Convergence Financial LLC Has $478,000 Stock Position in Abbott Laboratories (NYSE:ABT)

Convergence Financial LLC decreased its stake in Abbott Laboratories (NYSE:ABT) by 19.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,192 shares of the healthcare product maker’s stock after selling 998 shares during the quarter. Convergence Financial LLC’s holdings in Abbott Laboratories were worth $478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of ABT. Unique Wealth Strategies LLC purchased a new stake in shares of Abbott Laboratories during the 2nd quarter worth about $28,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Abbott Laboratories during the 1st quarter worth about $30,000. Future Financial Wealth Managment LLC bought a new position in shares of Abbott Laboratories in the 3rd quarter valued at approximately $31,000. Itau Unibanco Holding S.A. bought a new position in shares of Abbott Laboratories in the 2nd quarter valued at approximately $32,000. Finally, Ridgewood Investments LLC bought a new position in shares of Abbott Laboratories in the 2nd quarter valued at approximately $37,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. 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. UBS Group lifted their price objective on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Raymond James reissued a “buy” rating and set a $129.00 price objective (up previously from $122.00) on shares of Abbott Laboratories in a report on Monday, October 14th. Citigroup lifted their price objective on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Finally, Piper Sandler lifted their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $129.67.

Insider Transactions at Abbott Laboratories

In other news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the completion of the sale, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.10% of the stock is currently owned by corporate insiders.

Abbott Laboratories Trading Down 2.0 %

Shares of ABT opened at $114.22 on Friday. The stock has a fifty day moving average price of $114.63 and a two-hundred day moving average price of $108.70. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68. Abbott Laboratories has a 52-week low of $91.64 and a 52-week high of $121.64. The company has a market cap of $198.70 billion, a price-to-earnings ratio of 35.58, a PEG ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.01. The firm had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 EPS. Analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.93%. Abbott Laboratories’s payout ratio is currently 68.54%.

Abbott Laboratories 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.