Abbott Laboratories $ABT Stock: Lyell Wealth Management LP Cuts Position

Lyell Wealth Management LP lowered its stake in Abbott Laboratories (NYSE:ABT) by 15.0% during the third quarter, Holdings Channel.com reports. The firm owned 47,886 shares of the healthcare product maker’s stock after selling 8,471 shares during the quarter. Lyell Wealth Management LP’s holdings in Abbott Laboratories were worth $4,733,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ABT. BlackRock Inc. increased its stake in shares of Abbott Laboratories by 4.6% during the second quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock worth $13,843,610,000 after buying an additional 6,769,518 shares during the period. State Street Corp raised its holdings in Abbott Laboratories by 1.7% in the second quarter. State Street Corp now owns 80,926,234 shares of the healthcare product maker’s stock valued at $7,343,246,000 after acquiring an additional 1,350,766 shares in the last quarter. Bank of America Corp DE purchased a new position in Abbott Laboratories in the second quarter worth approximately $1,603,607,000. Deutsche Bank AG lifted its stake in Abbott Laboratories by 18.6% in the second quarter. Deutsche Bank AG now owns 16,706,669 shares of the healthcare product maker’s stock worth $1,515,963,000 after acquiring an additional 2,614,965 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in Abbott Laboratories during the 2nd quarter worth approximately $1,082,524,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Trading Down 0.7%

ABT opened at $109.43 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. Abbott Laboratories has a 52 week low of $81.97 and a 52 week high of $132.02. The business’s 50 day moving average is $104.09 and its two-hundred day moving average is $101.91. The firm has a market cap of $189.35 billion, a price-to-earnings ratio of 40.83, a price-to-earnings-growth ratio of 1.93 and a beta of 0.54.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share for the quarter, meeting the consensus estimate of $1.42. The business had revenue of $13.01 billion during the quarter, compared to the consensus estimate of $12.99 billion. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. The company’s revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.30 earnings per share. On average, research analysts predict that Abbott Laboratories will post 5.52 EPS for the current year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be given a $0.63 dividend. The ex-dividend date is Thursday, October 15th. This represents a $2.52 annualized dividend and a yield of 2.3%. Abbott Laboratories’s dividend payout ratio is 94.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ABT shares. UBS Group reduced their price objective on shares of Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, July 28th. Rothschild & Co Redburn upgraded shares of Abbott Laboratories from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $119.00 to $127.00 in a research note on Friday, October 2nd. Royal Bank Of Canada lowered their target price on shares of Abbott Laboratories from $130.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, October 22nd. BTIG Research dropped their target price on Abbott Laboratories from $134.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Finally, Wolfe Research upgraded Abbott Laboratories from a “peer perform” rating to an “outperform” rating and set a $130.00 price target on the stock in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $118.32.

Abbott Laboratories Company Profile

Abbott Laboratories is a global healthcare company that develops, manufactures and markets a broad range of medical products and services. Founded in 1888 by Wallace C. Abbott, the company is headquartered in Abbott Park, Illinois, and serves patients, healthcare providers and consumers in markets around the world.

Abbott operates across four principal businesses: medical devices, diagnostics, nutrition and established pharmaceutical products. Its offerings include glucose-monitoring systems such as FreeStyle Libre; cardiovascular devices, including stents and structural heart products; laboratory and point-of-care diagnostic systems; and branded generic medicines in areas such as gastroenterology, women’s health and cardiometabolic care.

The company’s nutrition portfolio includes infant and pediatric products such as Similac and PediaSure, adult nutritional products such as Ensure, and rehydration products such as Pedialyte.