Westhampton Capital LLC Lowers Holdings in Abbott Laboratories (NYSE:ABT)

by · The Markets Daily

Westhampton Capital LLC cut its holdings in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 3.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,900 shares of the healthcare product maker’s stock after selling 200 shares during the quarter. Westhampton Capital LLC’s holdings in Abbott Laboratories were worth $673,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ABT. Unique Wealth Strategies LLC acquired a new position in Abbott Laboratories during the 2nd quarter worth $28,000. Redmont Wealth Advisors LLC purchased a new position in shares of Abbott Laboratories in the 1st quarter valued at about $30,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Abbott Laboratories during the third quarter worth approximately $31,000. Itau Unibanco Holding S.A. acquired a new stake in Abbott Laboratories in the second quarter valued at approximately $32,000. Finally, Ridgewood Investments LLC purchased a new position in Abbott Laboratories in the second quarter worth approximately $37,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 0.7 %

Abbott Laboratories stock opened at $116.12 on Wednesday. The stock has a market capitalization of $202.01 billion, a price-to-earnings ratio of 36.17, a PEG ratio of 2.74 and a beta of 0.72. 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 50 day moving average of $114.31 and a two-hundred day moving average of $108.56. Abbott Laboratories has a twelve month low of $91.64 and a twelve month high of $121.64.

Abbott Laboratories (NYSE:ABT – Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The company had revenue of $10.64 billion for the quarter, compared to analysts’ expectations of $10.55 billion. During the same period in the previous year, the company posted $1.14 EPS. Abbott Laboratories’s revenue was up 4.9% compared to the same quarter last year. As a group, research analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $0.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.89%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Insider Buying and Selling

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 220,059 shares in the company, valued at approximately $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 accessible through the SEC website. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ABT has been the topic of a number of analyst reports. Morgan Stanley raised their price objective on shares of Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Oppenheimer initiated coverage on Abbott Laboratories in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price target on the stock. UBS Group upped their price objective on Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Barclays raised their target price on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Evercore ISI upped their price target on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and an average target price of $129.67.

Read Our Latest Stock Analysis on Abbott Laboratories

About Abbott Laboratories

(Free Report)

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.

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