Abbott Laboratories (NYSE:ABT) Shares Sold by Beta Wealth Group Inc.

Key Points

• Beta Wealth Group Inc. reduced its holding in Abbott Laboratories by 57.1% during the 1st quarter, now owning 2,404 shares worth $319,000.
• Abbott Laboratories reported a quarterly net revenue of $11.14 billion, surpassing analyst estimates and a year-over-year increase of 7.4%, with earnings per share meeting expectations at $1.26.
• The company declared a $0.59 quarterly dividend, which will be paid on August 15th, representing an annualized dividend of $2.36 and a yield of 1.9%.

Beta Wealth Group Inc. cut its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 57.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,404 shares of the healthcare product maker's stock after selling 3,200 shares during the quarter. Beta Wealth Group Inc.'s holdings in Abbott Laboratories were worth $319,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABT. Cim LLC raised its position in Abbott Laboratories by 0.4% during the 4th quarter. Cim LLC now owns 16,967 shares of the healthcare product maker's stock worth $1,919,000 after purchasing an additional 73 shares during the last quarter. Capital Square LLC raised its position in shares of Abbott Laboratories by 2.7% in the fourth quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker's stock worth $368,000 after buying an additional 77 shares in the last quarter. Consilium Wealth Advisory LLC grew its stake in shares of Abbott Laboratories by 2.1% during the first quarter. Consilium Wealth Advisory LLC now owns 3,822 shares of the healthcare product maker's stock valued at $507,000 after buying an additional 78 shares during the last quarter. Mayflower Financial Advisors LLC lifted its holdings in Abbott Laboratories by 0.5% in the first quarter. Mayflower Financial Advisors LLC now owns 17,327 shares of the healthcare product maker's stock worth $2,298,000 after buying an additional 78 shares during the period. Finally, Opes Wealth Management LLC lifted its holdings in shares of Abbott Laboratories by 2.9% during the first quarter. Opes Wealth Management LLC now owns 2,854 shares of the healthcare product maker's stock valued at $379,000 after purchasing an additional 80 shares during the last quarter. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on ABT. Piper Sandler reiterated an "overweight" rating and issued a $145.00 price target (up previously from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. BTIG Research cut their price objective on shares of Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a report on Friday, July 18th. Morgan Stanley boosted their price target on shares of Abbott Laboratories from $127.00 to $137.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Leerink Partnrs upgraded shares of Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Finally, Leerink Partners assumed coverage on shares of Abbott Laboratories in a research note on Monday, June 16th. They set a "market perform" rating and a $143.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $144.47.

Abbott Laboratories Price Performance

ABT stock traded up $0.80 on Thursday, hitting $131.73. 1,038,123 shares of the company's stock traded hands, compared to its average volume of 6,876,455. The company has a current ratio of 1.82, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25. The stock has a market cap of $229.27 billion, a price-to-earnings ratio of 16.49, a P/E/G ratio of 2.48 and a beta of 0.70. The stock has a fifty day moving average of $131.69 and a 200-day moving average of $130.73. Abbott Laboratories has a 1-year low of $107.11 and a 1-year high of $141.23.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings data 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 return on equity of 18.32% and a net margin of 32.43%. The business had revenue of $11.14 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same period in the previous year, the firm earned $1.14 EPS. Abbott Laboratories's quarterly revenue was up 7.4% compared to the same quarter last year. On average, analysts forecast that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently declared 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. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.8%. Abbott Laboratories's payout ratio is currently 29.57%.

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.