Park Place Capital Corp Sells 1,760 Shares of Abbott Laboratories (NYSE:ABT)

Park Place Capital Corp reduced its position in shares of Abbott Laboratories (NYSE:ABT) by 43.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,298 shares of the healthcare product maker’s stock after selling 1,760 shares during the quarter. Park Place Capital Corp’s holdings in Abbott Laboratories were worth $262,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Regal Investment Advisors LLC lifted its position in Abbott Laboratories by 9.6% in the fourth quarter. Regal Investment Advisors LLC now owns 10,800 shares of the healthcare product maker’s stock worth $1,189,000 after buying an additional 943 shares during the last quarter. Nomura Holdings Inc. lifted its position in Abbott Laboratories by 1,566.0% in the fourth quarter. Nomura Holdings Inc. now owns 34,986 shares of the healthcare product maker’s stock worth $3,851,000 after buying an additional 32,886 shares during the last quarter. MGO One Seven LLC lifted its position in Abbott Laboratories by 30.3% in the fourth quarter. MGO One Seven LLC now owns 23,743 shares of the healthcare product maker’s stock worth $2,613,000 after buying an additional 5,521 shares during the last quarter. Hancock Whitney Corp lifted its position in Abbott Laboratories by 5.2% in the fourth quarter. Hancock Whitney Corp now owns 25,353 shares of the healthcare product maker’s stock worth $2,791,000 after buying an additional 1,249 shares during the last quarter. Finally, Rench Wealth Management Inc. lifted its position in Abbott Laboratories by 0.7% in the fourth quarter. Rench Wealth Management Inc. now owns 68,998 shares of the healthcare product maker’s stock worth $7,595,000 after buying an additional 454 shares during the last quarter. 75.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was 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 in the company, valued at approximately $25,617,068.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ABT. Piper Sandler Companies began coverage on Abbott Laboratories in a research report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price for the company. Jefferies Financial Group reiterated a “hold” rating and set a $120.00 target price on shares of Abbott Laboratories in a research report on Thursday, September 26th. Evercore ISI lifted their target price on Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Barclays lifted their target price on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada lifted their target price on Abbott Laboratories from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus price target of $125.15.

Abbott Laboratories Stock Performance

Shares of Abbott Laboratories stock opened at $114.61 on Wednesday. The stock’s fifty day moving average price is $112.54 and its 200-day moving average price is $108.18. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The firm has a market cap of $199.38 billion, a P/E ratio of 35.70, a P/E/G ratio of 2.86 and a beta of 0.72.

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

Abbott Laboratories Dividend Announcement

The business 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. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.92%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Abbott Laboratories Company 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.