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

Corundum Group Inc. cut its holdings in Abbott Laboratories (NYSE:ABT - Free Report) by 31.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,847 shares of the healthcare product maker's stock after selling 4,134 shares during the period. Corundum Group Inc.'s holdings in Abbott Laboratories were worth $1,174,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Redwood Park Advisors LLC acquired a new position in shares of Abbott Laboratories in the 4th quarter valued at $25,000. Noble Wealth Management PBC acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth about $26,000. NewSquare Capital LLC increased its position in Abbott Laboratories by 78.4% in the 4th quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker's stock valued at $27,000 after acquiring an additional 105 shares during the period. JCIC Asset Management Inc. purchased a new position in shares of Abbott Laboratories in the 1st quarter valued at approximately $32,000. Finally, WealthTrak Capital Management LLC acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth $28,000. 75.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related 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 completion of the transaction, the director now owns 34,058 shares in the company, valued at $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 is available through this hyperlink. Insiders own 0.46% of the company's stock.

Analyst Upgrades and Downgrades

ABT has been the subject of a number of analyst reports. The Goldman Sachs Group increased their target price on Abbott Laboratories from $138.00 to $154.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Barclays raised their price objective on Abbott Laboratories from $158.00 to $159.00 and gave the company an "overweight" rating in a research note on Thursday, April 17th. Morgan Stanley lifted their price target on Abbott Laboratories from $117.00 to $127.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 17th. Piper Sandler reaffirmed an "overweight" rating and issued a $145.00 price target (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Finally, Bank of America raised their price target on Abbott Laboratories from $133.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Six investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Abbott Laboratories presently has an average rating of "Moderate Buy" and a consensus price target of $142.61.

Abbott Laboratories Trading Down 2.7%

Abbott Laboratories stock traded down $3.67 during midday trading on Thursday, reaching $133.73. The stock had a trading volume of 9,442,414 shares, compared to its average volume of 6,136,879. The stock has a market capitalization of $232.67 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 2.61 and a beta of 0.73. Abbott Laboratories has a twelve month low of $99.71 and a twelve month high of $141.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.27 and a current ratio of 1.78. The stock's 50-day simple moving average is $132.69 and its 200 day simple moving average is $127.30.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The healthcare product maker reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $1.07 by $0.02. The company had revenue of $10.36 billion for the quarter, compared to analysts' expectations of $10.38 billion. Abbott Laboratories had a return on equity of 19.01% and a net margin of 31.89%. Analysts expect that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.76%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio is currently 30.61%.

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.