Summit Place Financial Advisors LLC Sells 705 Shares of Abbott Laboratories (NYSE:ABT)

Summit Place Financial Advisors LLC lowered its holdings in Abbott Laboratories (NYSE:ABT) by 2.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 26,413 shares of the healthcare product maker’s stock after selling 705 shares during the quarter. Abbott Laboratories comprises approximately 1.7% of Summit Place Financial Advisors LLC’s holdings, making the stock its 29th largest holding. Summit Place Financial Advisors LLC’s holdings in Abbott Laboratories were worth $3,011,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LVW Advisors LLC lifted its stake in shares of Abbott Laboratories by 8.2% during the 1st quarter. LVW Advisors LLC now owns 6,016 shares of the healthcare product maker’s stock worth $684,000 after purchasing an additional 455 shares during the last quarter. Claro Advisors LLC lifted its position in shares of Abbott Laboratories by 3.6% during the first quarter. Claro Advisors LLC now owns 8,544 shares of the healthcare product maker’s stock valued at $971,000 after buying an additional 297 shares during the last quarter. Synergy Asset Management LLC boosted its holdings in shares of Abbott Laboratories by 37.2% in the 1st quarter. Synergy Asset Management LLC now owns 42,054 shares of the healthcare product maker’s stock valued at $4,780,000 after buying an additional 11,392 shares in the last quarter. Dash Acquisitions Inc. raised its stake in shares of Abbott Laboratories by 3.7% during the 1st quarter. Dash Acquisitions Inc. now owns 102,879 shares of the healthcare product maker’s stock worth $10,895,000 after acquiring an additional 3,689 shares in the last quarter. Finally, Buffington Mohr McNeal lifted its position in Abbott Laboratories by 1.9% during the first quarter. Buffington Mohr McNeal now owns 93,234 shares of the healthcare product maker’s stock valued at $10,597,000 after acquiring an additional 1,695 shares during the last quarter. 75.18% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Robert B. Ford sold 141,679 shares of Abbott Laboratories 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 completion of the transaction, the chief executive officer now owns 220,059 shares in the company, valued at $25,617,068.19. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Jefferies Financial Group increased their price target on Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, October 17th. Raymond James restated a “buy” rating and set a $129.00 price target (up previously from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Barclays increased their price objective on shares of Abbott Laboratories from $140.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, Morgan Stanley boosted their target price on shares of Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and an average price target of $129.67.

Abbott Laboratories Stock Performance

NYSE ABT opened at $114.22 on Monday. Abbott Laboratories has a fifty-two week low of $91.64 and a fifty-two week high of $121.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.18 and a current ratio of 1.68. The firm has a market capitalization of $198.70 billion, a P/E ratio of 35.58, a PEG ratio of 2.74 and a beta of 0.72. The stock has a 50-day simple moving average of $114.63 and a two-hundred day simple moving average of $108.66.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.01. The company had revenue of $10.64 billion during the quarter, compared to the consensus estimate of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. Abbott Laboratories’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.14 earnings per share. On average, equities analysts forecast that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company 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 $0.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a yield of 1.93%. Abbott Laboratories’s payout ratio is 68.54%.

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.