Abbott Laboratories (NYSE:ABT) Shares Sold by Bank of Hawaii

Bank of Hawaii reduced its position in shares of Abbott Laboratories (NYSE:ABT) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,041 shares of the healthcare product maker’s stock after selling 196 shares during the period. Bank of Hawaii’s holdings in Abbott Laboratories were worth $3,197,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Insight Folios Inc increased its position in Abbott Laboratories by 3.3% during the third quarter. Insight Folios Inc now owns 2,691 shares of the healthcare product maker’s stock worth $307,000 after purchasing an additional 87 shares during the last quarter. Boltwood Capital Management increased its position in shares of Abbott Laboratories by 0.4% in the 3rd quarter. Boltwood Capital Management now owns 21,821 shares of the healthcare product maker’s stock worth $2,488,000 after purchasing an additional 89 shares during the last quarter. Wedge Capital Management L L P NC raised its stake in Abbott Laboratories by 2.9% during the third quarter. Wedge Capital Management L L P NC now owns 3,153 shares of the healthcare product maker’s stock valued at $359,000 after buying an additional 89 shares in the last quarter. Silicon Valley Capital Partners raised its position in shares of Abbott Laboratories by 8.7% during the 3rd quarter. Silicon Valley Capital Partners now owns 1,108 shares of the healthcare product maker’s stock valued at $126,000 after acquiring an additional 89 shares in the last quarter. Finally, Atwood & Palmer Inc. raised its holdings in shares of Abbott Laboratories by 6.5% during the third quarter. Atwood & Palmer Inc. now owns 1,478 shares of the healthcare product maker’s stock worth $169,000 after purchasing an additional 90 shares during the period. 75.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ABT. Jefferies Financial Group raised their target price on Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, October 17th. Piper Sandler Companies assumed coverage on Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. UBS Group upped their price target on shares of Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Barclays lifted 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, November 5th. Finally, Raymond James reissued a “buy” rating and set a $129.00 target price (up from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $130.07.

Abbott Laboratories Stock Performance

Shares of Abbott Laboratories stock opened at $117.76 on Monday. The business has a fifty day simple moving average of $115.58 and a 200-day simple moving average of $109.94. The stock has a market cap of $204.25 billion, a PE ratio of 35.79, a price-to-earnings-growth ratio of 2.76 and a beta of 0.72. 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 has a 12 month low of $99.71 and a 12 month high of $121.64.

Abbott Laboratories (NYSE:ABT) last posted 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 net margin of 13.99% and a return on equity of 20.18%. The business had revenue of $10.64 billion during the quarter, compared to analyst estimates of $10.55 billion. During the same period in the prior year, the firm earned $1.14 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.87%. The ex-dividend date was Tuesday, October 15th. Abbott Laboratories’s payout ratio is currently 66.87%.

Insider Transactions at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $25,617,068.19. This trade represents a 39.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company’s stock.

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.