Morton Capital Management LLC CA Buys 269 Shares of Abbott Laboratories (NYSE:ABT)

Morton Capital Management LLC CA increased its stake in Abbott Laboratories (NYSE:ABT) by 13.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,245 shares of the healthcare product maker’s stock after purchasing an additional 269 shares during the quarter. Morton Capital Management LLC CA’s holdings in Abbott Laboratories were worth $256,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Mountain Pacific Investment Advisers LLC boosted its holdings in shares of Abbott Laboratories by 3.9% during the 3rd quarter. Mountain Pacific Investment Advisers LLC now owns 26,625 shares of the healthcare product maker’s stock worth $3,036,000 after buying an additional 1,000 shares during the period. Bruce G. Allen Investments LLC lifted its position in Abbott Laboratories by 9.8% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 2,423 shares of the healthcare product maker’s stock worth $276,000 after acquiring an additional 216 shares during the last quarter. Patten Group Inc. grew its position in shares of Abbott Laboratories by 5.7% in the third quarter. Patten Group Inc. now owns 7,741 shares of the healthcare product maker’s stock valued at $883,000 after purchasing an additional 419 shares during the last quarter. Sanibel Captiva Trust Company Inc. increased its stake in shares of Abbott Laboratories by 1.1% in the third quarter. Sanibel Captiva Trust Company Inc. now owns 147,708 shares of the healthcare product maker’s stock worth $16,840,000 after purchasing an additional 1,622 shares during the period. Finally, Wedmont Private Capital lifted its position in shares of Abbott Laboratories by 6.6% during the 3rd quarter. Wedmont Private Capital now owns 13,639 shares of the healthcare product maker’s stock worth $1,546,000 after purchasing an additional 846 shares during the last quarter. Institutional investors own 75.18% of the company’s stock.

Insider Activity at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This represents a 0.00 % decrease in their ownership of the stock. 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 company insiders.

Abbott Laboratories Price Performance

Shares of Abbott Laboratories stock opened at $116.23 on Thursday. The stock has a market capitalization of $202.20 billion, a price-to-earnings ratio of 36.12, a P/E/G ratio of 2.86 and a beta of 0.72. The firm’s 50-day moving average price is $112.93 and its two-hundred day moving average price is $108.26. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64.

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

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.89%. Abbott Laboratories’s payout ratio is 68.54%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ABT. Oppenheimer initiated coverage on Abbott Laboratories in a research report on Tuesday. They issued an “outperform” rating and a $130.00 price target on the stock. Barclays upped their target price on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Piper Sandler initiated coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price objective on the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $120.00 target price on shares of Abbott Laboratories in a research note on Thursday, September 26th. Finally, Royal Bank of Canada boosted their price target on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus target price of $125.15.

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.