Alliance Wealth Advisors LLC UT Reduces Holdings in Abbott Laboratories (NYSE:ABT)

Key Points

• Alliance Wealth Advisors LLC UT has reduced its holdings in Abbott Laboratories by 9.2% in Q1, now owning 29,053 shares valued at approximately $3.85 million.
• Abbott Laboratories recently disclosed a $0.59 quarterly dividend, representing an annualized yield of 1.8%, with a payout ratio of 29.57%.
• The stock has received various analyst ratings, with a consensus target price of $144.47, indicating an average rating of "Moderate Buy".

Alliance Wealth Advisors LLC UT cut its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 9.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,053 shares of the healthcare product maker's stock after selling 2,941 shares during the quarter. Abbott Laboratories accounts for about 1.0% of Alliance Wealth Advisors LLC UT's investment portfolio, making the stock its 27th largest holding. Alliance Wealth Advisors LLC UT's holdings in Abbott Laboratories were worth $3,854,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of ABT. Hughes Financial Services LLC bought a new stake in shares of Abbott Laboratories in the first quarter worth about $27,000. Abound Financial LLC bought a new stake in shares of Abbott Laboratories in the first quarter worth about $28,000. JCIC Asset Management Inc. bought a new stake in shares of Abbott Laboratories in the first quarter worth about $32,000. Vision Financial Markets LLC bought a new stake in shares of Abbott Laboratories in the first quarter worth about $33,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of Abbott Laboratories in the first quarter worth about $34,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Philip P. Boudreau sold 5,550 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $134.55, for a total value of $746,752.50. Following the completion of the transaction, the chief financial officer directly owned 51,003 shares in the company, valued at $6,862,453.65. The trade was a 9.81% 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 currently owned by insiders.

Analyst Upgrades and Downgrades

ABT has been the topic of several recent analyst reports. Leerink Partnrs raised Abbott Laboratories to a "hold" rating in a research note on Monday, June 16th. BTIG Research cut their price objective 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. Evercore ISI lifted their price objective on Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Mizuho lifted their price objective on Abbott Laboratories from $130.00 to $140.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Finally, Leerink Partners started coverage on Abbott Laboratories in a research report on Monday, June 16th. They set a "market perform" rating and a $143.00 price objective on the stock. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Abbott Laboratories has an average rating of "Moderate Buy" and a consensus target price of $144.47.

Abbott Laboratories Price Performance

ABT stock opened at $131.66 on Friday. The firm has a 50 day moving average price of $131.40 and a 200-day moving average price of $131.18. Abbott Laboratories has a 52-week low of $110.33 and a 52-week high of $141.23. The firm has a market capitalization of $229.15 billion, a price-to-earnings ratio of 16.50, a PEG ratio of 2.45 and a beta of 0.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.82.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The firm had revenue of $11.14 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same period last year, the business earned $1.14 earnings per share. The business's revenue was up 7.4% on a year-over-year basis. Equities research analysts forecast that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Tuesday, July 15th. Abbott Laboratories's payout ratio is presently 29.57%.

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.

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