Sunbelt Securities Inc. Purchases 1,487 Shares of Abbott Laboratories (NYSE:ABT)

Posted by Defense World Staff on Mar 16th, 2023

Sunbelt Securities Inc. boosted its stake in Abbott Laboratories (NYSE:ABT – Get Rating) by 13.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,246 shares of the healthcare product maker’s stock after acquiring an additional 1,487 shares during the period. Sunbelt Securities Inc.’s holdings in Abbott Laboratories were worth $1,185,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ABT. Insight Inv LLC bought a new stake in Abbott Laboratories in the second quarter valued at approximately $26,000. EdgeRock Capital LLC bought a new stake in Abbott Laboratories in the third quarter valued at approximately $29,000. Johnson Midwest Financial LLC boosted its holdings in Abbott Laboratories by 28.7% in the third quarter. Johnson Midwest Financial LLC now owns 560 shares of the healthcare product maker’s stock valued at $35,000 after acquiring an additional 125 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in Abbott Laboratories by 148.4% in the third quarter. Newbridge Financial Services Group Inc. now owns 477 shares of the healthcare product maker’s stock valued at $46,000 after acquiring an additional 285 shares during the last quarter. Finally, Vienna Asset Management LLC bought a new position in shares of Abbott Laboratories during the 3rd quarter worth approximately $51,000. 72.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ABT has been the topic of a number of research analyst reports. Citigroup increased their price target on Abbott Laboratories from $114.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, December 12th. StockNews.com initiated coverage on Abbott Laboratories in a report on Thursday. They set a “buy” rating on the stock. Stifel Nicolaus increased their price target on Abbott Laboratories from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, January 26th. Morgan Stanley upped their target price on Abbott Laboratories from $117.00 to $133.00 and gave the stock an “overweight” rating in a research report on Friday, January 6th. Finally, Raymond James upped their target price on Abbott Laboratories from $109.00 to $123.00 and gave the stock an “outperform” rating in a research report on Thursday, January 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus target price of $124.67.

Abbott Laboratories Stock Down 0.8 %

Shares of NYSE ABT opened at $97.80 on Thursday. Abbott Laboratories has a 52 week low of $93.25 and a 52 week high of $124.36. The business has a 50-day simple moving average of $107.34 and a two-hundred day simple moving average of $104.93. The company has a quick ratio of 1.23, a current ratio of 1.63 and a debt-to-equity ratio of 0.39. The company has a market cap of $169.97 billion, a P/E ratio of 25.01, a P/E/G ratio of 4.35 and a beta of 0.68.

Abbott Laboratories (NYSE:ABT – Get Rating) last issued its earnings results on Wednesday, January 25th. The healthcare product maker reported $1.03 EPS for the quarter, topping the consensus estimate of $0.90 by $0.13. Abbott Laboratories had a return on equity of 26.09% and a net margin of 15.88%. The business had revenue of $10.09 billion during the quarter, compared to the consensus estimate of $9.69 billion. During the same quarter last year, the company earned $1.32 EPS. The firm’s revenue was down 12.0% compared to the same quarter last year. Research analysts anticipate that Abbott Laboratories will post 4.38 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Friday, April 14th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Thursday, April 13th. This represents a $2.04 annualized dividend and a yield of 2.09%. Abbott Laboratories’s dividend payout ratio is currently 52.17%.

Insiders Place Their Bets

In other Abbott Laboratories news, SVP Randel William Woodgrift sold 1,032 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $100.70, for a total value of $103,922.40. Following the sale, the senior vice president now owns 52,203 shares of the company’s stock, valued at approximately $5,256,842.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Abbott Laboratories news, SVP Randel William Woodgrift sold 1,032 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $100.70, for a total value of $103,922.40. Following the sale, the senior vice president now owns 52,203 shares of the company’s stock, valued at approximately $5,256,842.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Andrea F. Wainer sold 679 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $100.70, for a total value of $68,375.30. Following the completion of the sale, the executive vice president now directly owns 70,427 shares in the company, valued at approximately $7,091,998.90. The disclosure for this sale can be found here. Insiders sold a total of 1,971 shares of company stock worth $199,140 in the last quarter. 0.52% of the stock is owned by company insiders.

Abbott Laboratories Profile

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Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.