Abbott Laboratories $ABT Stock Acquired by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC raised its stake in Abbott Laboratories (NYSE:ABT) by 389.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 15,329 shares of the healthcare product maker’s stock after purchasing an additional 12,200 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Abbott Laboratories were worth $1,515,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ABT. BlackRock Inc. raised its holdings in Abbott Laboratories by 4.6% during the 2nd quarter. BlackRock Inc. now owns 152,563,476 shares of the healthcare product maker’s stock valued at $13,843,610,000 after buying an additional 6,769,518 shares during the last quarter. State Street Corp boosted its position in Abbott Laboratories by 1.7% during the 2nd quarter. State Street Corp now owns 80,926,234 shares of the healthcare product maker’s stock valued at $7,343,246,000 after buying an additional 1,350,766 shares during the period. Bank of America Corp DE purchased a new stake in Abbott Laboratories during the 2nd quarter valued at $1,603,607,000. Deutsche Bank AG grew its holdings in Abbott Laboratories by 18.6% in the 2nd quarter. Deutsche Bank AG now owns 16,706,669 shares of the healthcare product maker’s stock worth $1,515,963,000 after acquiring an additional 2,614,965 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in Abbott Laboratories in the 2nd quarter worth $1,082,524,000. Institutional investors own 75.18% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on ABT. Argus downgraded shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, October 27th. BTIG Research cut their target price on Abbott Laboratories from $134.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Barclays began coverage on Abbott Laboratories in a report on Wednesday, October 7th. They set an “overweight” rating and a $120.00 price target on the stock. Rothschild & Co Redburn raised Abbott Laboratories from a “neutral” rating to a “buy” rating and upped their price target for the company from $119.00 to $127.00 in a research report on Friday, October 2nd. Finally, JPMorgan Chase & Co. dropped their price objective on Abbott Laboratories from $120.00 to $118.00 and set an “overweight” rating for the company in a report on Thursday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and an average target price of $118.32.

Abbott Laboratories Trading Down 0.7%

NYSE ABT opened at $109.43 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.38 and a debt-to-equity ratio of 0.57. Abbott Laboratories has a twelve month low of $81.97 and a twelve month high of $132.02. The firm has a market capitalization of $189.35 billion, a PE ratio of 40.83, a P/E/G ratio of 1.93 and a beta of 0.54. The stock’s 50 day moving average is $104.09 and its 200 day moving average is $101.91.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Wednesday, October 21st. The healthcare product maker reported $1.42 earnings per share for the quarter, hitting the consensus estimate of $1.42. The company had revenue of $13.01 billion for the quarter, compared to analysts’ expectations of $12.99 billion. Abbott Laboratories had a return on equity of 17.97% and a net margin of 9.75%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.30 earnings per share. Research analysts forecast that Abbott Laboratories will post 5.52 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be given a $0.63 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.3%. Abbott Laboratories’s dividend payout ratio is currently 94.03%.

About Abbott Laboratories

Abbott Laboratories is a global healthcare company that develops, manufactures and markets a broad range of medical products and services. Founded in 1888 by Wallace C. Abbott, the company is headquartered in Abbott Park, Illinois, and serves patients, healthcare providers and consumers in markets around the world.

Abbott operates across four principal businesses: medical devices, diagnostics, nutrition and established pharmaceutical products. Its offerings include glucose-monitoring systems such as FreeStyle Libre; cardiovascular devices, including stents and structural heart products; laboratory and point-of-care diagnostic systems; and branded generic medicines in areas such as gastroenterology, women’s health and cardiometabolic care.

The company’s nutrition portfolio includes infant and pediatric products such as Similac and PediaSure, adult nutritional products such as Ensure, and rehydration products such as Pedialyte.