Abbott Laboratories $ABT Stake Lowered by Legacy Wealth Management LLC MS

Legacy Wealth Management LLC MS lowered its position in Abbott Laboratories (NYSE:ABT) by 24.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,867 shares of the healthcare product maker’s stock after selling 4,788 shares during the period. Legacy Wealth Management LLC MS’s holdings in Abbott Laboratories were worth $1,469,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of America Corp DE bought a new stake in Abbott Laboratories during the second quarter valued at about $1,603,607,000. Legal & General Group Plc bought a new stake in shares of Abbott Laboratories in the second quarter valued at about $1,082,524,000. Flossbach Von Storch SE acquired a new stake in Abbott Laboratories during the second quarter worth about $902,938,000. Jupiter Topco LLC acquired a new stake in Abbott Laboratories during the second quarter worth about $732,788,000. Finally, BlackRock Inc. grew its position in 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 in the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.

Analyst Ratings Changes

ABT has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on Abbott Laboratories from $120.00 to $118.00 and set an “overweight” rating for the company in a report on Thursday, October 22nd. TD Cowen lowered their price objective on Abbott Laboratories from $135.00 to $118.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Wall Street Zen upgraded Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Argus cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, October 27th. Finally, Wolfe Research upgraded shares of 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 equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.32.

Abbott Laboratories Stock Performance

NYSE:ABT opened at $110.27 on Tuesday. Abbott Laboratories has a 1 year low of $81.97 and a 1 year high of $132.02. The firm has a 50 day moving average of $104.23 and a 200-day moving average of $101.99. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $190.80 billion, a P/E ratio of 41.14, a price-to-earnings-growth ratio of 1.80 and a beta of 0.59.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 EPS for the quarter, hitting analysts’ consensus estimates of $1.42. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. The business had revenue of $13.01 billion for the quarter, compared to analyst estimates of $12.99 billion. During the same period in the prior year, the company earned $1.30 EPS. Abbott Laboratories’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Abbott Laboratories will post 5.52 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

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

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.