GEM Asset Management LLC Has $449,000 Stake in Abbott Laboratories (NYSE:ABT)

GEM Asset Management LLC increased its position in Abbott Laboratories (NYSE:ABT) by 5.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,963 shares of the healthcare product maker’s stock after buying an additional 201 shares during the period. GEM Asset Management LLC’s holdings in Abbott Laboratories were worth $449,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC acquired a new position in Abbott Laboratories in the second quarter worth approximately $28,000. Redmont Wealth Advisors LLC bought a new stake in Abbott Laboratories during the first quarter worth approximately $30,000. Richardson Financial Services Inc. bought a new stake in Abbott Laboratories during the fourth quarter worth approximately $29,000. Transcendent Capital Group LLC bought a new stake in Abbott Laboratories during the fourth quarter worth approximately $29,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Abbott Laboratories during the third quarter worth approximately $31,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Analyst Ratings Changes

ABT has been the subject of several research reports. Piper Sandler initiated coverage on Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective for the company. Royal Bank of Canada increased their price objective on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday. Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Oppenheimer assumed coverage on Abbott Laboratories in a research report on Tuesday. They issued an “outperform” rating and a $130.00 price objective for the company. Finally, Piper Sandler Companies assumed coverage on Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $125.15.

Insider Activity at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction dated 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 owns 220,059 shares in the company, valued at $25,617,068.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Abbott Laboratories Price Performance

Abbott Laboratories stock traded down $0.14 during mid-day trading on Thursday, hitting $115.81. 1,407,321 shares of the company were exchanged, compared to its average volume of 5,726,458. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The company has a market capitalization of $201.47 billion, a PE ratio of 36.12, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72. The company has a quick ratio of 1.18, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. The business has a fifty day moving average of $112.93 and a 200 day moving average of $108.26.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.04. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The company had revenue of $10.38 billion during the quarter, compared to analyst estimates of $10.37 billion. During the same period last year, the company posted $1.08 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. As a group, sell-side analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.90%. The ex-dividend date is Tuesday, October 15th. Abbott Laboratories’s dividend payout ratio is 68.54%.

Abbott Laboratories Company 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.