Cim Investment Management Inc. Has $601,000 Stock Position in Abbott Laboratories (NYSE:ABT)

Cim Investment Management Inc. cut its position in Abbott Laboratories (NYSE:ABT) by 3.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,274 shares of the healthcare product maker’s stock after selling 176 shares during the quarter. Cim Investment Management Inc.’s holdings in Abbott Laboratories were worth $601,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Destination Wealth Management grew its holdings in Abbott Laboratories by 1.5% in the 3rd quarter. Destination Wealth Management now owns 240,821 shares of the healthcare product maker’s stock valued at $27,456,000 after buying an additional 3,562 shares during the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of Abbott Laboratories by 32.6% in the third quarter. Wilmington Savings Fund Society FSB now owns 332,189 shares of the healthcare product maker’s stock valued at $37,873,000 after purchasing an additional 81,669 shares in the last quarter. Sfmg LLC lifted its holdings in shares of Abbott Laboratories by 1.9% during the 3rd quarter. Sfmg LLC now owns 4,622 shares of the healthcare product maker’s stock worth $527,000 after acquiring an additional 88 shares during the period. Fulcrum Equity Management acquired a new stake in Abbott Laboratories during the third quarter valued at approximately $239,000. Finally, Anchor Investment Management LLC boosted its stake in Abbott Laboratories by 2.9% in the 3rd quarter. Anchor Investment Management LLC now owns 54,237 shares of the healthcare product maker’s stock valued at $6,184,000 after buying an additional 1,509 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors.

Abbott Laboratories Stock Down 0.1 %

Shares of ABT stock traded down $0.07 during trading hours on Thursday, hitting $114.07. 280,168 shares of the company were exchanged, compared to its average volume of 5,608,722. The company has a market capitalization of $197.85 billion, a PE ratio of 34.70, a PEG ratio of 2.72 and a beta of 0.73. Abbott Laboratories has a 52 week low of $99.71 and a 52 week high of $121.64. The business has a 50 day moving average of $116.22 and a two-hundred day moving average of $111.04. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. The company had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. During the same period in the previous year, the company posted $1.14 earnings per share. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts anticipate that Abbott Laboratories will post 4.67 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is currently 66.87%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ABT shares. Piper Sandler upped their price objective on shares of Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. UBS Group lifted their price objective on Abbott Laboratories from $143.00 to $146.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Piper Sandler Companies assumed coverage on Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price for the company. Oppenheimer initiated coverage on shares of Abbott Laboratories in a research report on Tuesday, October 8th. They set an “outperform” rating and a $130.00 price target on the stock. Finally, Evercore ISI raised their price objective on shares of Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus price target of $130.07.

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.