Abbott Laboratories $ABT Stock Sold by King Luther Capital Management Corp

King Luther Capital Management Corp trimmed its stake in Abbott Laboratories (NYSE:ABT) by 4.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,066,672 shares of the healthcare product maker’s stock after selling 49,507 shares during the period. King Luther Capital Management Corp owned about 0.06% of Abbott Laboratories worth $105,419,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. grew its stake in Abbott Laboratories by 4.6% in the second quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock worth $13,843,610,000 after purchasing an additional 6,769,518 shares in the last quarter. State Street Corp raised its position in Abbott Laboratories by 1.7% during the 2nd quarter. State Street Corp now owns 80,926,234 shares of the healthcare product maker’s stock valued at $7,343,246,000 after purchasing an additional 1,350,766 shares in the last quarter. Bank of America Corp DE bought a new stake in Abbott Laboratories during the 2nd quarter valued at $1,603,607,000. Deutsche Bank AG lifted its holdings in shares of Abbott Laboratories by 18.6% in the 2nd quarter. Deutsche Bank AG now owns 16,706,669 shares of the healthcare product maker’s stock worth $1,515,963,000 after buying an additional 2,614,965 shares during the period. Finally, Legal & General Group Plc purchased a new stake in shares of Abbott Laboratories in the 2nd quarter worth $1,082,524,000. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Trading Down 1.0%

Shares of NYSE:ABT opened at $109.38 on Thursday. Abbott Laboratories has a 12-month low of $81.97 and a 12-month high of $132.02. The business’s fifty day simple moving average is $104.00 and its 200-day simple moving average is $101.74. The company has a market capitalization of $189.43 billion, a PE ratio of 40.81, a P/E/G ratio of 1.94 and a beta of 0.54. The company has a current ratio of 1.45, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.42. The firm had revenue of $13.01 billion during the quarter, compared to analysts’ expectations of $12.99 billion. Abbott Laboratories had a return on equity of 18.04% and a net margin of 9.75%. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.30 EPS. As a group, equities research analysts predict that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a $0.63 dividend. The ex-dividend date 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%.

Insider Buying and Selling

In other Abbott Laboratories news, EVP Mary Moreland sold 3,500 shares of the stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $116.00, for a total transaction of $406,000.00. Following the completion of the sale, the executive vice president directly owned 100,791 shares of the company’s stock, valued at approximately $11,691,756. This represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. BTIG Research dropped their price target on Abbott Laboratories from $134.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Wall Street Zen raised shares of Abbott Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. JPMorgan Chase & Co. dropped their target price on shares of Abbott Laboratories from $120.00 to $118.00 and set an “overweight” rating on the stock in a report on Thursday, October 22nd. Citigroup dropped their target price on shares of Abbott Laboratories from $125.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Finally, TD Cowen cut their target price on shares of Abbott Laboratories from $135.00 to $118.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $118.32.

About Abbott Laboratories

Abbott Laboratories is a global healthcare company that develops, manufactures and markets medical devices, diagnostic tests, nutritional products and branded generic medicines. Its products serve patients and healthcare professionals in hospitals, clinics and other care settings. Abbott’s offerings include the FreeStyle Libre continuous glucose monitoring system, cardiovascular and other medical devices, laboratory and rapid diagnostic tests, and nutrition brands such as Ensure and Similac. Its established pharmaceuticals business sells branded generic medicines in markets outside the United States.