TCI Wealth Advisors Inc. Decreases Stock Holdings in Abbott Laboratories (NYSE:ABT)

TCI Wealth Advisors Inc. cut its stake in Abbott Laboratories (NYSE:ABT) by 40.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,393 shares of the healthcare product maker’s stock after selling 7,795 shares during the period. TCI Wealth Advisors Inc.’s holdings in Abbott Laboratories were worth $1,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Unique Wealth Strategies LLC acquired a new stake in shares of Abbott Laboratories during the 2nd quarter worth approximately $28,000. Redmont Wealth Advisors LLC purchased a new stake in Abbott Laboratories in the first quarter valued at $30,000. Future Financial Wealth Managment LLC acquired a new position in shares of Abbott Laboratories in the 3rd quarter valued at $31,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $32,000. Finally, Ridgewood Investments LLC purchased a new stake in Abbott Laboratories in the 2nd quarter valued at about $37,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Stock Up 0.3 %

Shares of ABT traded up $0.37 during midday trading on Monday, reaching $114.59. The stock had a trading volume of 1,035,547 shares, compared to its average volume of 5,701,895. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. The company’s fifty day simple moving average is $114.63 and its two-hundred day simple moving average is $108.66. The company has a market cap of $199.34 billion, a price-to-earnings ratio of 35.67, a PEG ratio of 2.74 and a beta of 0.72. Abbott Laboratories has a 1-year low of $91.64 and a 1-year high of $121.64.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The company had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. During the same period in the previous year, the business earned $1.14 EPS. Abbott Laboratories’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s payout ratio is 68.54%.

Analyst Ratings Changes

Several equities analysts have recently commented on ABT shares. Piper Sandler upped their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Evercore ISI raised their price target on Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Sanford C. Bernstein boosted their price objective on Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Citigroup lifted their target price on Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Finally, Jefferies Financial Group raised their price objective on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research note 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 stock. According to MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and an average price target of $129.67.

Insider Buying and Selling

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is owned by company insiders.

Abbott Laboratories Profile

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.