SPC Financial Inc. Sells 170 Shares of Abbott Laboratories (NYSE:ABT)

SPC Financial Inc. reduced its holdings in shares of Abbott Laboratories (NYSE:ABT) by 0.9% in the second quarter, Holdings Channel.com reports. The fund owned 19,105 shares of the healthcare product maker’s stock after selling 170 shares during the quarter. SPC Financial Inc.’s holdings in Abbott Laboratories were worth $1,985,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Unique Wealth Strategies LLC purchased a new stake in shares of Abbott Laboratories during the second quarter valued at $28,000. Transcendent Capital Group LLC purchased a new stake in Abbott Laboratories in the 4th quarter valued at about $29,000. Richardson Financial Services Inc. bought a new position in Abbott Laboratories in the 4th quarter worth about $29,000. Redmont Wealth Advisors LLC purchased a new position in shares of Abbott Laboratories during the first quarter worth approximately $30,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Abbott Laboratories in the second quarter valued at approximately $32,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $114.01 on Tuesday. Abbott Laboratories has a 12-month low of $89.67 and a 12-month high of $121.64. The business’s fifty day simple moving average is $111.78 and its 200-day simple moving average is $108.16. The company has a current ratio of 1.68, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. The company has a market cap of $198.34 billion, a PE ratio of 35.52, a PEG ratio of 2.86 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business had revenue of $10.38 billion during the quarter, compared to the consensus estimate of $10.37 billion. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the company earned $1.08 earnings per share. Analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $0.55 dividend. 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 dividend payout ratio is currently 68.54%.

Analyst Upgrades and Downgrades

Several research analysts have commented on ABT shares. Barclays raised their price objective on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Piper Sandler assumed coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 price target on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Finally, Piper Sandler Companies initiated coverage on shares of Abbott Laboratories in a report on Thursday, September 19th. They set an “overweight” rating and a $131.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $124.00.

Insider Transactions at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total value of $16,492,852.39. Following the transaction, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.10% of the company’s stock.

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.