Malaga Cove Capital LLC Has $583,000 Stake in Abbott Laboratories (NYSE:ABT)

Malaga Cove Capital LLC boosted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 103.1% in the third quarter, HoldingsChannel reports. The firm owned 5,112 shares of the healthcare product maker’s stock after acquiring an additional 2,595 shares during the period. Malaga Cove Capital LLC’s holdings in Abbott Laboratories were worth $583,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of ABT. Unique Wealth Strategies LLC bought a new stake in Abbott Laboratories during the 2nd quarter worth about $28,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Abbott Laboratories in the third quarter valued at approximately $31,000. Itau Unibanco Holding S.A. acquired a new position in Abbott Laboratories during the 2nd quarter worth $32,000. Valued Wealth Advisors LLC boosted its position in Abbott Laboratories by 78.4% in the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after buying an additional 127 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new stake in shares of Abbott Laboratories in the 2nd quarter valued at $37,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ABT. UBS Group lifted their target price on shares of Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Edward Jones downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Piper Sandler Companies started coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective on the stock. Mizuho raised their price target on Abbott Laboratories from $115.00 to $130.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Barclays boosted their price objective on shares of Abbott Laboratories from $143.00 to $149.00 and gave the stock an “overweight” rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and an average price target of $130.07.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $116.77 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. Abbott Laboratories has a one year low of $92.43 and a one year high of $121.64. The business’s 50 day simple moving average is $115.20 and its 200 day simple moving average is $109.08. The stock has a market capitalization of $202.53 billion, a PE ratio of 35.49, a PEG ratio of 2.79 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last announced its 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. The business had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. Abbott Laboratories’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.14 earnings per share. As a group, research analysts forecast that Abbott Laboratories will post 4.67 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.88%. Abbott Laboratories’s dividend payout ratio is currently 66.87%.

Insiders Place Their Bets

In related news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.47% of the stock is currently owned by corporate insiders.

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.