Confluence Wealth Services Inc. Increases Stock Position in Abbott Laboratories (NYSE:ABT)

Confluence Wealth Services Inc. lifted its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 18.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,968 shares of the healthcare product maker's stock after buying an additional 5,087 shares during the period. Confluence Wealth Services Inc.'s holdings in Abbott Laboratories were worth $4,151,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new position in Abbott Laboratories in the fourth quarter worth about $2,373,461,000. T. Rowe Price Investment Management Inc. raised its holdings in Abbott Laboratories by 383.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,358,698 shares of the healthcare product maker's stock worth $945,453,000 after purchasing an additional 6,628,310 shares during the period. Raymond James Financial Inc. purchased a new position in Abbott Laboratories during the fourth quarter valued at $635,056,000. GAMMA Investing LLC grew its holdings in Abbott Laboratories by 15,420.4% during the first quarter. GAMMA Investing LLC now owns 5,102,648 shares of the healthcare product maker's stock valued at $676,866,000 after purchasing an additional 5,069,771 shares during the period. Finally, Capital International Investors raised its stake in shares of Abbott Laboratories by 3.4% in the fourth quarter. Capital International Investors now owns 67,972,953 shares of the healthcare product maker's stock worth $7,688,160,000 after buying an additional 2,229,026 shares during the period. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Price Performance

Shares of ABT stock traded up $0.73 on Friday, reaching $134.40. The company's stock had a trading volume of 9,513,093 shares, compared to its average volume of 6,149,849. The stock's fifty day simple moving average is $132.82 and its 200-day simple moving average is $127.66. Abbott Laboratories has a 1 year low of $99.71 and a 1 year high of $141.23. The company has a market capitalization of $233.83 billion, a price-to-earnings ratio of 28.11, a price-to-earnings-growth ratio of 2.55 and a beta of 0.73. The company has a current ratio of 1.78, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The healthcare product maker reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $1.07 by $0.02. The business had revenue of $10.36 billion during the quarter, compared to analysts' expectations of $10.38 billion. Abbott Laboratories had a net margin of 31.89% and a return on equity of 19.01%. Analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio (DPR) is 30.61%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ABT shares. Leerink Partnrs upgraded Abbott Laboratories to a "hold" rating in a research note on Monday, June 16th. Citigroup increased their price objective on shares of Abbott Laboratories from $135.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Royal Bank Of Canada lifted their target price on shares of Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Barclays lifted their target price on shares of Abbott Laboratories from $158.00 to $159.00 and gave the company an "overweight" rating in a research note on Thursday, April 17th. Finally, Raymond James Financial lifted their target price on shares of Abbott Laboratories from $132.00 to $142.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Six analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Abbott Laboratories currently has an average rating of "Moderate Buy" and an average price target of $142.61.

Insider Transactions at Abbott Laboratories

In related news, Director Sally E. Blount sold 2,600 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total transaction of $337,116.00. Following the completion of the sale, the director now directly owns 34,058 shares of the company's stock, valued at approximately $4,415,960.28. This trade represents a 7.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.46% 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.