Assetmark Inc. Buys 16,071 Shares of Abbott Laboratories (NYSE:ABT)

Key Points

• Assetmark Inc. increased its stake in Abbott Laboratories by 11.3% during Q1, owning 158,441 shares valued at approximately $21 million.
• A significant number of institutional investors have also boosted their holdings in Abbott Laboratories, with T. Rowe Price Investment Management increasing its stake by 383.1% in Q4.
• Abbott Laboratories reported quarterly earnings of $1.26 per share, meeting expectations, with revenue of $11.14 billion, which was higher than estimates.

Assetmark Inc. lifted its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 11.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 158,441 shares of the healthcare product maker's stock after acquiring an additional 16,071 shares during the quarter. Assetmark Inc.'s holdings in Abbott Laboratories were worth $21,017,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Hughes Financial Services LLC acquired a new position in Abbott Laboratories in the first quarter worth approximately $27,000. Abound Financial LLC acquired a new position in Abbott Laboratories in the first quarter worth approximately $28,000. Redwood Park Advisors LLC acquired a new position in Abbott Laboratories in the fourth quarter worth approximately $25,000. JCIC Asset Management Inc. acquired a new position in Abbott Laboratories in the first quarter worth approximately $32,000. Finally, WealthTrak Capital Management LLC acquired a new position in Abbott Laboratories in the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 75.18% of the company's stock.

Insider Transactions 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 transaction of $337,116.00. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.46% of the company's stock.

Abbott Laboratories Stock Up 0.7%

Shares of ABT stock traded up $0.89 on Friday, hitting $126.53. The company's stock had a trading volume of 4,741,228 shares, compared to its average volume of 7,332,591. The stock has a market capitalization of $220.15 billion, a price-to-earnings ratio of 15.86, a P/E/G ratio of 2.40 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.27. Abbott Laboratories has a fifty-two week low of $99.92 and a fifty-two week high of $141.23. The firm's fifty day moving average price is $132.39 and its 200-day moving average price is $130.10.

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 for the quarter, hitting analysts' consensus estimates of $1.26. The firm had revenue of $11.14 billion during the quarter, compared to analyst estimates of $11.01 billion. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.83%. The business's revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 EPS. Research analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio (DPR) is currently 29.57%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Royal Bank Of Canada lifted their price target on shares of Abbott Laboratories from $145.00 to $147.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Barclays raised their price objective on shares of Abbott Laboratories from $158.00 to $159.00 and gave the stock an "overweight" rating in a research note on Thursday, April 17th. BTIG Research decreased their price objective on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Mizuho raised their price objective on shares of Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Leerink Partnrs raised shares of Abbott Laboratories to a "hold" rating in a research note on Monday, June 16th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $144.47.

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.