Genesee Capital Advisors LLC Has $978,000 Stock Position in Abbott Laboratories (NYSE:ABT)

Genesee Capital Advisors LLC lowered its position in shares of Abbott Laboratories (NYSE:ABT) by 1.2% in the third quarter, HoldingsChannel reports. The fund owned 8,575 shares of the healthcare product maker’s stock after selling 105 shares during the period. Genesee Capital Advisors LLC’s holdings in Abbott Laboratories were worth $978,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Abbott Laboratories by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 165,301,921 shares of the healthcare product maker’s stock worth $18,788,216,000 after purchasing an additional 8,834,840 shares in the last quarter. Capital International Investors raised its stake in Abbott Laboratories by 9.1% in the 1st quarter. Capital International Investors now owns 70,177,564 shares of the healthcare product maker’s stock valued at $7,976,382,000 after acquiring an additional 5,882,780 shares during the period. Ameriprise Financial Inc. raised its stake in Abbott Laboratories by 5.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,675,827 shares of the healthcare product maker’s stock valued at $1,103,997,000 after acquiring an additional 508,524 shares during the period. Dimensional Fund Advisors LP raised its stake in Abbott Laboratories by 27.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,428,752 shares of the healthcare product maker’s stock valued at $771,940,000 after acquiring an additional 1,596,835 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Abbott Laboratories by 7.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,352,134 shares of the healthcare product maker’s stock valued at $721,984,000 after acquiring an additional 452,308 shares during the period. Institutional investors own 75.18% of the company’s stock.

Insider Activity

In other 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 transaction of $16,492,852.39. Following the sale, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at approximately $25,617,068.19. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ABT shares. Evercore ISI increased their price target on Abbott Laboratories from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Sanford C. Bernstein upped their price objective on Abbott Laboratories from $133.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday. Royal Bank of Canada upped their price objective on Abbott Laboratories from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Edward Jones lowered Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Finally, Piper Sandler Companies started coverage on Abbott Laboratories in a report on Thursday, September 19th. They issued an “overweight” rating and a $131.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and an average price target of $129.67.

Abbott Laboratories Price Performance

Abbott Laboratories stock traded down $2.35 during midday trading on Monday, reaching $117.04. The company’s stock had a trading volume of 4,019,678 shares, compared to its average volume of 5,723,655. Abbott Laboratories has a 52 week low of $91.64 and a 52 week high of $121.64. 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 business has a 50-day moving average price of $113.97 and a 200-day moving average price of $108.48. The stock has a market cap of $203.61 billion, a PE ratio of 36.55, a price-to-earnings-growth ratio of 2.74 and a beta of 0.72.

Abbott Laboratories (NYSE:ABT) last released its 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. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The firm had revenue of $10.64 billion for the quarter, compared to analysts’ expectations of $10.55 billion. During the same quarter in the previous year, the business posted $1.14 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts predict that Abbott Laboratories will post 4.66 EPS for the current year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Tuesday, October 15th. Abbott Laboratories’s 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.