Fred Alger Management LLC Sells 12,560 Shares of Abbott Laboratories (NYSE:ABT)

Fred Alger Management LLC lowered its position in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 29.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,741 shares of the healthcare product maker's stock after selling 12,560 shares during the period. Fred Alger Management LLC's holdings in Abbott Laboratories were worth $3,477,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in ABT. Redwood Park Advisors LLC bought a new stake in Abbott Laboratories in the 4th quarter worth approximately $25,000. Noble Wealth Management PBC bought a new stake in Abbott Laboratories in the 4th quarter worth approximately $26,000. NewSquare Capital LLC grew its position in Abbott Laboratories by 78.4% in the 4th quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker's stock worth $27,000 after purchasing an additional 105 shares during the period. WealthTrak Capital Management LLC bought a new stake in Abbott Laboratories in the 4th quarter worth approximately $28,000. Finally, Rialto Wealth Management LLC bought a new stake in Abbott Laboratories in the 4th quarter worth approximately $29,000. Institutional investors own 75.18% of the company's stock.

Insider Buying and Selling at Abbott Laboratories

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

Abbott Laboratories Price Performance

Shares of ABT traded down $1.34 during trading hours on Monday, reaching $131.90. 5,958,213 shares of the stock traded hands, compared to its average volume of 6,118,933. 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 52-week low of $99.71 and a 52-week high of $141.23. The company's 50-day moving average price is $129.69 and its two-hundred day moving average price is $123.68. The company has a market cap of $229.49 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 2.52 and a beta of 0.74.

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, beating analysts' consensus estimates of $1.07 by $0.02. The company had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.38 billion. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. On average, analysts anticipate that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a $0.59 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.79%. Abbott Laboratories's dividend payout ratio is currently 30.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Stifel Nicolaus lifted their target price on shares of Abbott Laboratories from $135.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Raymond James lifted their target price on shares of Abbott Laboratories from $132.00 to $142.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. The Goldman Sachs Group lifted their price target on shares of Abbott Laboratories from $138.00 to $154.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Piper Sandler reiterated an "overweight" rating and set a $145.00 price target (up previously from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. Finally, UBS Group lifted their price target on shares of Abbott Laboratories from $146.00 to $148.00 and gave the stock a "buy" rating in a research note on Thursday, January 23rd. 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 company's stock. Based on data from MarketBeat, Abbott Laboratories has an average rating of "Moderate Buy" and a consensus price target of $142.59.

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.