PDT Partners LLC Sells 8,500 Shares of Abbott Laboratories (NYSE:ABT)

PDT Partners LLC lessened its position in shares of Abbott Laboratories (NYSE:ABT) by 35.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,200 shares of the healthcare product maker’s stock after selling 8,500 shares during the period. PDT Partners LLC’s holdings in Abbott Laboratories were worth $1,733,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Fred Alger Management LLC purchased a new position in Abbott Laboratories during the third quarter worth about $4,937,000. Carl P. Sherr & Co. LLC bought a new stake in shares of Abbott Laboratories during the 3rd quarter valued at about $205,000. Northwest & Ethical Investments L.P. grew its holdings in shares of Abbott Laboratories by 22.1% during the third quarter. Northwest & Ethical Investments L.P. now owns 70,919 shares of the healthcare product maker’s stock worth $8,085,000 after purchasing an additional 12,842 shares in the last quarter. Vinva Investment Management Ltd increased its position in shares of Abbott Laboratories by 5.4% in the third quarter. Vinva Investment Management Ltd now owns 80,659 shares of the healthcare product maker’s stock worth $9,068,000 after purchasing an additional 4,117 shares during the last quarter. Finally, Noesis Capital Mangement Corp purchased a new stake in Abbott Laboratories in the third quarter valued at approximately $241,000. 75.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ABT. UBS Group increased their price target on shares of Abbott Laboratories from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Morgan Stanley raised their price target on Abbott Laboratories from $107.00 to $117.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Mizuho lifted their price target on Abbott Laboratories from $115.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Piper Sandler increased their price objective on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Barclays boosted their target price on Abbott Laboratories from $143.00 to $149.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and twelve have assigned 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 target price of $130.07.

Abbott Laboratories Stock Performance

Shares of NYSE:ABT opened at $118.77 on Friday. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. The company has a market cap of $206.00 billion, a price-to-earnings ratio of 36.10, a price-to-earnings-growth ratio of 2.80 and a beta of 0.72. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $121.64. The company has a 50-day moving average price of $115.87 and a 200-day moving average price of $110.39.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, October 16th. The healthcare product maker reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The firm had revenue of $10.64 billion for the quarter, compared to analyst estimates of $10.55 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.99%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $1.14 EPS. As a group, equities analysts anticipate that Abbott Laboratories will post 4.67 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were given a $0.55 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.85%. Abbott Laboratories’s dividend payout ratio is 66.87%.

Insider Activity

In other Abbott Laboratories news, CEO Robert B. Ford sold 141,679 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $116.41, for a total value of $16,492,852.39. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.10% of the company’s stock.

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.