C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Has $2.38 Million Position in Abbott Laboratories (NYSE:ABT)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors raised its position in shares of Abbott Laboratories (NYSE:ABT) by 268.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 20,852 shares of the healthcare product maker’s stock after acquiring an additional 15,187 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Abbott Laboratories were worth $2,377,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Future Financial Wealth Managment LLC purchased a new position in shares of Abbott Laboratories during the 3rd quarter valued at $31,000. Parkside Advisors LLC purchased a new position in shares of Abbott Laboratories during the 3rd quarter valued at $247,000. Hoxton Planning & Management LLC purchased a new position in shares of Abbott Laboratories during the 3rd quarter valued at $224,000. Cape ANN Savings Bank boosted its holdings in Abbott Laboratories by 7.2% in the third quarter. Cape ANN Savings Bank now owns 2,453 shares of the healthcare product maker’s stock worth $280,000 after purchasing an additional 165 shares in the last quarter. Finally, Brookstone Capital Management boosted its holdings in Abbott Laboratories by 2.4% in the third quarter. Brookstone Capital Management now owns 42,762 shares of the healthcare product maker’s stock worth $4,875,000 after purchasing an additional 991 shares in the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Performance

Shares of NYSE:ABT opened at $114.61 on Wednesday. The business’s fifty day moving average price is $112.73 and its two-hundred day moving average price is $108.21. Abbott Laboratories has a fifty-two week low of $89.67 and a fifty-two week high of $121.64. The stock has a market capitalization of $199.38 billion, a price-to-earnings ratio of 35.70, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18.

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

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insiders Place Their Bets

In other 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 transaction of $16,492,852.39. Following the transaction, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

ABT has been the subject of a number of recent research reports. Evercore ISI upped their price objective on shares of Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Barclays upped their price objective on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Oppenheimer initiated coverage on shares of Abbott Laboratories in a report on Tuesday. They issued an “outperform” rating and a $130.00 price objective for the company. Citigroup upped their price target on shares of Abbott Laboratories from $119.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Finally, Royal Bank of Canada raised their target price on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.15.

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.