Abbott Laboratories $ABT Shares Sold by Narwhal Capital Management

Narwhal Capital Management lowered its holdings in Abbott Laboratories (NYSE:ABT) by 26.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,351 shares of the healthcare product maker’s stock after selling 7,243 shares during the period. Narwhal Capital Management’s holdings in Abbott Laboratories were worth $2,011,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new stake in Abbott Laboratories during the 2nd quarter worth approximately $1,603,607,000. Legal & General Group Plc purchased a new position in Abbott Laboratories in the 2nd quarter valued at approximately $1,082,524,000. Flossbach Von Storch SE purchased a new position in Abbott Laboratories in the 2nd quarter valued at approximately $902,938,000. Jupiter Topco LLC acquired a new position in shares of Abbott Laboratories in the second quarter worth $732,788,000. Finally, BlackRock Inc. grew its stake in shares of 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 acquiring an additional 6,769,518 shares in the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Mary Moreland sold 3,500 shares of the business’s stock in a transaction that occurred on Thursday, November 5th. The stock was 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 owned 100,791 shares in the company, valued at $11,691,756. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.

Abbott Laboratories Stock Up 0.1%

Abbott Laboratories stock opened at $110.58 on Wednesday. Abbott Laboratories has a 1-year low of $81.97 and a 1-year high of $132.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.45 and a quick ratio of 1.00. The stock has a market cap of $191.53 billion, a PE ratio of 41.26, a P/E/G ratio of 1.94 and a beta of 0.54. The stock’s fifty day moving average is $103.99 and its two-hundred day moving average is $101.74.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.42. The company had revenue of $13.01 billion during the quarter, compared to the consensus estimate of $12.99 billion. Abbott Laboratories had a return on equity of 18.04% and a net margin of 9.75%. Abbott Laboratories’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.30 EPS. On average, sell-side analysts expect that Abbott Laboratories will post 5.52 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Thursday, October 15th. Abbott Laboratories’s dividend payout ratio (DPR) is 94.03%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ABT. BTIG Research cut their price target on Abbott Laboratories from $134.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Rothschild & Co Redburn raised Abbott Laboratories from a “neutral” rating to a “buy” rating and increased their price target for the company from $119.00 to $127.00 in a research report on Friday, October 2nd. UBS Group decreased their price objective on Abbott Laboratories from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, July 28th. Piper Sandler reissued an “overweight” rating and set a $118.00 price objective (up from $115.00) on shares of Abbott Laboratories in a research report on Friday, July 17th. 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 note on Thursday, October 22nd. Two equities 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $118.32.

Abbott Laboratories Profile

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.