Connor Clark & Lunn Investment Management Ltd. Purchases 59,915 Shares of Abbott Laboratories (NYSE:ABT)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 187.5% during the third quarter, Holdings Channel reports. The institutional investor owned 91,865 shares of the healthcare product maker’s stock after acquiring an additional 59,915 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Abbott Laboratories were worth $10,474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Unique Wealth Strategies LLC acquired a new position in shares of Abbott Laboratories in the 2nd quarter worth approximately $28,000. Future Financial Wealth Managment LLC acquired a new position in Abbott Laboratories during the third quarter worth $31,000. Itau Unibanco Holding S.A. bought a new position in shares of Abbott Laboratories during the second quarter valued at $32,000. Peterson Financial Group Inc. bought a new stake in shares of Abbott Laboratories in the 3rd quarter worth about $32,000. Finally, Valued Wealth Advisors LLC lifted its holdings in Abbott Laboratories by 78.4% during the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after purchasing an additional 127 shares during the last quarter. Institutional investors own 75.18% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on ABT shares. Piper Sandler boosted their target price on Abbott Laboratories from $131.00 to $133.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Sanford C. Bernstein boosted their price objective on Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Piper Sandler Companies assumed coverage on Abbott Laboratories in a research note on Thursday, September 19th. They issued an “overweight” rating and a $131.00 target price for the company. Evercore ISI increased their price objective on shares of Abbott Laboratories from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Raymond James reaffirmed a “buy” rating and issued a $129.00 target price (up from $122.00) on shares of Abbott Laboratories in a research note on Monday, October 14th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $130.07.

Abbott Laboratories Stock Up 1.4 %

Shares of ABT opened at $117.57 on Friday. The company has a market capitalization of $203.91 billion, a PE ratio of 35.73, a PEG ratio of 2.76 and a beta of 0.72. The stock’s 50-day moving average price is $115.55 and its two-hundred day moving average price is $109.80. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $121.64.

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 the consensus estimate of $1.20 by $0.01. Abbott Laboratories had a net margin of 13.99% and a return on equity of 20.18%. The business had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. During the same quarter in the previous year, the business earned $1.14 earnings per share. Abbott Laboratories’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, analysts anticipate that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.87%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 66.87%.

Insider Activity

In related news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 220,059 shares in the company, valued at $25,617,068.19. This trade represents a 39.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is currently owned by company 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.