Penn Davis Mcfarland Inc. Makes New $3.62 Million Investment in Abbott Laboratories (NYSE:ABT)

Penn Davis Mcfarland Inc. acquired a new position in Abbott Laboratories (NYSE:ABT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 31,775 shares of the healthcare product maker’s stock, valued at approximately $3,623,000.

Several other large investors have also added to or reduced their stakes in the business. Unique Wealth Strategies LLC acquired a new position in shares of Abbott Laboratories during the 2nd quarter worth about $28,000. Redmont Wealth Advisors LLC bought a new stake in Abbott Laboratories during the first quarter worth about $30,000. Future Financial Wealth Managment LLC bought a new position in Abbott Laboratories in the third quarter valued at approximately $31,000. Itau Unibanco Holding S.A. acquired a new position in shares of Abbott Laboratories during the 2nd quarter worth approximately $32,000. Finally, Ridgewood Investments LLC bought a new stake in shares of Abbott Laboratories during the 2nd quarter worth approximately $37,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Analyst Ratings Changes

ABT has been the topic of a number of recent analyst reports. 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. Citigroup upped their target price on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Piper Sandler lifted their price target on Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday. Oppenheimer began coverage on Abbott Laboratories in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price objective on the stock. 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 note on Tuesday, October 8th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Abbott Laboratories has an average rating of “Moderate Buy” and an average target price of $129.67.

Insider Buying and Selling

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the 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 directly owns 220,059 shares in the company, valued at $25,617,068.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Abbott Laboratories Price Performance

NYSE:ABT opened at $119.39 on Monday. Abbott Laboratories has a 52 week low of $91.64 and a 52 week high of $121.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68. The firm’s 50-day simple moving average is $113.97 and its 200 day simple moving average is $108.48. The firm has a market cap of $207.69 billion, a price-to-earnings ratio of 37.19, a P/E/G ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, topping the consensus estimate of $1.20 by $0.01. The company had revenue of $10.64 billion for the quarter, compared to analysts’ expectations of $10.55 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $1.14 earnings per share. As a group, sell-side analysts predict that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

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 issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 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.