratories (NYSE:ABTFree Report) by 15.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 291,419 shares of the healthcare product maker’s stock after selling 52,620 shares during the quarter. Abbott Laboratories comprises approximately 0.8% of Martingale Asset Management L P’s holdings, making the stock its 29th largest holding. Martingale Asset Management L P’s holdings in Abbott Laboratories were worth $33,225,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Carl P. Sherr & Co. LLC bought a new stake in Abbott Laboratories in the 3rd quarter valued at $205,000. Northwest & Ethical Investments L.P. grew its holdings in shares of Abbott Laboratories by 22.1% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 70,919 shares of the healthcare product maker’s stock worth $8,085,000 after purchasing an additional 12,842 shares during the last quarter. Vinva Investment Management Ltd lifted its position in Abbott Laboratories by 5.4% during the 3rd quarter. Vinva Investment Management Ltd now owns 80,659 shares of the healthcare product maker’s stock worth $9,068,000 after buying an additional 4,117 shares in the last quarter. Noesis Capital Mangement Corp acquired a new position in Abbott Laboratories during the 3rd quarter worth about $241,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Abbott Laboratories by 1.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 710,240 shares of the healthcare product maker’s stock worth $80,974,000 after buying an additional 8,227 shares in the last quarter. Institutional investors own 75.18% of the company’s stock.

Insider Activity

In other news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This represents a 39.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler upped their price target on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Raymond James restated a “buy” rating and set a $129.00 target price (up from $122.00) on shares of Abbott Laboratories in a research report on Monday, October 14th. Royal Bank of Canada upped their target price on shares of Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Finally, Sanford C. Bernstein upped their target price on shares of Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.07.

Check Out Our Latest Stock Analysis on ABT

Abbott Laboratories Price Performance

Shares of ABT opened at $118.95 on Friday. The stock has a market capitalization of $206.31 billion, a P/E ratio of 36.16, a P/E/G ratio of 2.78 and a beta of 0.72. Abbott Laboratories has a twelve month low of $99.71 and a twelve month high of $121.64. The company has a 50 day moving average of $115.76 and a 200-day moving average of $110.25. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABTGet Free Report) last issued its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.01. The company had revenue of $10.64 billion during the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business earned $1.14 EPS. As a group, equities research analysts forecast that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend was Tuesday, October 15th. Abbott Laboratories’s payout ratio is presently 66.87%.

Abbott Laboratories Profile

(Free Report)

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière’s disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.

See Also

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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