Commonwealth Financial Services LLC Has $341,000 Stock Position in Abbott Laboratories (NYSE:ABT)

Commonwealth Financial Services LLC cut its stake in Abbott Laboratories (NYSE:ABT) by 3.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,338 shares of the healthcare product maker’s stock after selling 131 shares during the period. Commonwealth Financial Services LLC’s holdings in Abbott Laboratories were worth $341,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hanson & Doremus Investment Management lifted its holdings in Abbott Laboratories by 0.8% during the 2nd quarter. Hanson & Doremus Investment Management now owns 11,165 shares of the healthcare product maker’s stock valued at $1,160,000 after purchasing an additional 92 shares during the last quarter. Encompass More Asset Management lifted its stake in shares of Abbott Laboratories by 3.3% during the 2nd quarter. Encompass More Asset Management now owns 3,002 shares of the healthcare product maker’s stock worth $312,000 after buying an additional 96 shares during the last quarter. Wynn Capital LLC boosted its holdings in shares of Abbott Laboratories by 2.9% during the 1st quarter. Wynn Capital LLC now owns 3,427 shares of the healthcare product maker’s stock worth $390,000 after buying an additional 98 shares during the period. Hummer Financial Advisory Services Inc grew its stake in Abbott Laboratories by 1.2% in the 1st quarter. Hummer Financial Advisory Services Inc now owns 8,290 shares of the healthcare product maker’s stock valued at $942,000 after buying an additional 100 shares during the last quarter. Finally, NORTHSTAR ASSET MANAGEMENT Co LLC raised its holdings in Abbott Laboratories by 1.9% in the 1st quarter. NORTHSTAR ASSET MANAGEMENT Co LLC now owns 5,396 shares of the healthcare product maker’s stock valued at $613,000 after acquiring an additional 100 shares during the period. Institutional investors own 75.18% of the company’s stock.

Insiders Place Their Bets

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

Abbott Laboratories Price Performance

Shares of NYSE:ABT opened at $113.70 on Monday. 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 stock has a market capitalization of $197.80 billion, a PE ratio of 35.42, a PEG ratio of 2.90 and a beta of 0.72. The firm has a 50 day moving average of $110.50 and a 200-day moving average of $108.45. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64.

Abbott Laboratories (NYSE:ABT) last released its 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. The firm had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. During the same period in the prior year, the company earned $1.08 earnings per share. The company’s quarterly revenue was up 4.0% on a year-over-year basis. On average, equities research analysts predict that Abbott Laboratories will post 4.66 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ABT shares. Piper Sandler began coverage on Abbott Laboratories in a research report on Thursday. They issued an “overweight” rating and a $131.00 target price on the stock. Evercore ISI decreased their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. The Goldman Sachs Group started coverage on Abbott Laboratories in a report on Thursday, May 30th. They set a “buy” rating and a $121.00 target price for the company. Barclays raised their price target on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Citigroup boosted their price objective 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. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $123.33.

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.