Tealwood Asset Management Inc. Boosts Stock Position in Abbott Laboratories (NYSE:ABT)

Tealwood Asset Management Inc. grew its holdings in shares of Abbott Laboratories (NYSE:ABT) by 1.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,337 shares of the healthcare product maker’s stock after purchasing an additional 232 shares during the quarter. Tealwood Asset Management Inc.’s holdings in Abbott Laboratories were worth $1,406,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Unique Wealth Strategies LLC purchased a new position in Abbott Laboratories in the second quarter valued at about $28,000. Transcendent Capital Group LLC bought a new stake in shares of Abbott Laboratories in the 4th quarter worth approximately $29,000. Richardson Financial Services Inc. purchased a new position in Abbott Laboratories in the fourth quarter valued at approximately $29,000. Redmont Wealth Advisors LLC bought a new position in Abbott Laboratories during the first quarter valued at $30,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Abbott Laboratories in the second quarter worth $32,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Price Performance

ABT traded up $1.09 on Tuesday, reaching $114.45. The company had a trading volume of 1,396,733 shares, compared to its average volume of 5,740,918. 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 $89.67 and a 52-week high of $121.64. The company has a market cap of $199.10 billion, a price-to-earnings ratio of 35.62, a P/E/G ratio of 2.86 and a beta of 0.72. The business has a 50 day simple moving average of $112.54 and a 200 day simple moving average of $108.18.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The company had revenue of $10.38 billion during the quarter, compared to analyst estimates of $10.37 billion. During the same period in the previous year, the business earned $1.08 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insider Buying and Selling at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Barclays increased their price target on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Evercore ISI boosted their price target on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Oppenheimer initiated coverage on shares of Abbott Laboratories in a report on Tuesday. They issued an “outperform” rating and a $130.00 price objective for the company. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Finally, Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and an average price target of $124.77.

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.