1248 Management LLC Invests $1 Million in Abbott Laboratories (NYSE:ABT)

1248 Management LLC acquired a new position in shares of Abbott Laboratories (NYSE:ABT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,837 shares of the healthcare product maker's stock, valued at approximately $1,000,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Redwood Park Advisors LLC purchased a new position in Abbott Laboratories during the fourth quarter worth about $25,000. Noble Wealth Management PBC acquired a new stake in shares of Abbott Laboratories during the 4th quarter worth approximately $26,000. NewSquare Capital LLC raised its position in shares of Abbott Laboratories by 78.4% during the 4th quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker's stock valued at $27,000 after buying an additional 105 shares during the period. WealthTrak Capital Management LLC acquired a new position in Abbott Laboratories in the fourth quarter valued at approximately $28,000. Finally, Rialto Wealth Management LLC purchased a new position in Abbott Laboratories in the fourth quarter worth approximately $29,000. 75.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ABT shares. Bank of America increased their price target on Abbott Laboratories from $133.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, March 10th. The Goldman Sachs Group lifted their price target on shares of Abbott Laboratories from $138.00 to $154.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. Morgan Stanley upped their price objective on shares of Abbott Laboratories from $117.00 to $127.00 and gave the stock an "equal weight" rating in a report on Thursday, April 17th. Citigroup lifted their target price on shares of Abbott Laboratories from $135.00 to $160.00 and gave the company a "buy" rating in a report on Tuesday, March 4th. Finally, Jefferies Financial Group raised their price target on Abbott Laboratories from $135.00 to $137.00 and gave the stock a "hold" rating in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Abbott Laboratories has an average rating of "Moderate Buy" and an average price target of $142.59.

Insider Activity

In related news, EVP Andrea F. Wainer sold 949 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $138.17, for a total value of $131,123.33. Following the completion of the sale, the executive vice president now directly owns 74,381 shares of the company's stock, valued at $10,277,222.77. This represents a 1.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total value of $337,116.00. Following the transaction, the director now directly owns 34,058 shares in the company, valued at approximately $4,415,960.28. This trade represents a 7.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,278 shares of company stock worth $12,745,859. Corporate insiders own 0.46% of the company's stock.

Abbott Laboratories Stock Up 0.5 %

Shares of ABT traded up $0.65 during midday trading on Tuesday, reaching $133.25. The stock had a trading volume of 6,276,609 shares, compared to its average volume of 6,126,282. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The company's fifty day simple moving average is $130.14 and its two-hundred day simple moving average is $123.08. The company has a market cap of $231.83 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 2.52 and a beta of 0.74. Abbott Laboratories has a 1-year low of $99.71 and a 1-year high of $141.23.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.07 by $0.02. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. The company had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.38 billion. Equities research analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be given a dividend of $0.59 per share. The ex-dividend date is Tuesday, April 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.77%. Abbott Laboratories's dividend payout ratio is presently 30.61%.

Abbott Laboratories 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.