Avantax Advisory Services Inc. Purchases 8,778 Shares of Abbott Laboratories (NYSE:ABT)

Key Points

• Avantax Advisory Services Inc. increased its holdings in Abbott Laboratories by 5.1%, acquiring 8,778 shares to reach a total of 180,585 shares valued at approximately $23.96 million.
• Abbott Laboratories announced a quarterly dividend of $0.59 per share, with a record date of July 15th, representing an annualized yield of 1.87%.
• The stock recently traded at $126.53, reflecting a year-over-year revenue increase of 7.4% for the quarter, with earnings per share matching analyst expectations at $1.26.

Avantax Advisory Services Inc. raised its position in Abbott Laboratories (NYSE:ABT - Free Report) by 5.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 180,585 shares of the healthcare product maker's stock after acquiring an additional 8,778 shares during the period. Avantax Advisory Services Inc.'s holdings in Abbott Laboratories were worth $23,955,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Redwood Park Advisors LLC acquired a new stake in Abbott Laboratories during the 4th quarter valued at $25,000. Hughes Financial Services LLC acquired a new stake in shares of Abbott Laboratories in the 1st quarter valued at $27,000. WealthTrak Capital Management LLC acquired a new stake in shares of Abbott Laboratories in the 4th quarter valued at $28,000. Abound Financial LLC acquired a new stake in shares of Abbott Laboratories in the 1st quarter valued at $28,000. Finally, Wormser Freres Gestion acquired a new stake in shares of Abbott Laboratories in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 75.18% of the company's stock.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several research firms have recently commented on ABT. Morgan Stanley lifted their target price on Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Leerink Partnrs upgraded Abbott Laboratories to a "hold" rating in a research report on Monday, June 16th. Wells Fargo & Company reduced their price target on Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. William Blair upgraded Abbott Laboratories to a "strong-buy" rating in a research report on Thursday, July 17th. Finally, BTIG Research reduced their price target 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. Five investment 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 MarketBeat, Abbott Laboratories has an average rating of "Moderate Buy" and a consensus target price of $144.47.

Abbott Laboratories Stock Up 0.7%

Shares of NYSE:ABT traded up $0.89 during midday trading on Friday, reaching $126.53. The company had a trading volume of 4,741,228 shares, compared to its average volume of 7,571,204. The company has a quick ratio of 1.27, a current ratio of 1.78 and a debt-to-equity ratio of 0.26. The business's 50 day moving average price is $132.39 and its 200 day moving average price is $129.88. The stock has a market cap of $220.15 billion, a PE ratio of 15.86, a P/E/G ratio of 2.38 and a beta of 0.73. Abbott Laboratories has a 1-year low of $99.92 and a 1-year high of $141.23.

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

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders 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 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.