Tanager Wealth Management LLP Decreases Stake in Abbott Laboratories (NYSE:ABT)

Tanager Wealth Management LLP lessened its holdings in Abbott Laboratories (NYSE:ABT) by 8.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,292 shares of the healthcare product maker’s stock after selling 219 shares during the quarter. Tanager Wealth Management LLP’s holdings in Abbott Laboratories were worth $261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Unique Wealth Strategies LLC purchased a new stake in shares of Abbott Laboratories during the 2nd quarter valued at $28,000. Redmont Wealth Advisors LLC bought a new stake in Abbott Laboratories in the first quarter worth about $30,000. Future Financial Wealth Managment LLC purchased a new position in Abbott Laboratories in the third quarter valued at about $31,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Abbott Laboratories during the 2nd quarter worth approximately $32,000. Finally, Ridgewood Investments LLC bought a new stake in shares of Abbott Laboratories in the 2nd quarter worth approximately $37,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Mizuho increased their price objective on Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Evercore ISI boosted their price objective on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Edward Jones downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Morgan Stanley upped their price target on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, Piper Sandler lifted their price target on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.67.

Insider Activity at Abbott Laboratories

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

Abbott Laboratories Stock Performance

NYSE ABT opened at $116.99 on Thursday. The company has a market capitalization of $203.52 billion, a P/E ratio of 36.45, a P/E/G ratio of 2.74 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68. Abbott Laboratories has a 52-week low of $91.64 and a 52-week high of $121.64. The company has a fifty day moving average of $114.46 and a 200-day moving average of $108.62.

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

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.88%. Abbott Laboratories’s dividend payout ratio (DPR) is 68.54%.

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.