Concord Asset Management LLC VA Decreases Stock Position in Abbott Laboratories (NYSE:ABT)

Concord Asset Management LLC VA trimmed its position in Abbott Laboratories (NYSE:ABT - Free Report) by 24.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,978 shares of the healthcare product maker's stock after selling 3,966 shares during the period. Concord Asset Management LLC VA's holdings in Abbott Laboratories were worth $1,555,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ABT. Redwood Park Advisors LLC acquired a new stake in Abbott Laboratories in the fourth quarter valued at $25,000. Hughes Financial Services LLC acquired a new stake in Abbott Laboratories in the first quarter valued at $27,000. WealthTrak Capital Management LLC acquired a new stake in Abbott Laboratories in the fourth quarter valued at $28,000. Abound Financial LLC acquired a new stake in Abbott Laboratories in the first quarter valued at $28,000. Finally, Wormser Freres Gestion acquired a new stake in Abbott Laboratories in the fourth quarter valued at $32,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Trading Up 2.7%

Shares of NYSE ABT traded up $3.31 on Friday, reaching $123.82. 13,184,594 shares of the company traded hands, compared to its average volume of 6,251,669. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $141.23. The company has a 50 day moving average of $133.17 and a 200 day moving average of $129.38. The company has a current ratio of 1.78, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $215.43 billion, a PE ratio of 16.08, a P/E/G ratio of 2.50 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.26. Abbott Laboratories had a return on equity of 19.01% and a net margin of 31.89%. The business had revenue of $11.14 billion during the quarter, compared to analysts' expectations of $11.01 billion. During the same quarter in the previous year, the business earned $1.14 EPS. The company's revenue for the quarter was up 7.4% on a year-over-year basis. On average, equities research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company 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 dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories's payout ratio is currently 30.61%.

Insider Activity

In other news, Director Sally E. Blount sold 2,600 shares of the business's stock in a transaction dated 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 owned 34,058 shares in the company, valued at approximately $4,415,960.28. The trade was a 7.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.46% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wells Fargo & Company reduced their target price on Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating for the company in a report on Friday. Jefferies Financial Group raised Abbott Laboratories from a "hold" rating to a "buy" rating and lifted their price target for the stock from $143.00 to $145.00 in a research note on Friday. BTIG Research cut their price target on Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a research note on Friday. Royal Bank Of Canada lifted their price target on Abbott Laboratories from $145.00 to $147.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Piper Sandler reaffirmed 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. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.47.

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.