Granite Bay Wealth Management LLC Invests $4.70 Million in Abbott Laboratories (NYSE:ABT)

Granite Bay Wealth Management LLC purchased a new stake in Abbott Laboratories (NYSE:ABT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 44,735 shares of the healthcare product maker’s stock, valued at approximately $4,701,000.

A number of other institutional investors also recently bought and sold shares of ABT. Hanson & Doremus Investment Management increased its stake in shares of 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 acquiring an additional 92 shares during the last quarter. Encompass More Asset Management grew its holdings in Abbott Laboratories by 3.3% in the second quarter. Encompass More Asset Management now owns 3,002 shares of the healthcare product maker’s stock valued at $312,000 after purchasing an additional 96 shares during the period. Wynn Capital LLC increased its position in Abbott Laboratories by 2.9% during the first quarter. Wynn Capital LLC now owns 3,427 shares of the healthcare product maker’s stock worth $390,000 after purchasing an additional 98 shares during the last quarter. Hummer Financial Advisory Services Inc boosted its holdings in shares of 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 purchasing an additional 100 shares during the last quarter. Finally, NORTHSTAR ASSET MANAGEMENT Co LLC grew its stake in shares of Abbott Laboratories by 1.9% during 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 buying an additional 100 shares during the period. 75.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ABT shares. Piper Sandler started coverage on Abbott Laboratories in a research report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price on the stock. Jefferies Financial Group restated a “hold” rating and issued a $120.00 price objective on shares of Abbott Laboratories in a report on Thursday, September 26th. Citigroup boosted their target price on Abbott Laboratories from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Edward Jones lowered shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Finally, Barclays boosted their price objective on shares of Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $124.00.

Abbott Laboratories Trading Up 1.4 %

NYSE ABT opened at $114.01 on Tuesday. The stock has a market cap of $198.34 billion, a P/E ratio of 35.52, a PEG ratio of 2.86 and a beta of 0.72. The company’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. Abbott Laboratories has a 52 week low of $89.67 and a 52 week high of $121.64.

Abbott Laboratories (NYSE:ABT) last issued 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 firm had revenue of $10.38 billion for the quarter, compared to analyst estimates of $10.37 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The firm’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.08 EPS. 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 disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 annualized dividend and a yield of 1.93%. Abbott Laboratories’s dividend payout ratio is presently 68.54%.

Insider Buying and Selling at Abbott Laboratories

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 transaction of $16,492,852.39. Following the completion of the sale, the chief executive officer now owns 220,059 shares of the company’s stock, valued at $25,617,068.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is currently owned by corporate insiders.

About Abbott Laboratories

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.