Abbott Laboratories (NYSE:ABT) Shares Sold by Miramar Capital LLC

Miramar Capital LLC cut its holdings in shares of Abbott Laboratories (NYSE:ABT) by 29.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,753 shares of the healthcare product maker’s stock after selling 33,458 shares during the period. Abbott Laboratories accounts for approximately 2.1% of Miramar Capital LLC’s investment portfolio, making the stock its 28th biggest holding. Miramar Capital LLC’s holdings in Abbott Laboratories were worth $8,979,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Unique Wealth Strategies LLC acquired a new stake in shares of Abbott Laboratories during the second quarter worth $28,000. Future Financial Wealth Managment LLC acquired a new stake in Abbott Laboratories during the 3rd quarter worth about $31,000. Itau Unibanco Holding S.A. acquired a new position in shares of Abbott Laboratories in the second quarter valued at about $32,000. Valued Wealth Advisors LLC raised its stake in shares of Abbott Laboratories by 78.4% in the third quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock worth $33,000 after purchasing an additional 127 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new stake in shares of Abbott Laboratories during the second quarter worth about $37,000. Hedge funds and other 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 company’s stock in a transaction 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 transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This represents a 39.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Abbott Laboratories Trading Up 0.8 %

Shares of ABT opened at $115.90 on Friday. Abbott Laboratories has a 52-week low of $97.64 and a 52-week high of $121.64. The stock has a market cap of $201.02 billion, a PE ratio of 35.23, a price-to-earnings-growth ratio of 2.72 and a beta of 0.72. The firm’s fifty day moving average is $115.53 and its two-hundred day moving average is $109.49. 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:ABT) last posted its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The firm had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. During the same period in the previous year, the business posted $1.14 earnings per share. Abbott Laboratories’s quarterly revenue was up 4.9% on a year-over-year basis. Research analysts forecast that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.90%. The ex-dividend date was Tuesday, October 15th. Abbott Laboratories’s payout ratio is currently 66.87%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Mizuho raised their price target on shares of Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Evercore ISI boosted their target price on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Sanford C. Bernstein increased their price target on Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Raymond James restated a “buy” rating and issued a $129.00 target price (up previously from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Finally, Piper Sandler Companies began coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target for the company. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $130.07.

About Abbott Laboratories

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.