Summit Trail Advisors LLC Buys 7,804 Shares of Abbott Laboratories (NYSE:ABT)

24 Nov 2024, 15:23 by Mitch Edgeman · The Markets Daily

Summit Trail Advisors LLC increased its stake in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 38.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,035 shares of the healthcare product maker’s stock after acquiring an additional 7,804 shares during the quarter. Summit Trail Advisors LLC’s holdings in Abbott Laboratories were worth $3,196,000 at the end of the most recent quarter.

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

Insider Activity at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the firm’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 sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This trade represents a 39.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.10% of the stock is currently owned by insiders.

Abbott Laboratories Stock Up 0.4 %

NYSE:ABT opened at $117.76 on Friday. The firm’s 50-day moving average price is $115.58 and its 200-day moving average price is $109.91. The company has a market capitalization of $204.25 billion, a PE ratio of 35.79, a P/E/G ratio of 2.76 and a beta of 0.72. 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 1-year low of $99.71 and a 1-year high of $121.64.

Abbott Laboratories (NYSE:ABT – Get Free Report) 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. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The company had revenue of $10.64 billion for the quarter, compared to the consensus estimate of $10.55 billion. During the same period in the prior year, the firm posted $1.14 EPS. Abbott Laboratories’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts predict that Abbott Laboratories will post 4.67 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Piper Sandler Companies assumed coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price target for the company. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report 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 report on Thursday, October 17th. Barclays upped their price objective on shares of Abbott Laboratories from $143.00 to $149.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Finally, Oppenheimer started coverage on shares of Abbott Laboratories in a report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average target price of $130.07.

Read Our Latest Research Report on ABT

About Abbott Laboratories

(Free Report)

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.