Drive Wealth Management LLC Has $2.19 Million Stock Holdings in Abbott Laboratories (NYSE:ABT)

Key Points

• Drive Wealth Management LLC increased its stake in Abbott Laboratories by 150.8%, now owning 16,485 shares valued at approximately $2.19 million.
• Abbott Laboratories reported a 7.4% year-over-year revenue increase for the last quarter, totaling $11.14 billion, with an EPS of $1.26, meeting analysts' expectations.
• The company declared a quarterly dividend of $0.59 per share, yielding 1.88%, set to be paid on August 15th to stockholders of record on July 15th.

Drive Wealth Management LLC raised its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 150.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,485 shares of the healthcare product maker's stock after buying an additional 9,913 shares during the quarter. Drive Wealth Management LLC's holdings in Abbott Laboratories were worth $2,187,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in ABT. Norges Bank acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth about $2,373,461,000. T. Rowe Price Investment Management Inc. raised its position in shares of Abbott Laboratories by 383.1% during the fourth 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. GAMMA Investing LLC raised its position in shares of 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 worth $676,866,000 after purchasing an additional 5,069,771 shares during the period. Capital International Investors raised its position in shares of Abbott Laboratories by 3.4% during 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 purchasing an additional 2,229,026 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Abbott Laboratories by 10.3% during the fourth quarter. Northern Trust Corp now owns 22,056,860 shares of the healthcare product maker's stock worth $2,494,851,000 after buying an additional 2,060,650 shares in the last quarter. Institutional investors and hedge funds own 75.18% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ABT shares. Barclays lifted their target price on Abbott Laboratories from $158.00 to $159.00 and gave the company an "overweight" rating in a research report on Thursday, April 17th. Mizuho lifted their target price on Abbott Laboratories from $130.00 to $140.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Royal Bank Of Canada lifted their target price on Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. BTIG Research dropped their target price on Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Finally, Leerink Partners started coverage on Abbott Laboratories in a research report on Monday, June 16th. They issued a "market perform" rating and a $143.00 target price on the stock. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Abbott Laboratories has a consensus rating of "Moderate Buy" and a consensus target price of $144.47.

Abbott Laboratories Stock Performance

Shares of NYSE ABT traded up $1.01 during midday trading on Tuesday, hitting $127.36. 2,015,872 shares of the company's stock were exchanged, compared to its average volume of 6,944,551. The company has a quick ratio of 1.27, a current ratio of 1.78 and a debt-to-equity ratio of 0.26. Abbott Laboratories has a 12 month low of $102.78 and a 12 month high of $141.23. The company's 50 day moving average price is $132.20 and its 200 day moving average price is $130.19. The firm has a market capitalization of $221.59 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 2.40 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, hitting the consensus estimate of $1.26. The business had revenue of $11.14 billion during the quarter, compared to analysts' expectations of $11.01 billion. Abbott Laboratories had a return on equity of 18.83% and a net margin of 32.43%. The firm's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the firm posted $1.14 EPS. As a group, analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a $0.59 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 annualized dividend and a yield of 1.85%. Abbott Laboratories's dividend payout ratio is presently 29.57%.

Insiders Place Their Bets

In other Abbott Laboratories news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction 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 completion of the transaction, the director directly owned 34,058 shares of the company's stock, valued at $4,415,960.28. The trade was a 7.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is owned by corporate insiders.

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.