Cove Private Wealth LLC Invests $426,000 in Abbott Laboratories (NYSE:ABT)

Key Points

• Cove Private Wealth LLC has initiated a new investment in Abbott Laboratories, acquiring 3,210 shares worth approximately $426,000 during the first quarter of the year.
• Abbott Laboratories reported a revenue increase of 7.4% year-over-year in its latest quarterly earnings, achieving $11.14 billion with earnings of $1.26 EPS, matching analyst estimates.
• The company announced a quarterly dividend of $0.59 per share, with a dividend yield of 1.8%, payable on August 15th to stockholders of record as of July 15th.

Cove Private Wealth LLC acquired a new stake in Abbott Laboratories (NYSE:ABT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,210 shares of the healthcare product maker's stock, valued at approximately $426,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Abbott Laboratories by 0.7% during the first quarter. Vanguard Group Inc. now owns 169,823,136 shares of the healthcare product maker's stock valued at $22,527,039,000 after purchasing an additional 1,177,739 shares during the last quarter. Capital International Investors lifted its position in Abbott Laboratories by 3.4% during the fourth quarter. Capital International Investors now owns 67,972,953 shares of the healthcare product maker's stock valued at $7,688,160,000 after purchasing an additional 2,229,026 shares during the last quarter. Capital Research Global Investors raised its stake in shares of Abbott Laboratories by 1.5% during the fourth quarter. Capital Research Global Investors now owns 54,097,005 shares of the healthcare product maker's stock worth $6,118,903,000 after acquiring an additional 795,073 shares in the last quarter. Northern Trust Corp raised its stake in shares of Abbott Laboratories by 10.3% during the fourth quarter. Northern Trust Corp now owns 22,056,860 shares of the healthcare product maker's stock worth $2,494,851,000 after acquiring an additional 2,060,650 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Abbott Laboratories by 29.2% during the first quarter. Goldman Sachs Group Inc. now owns 15,985,797 shares of the healthcare product maker's stock worth $2,120,516,000 after acquiring an additional 3,616,471 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Abbott Laboratories

In related news, CFO Philip P. Boudreau sold 5,550 shares of Abbott Laboratories stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $134.55, for a total value of $746,752.50. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.46% of the stock is owned by insiders.

Abbott Laboratories Price Performance

ABT traded up $2.46 during trading on Friday, reaching $131.74. 3,313,875 shares of the company traded hands, compared to its average volume of 6,876,170. The firm has a fifty day simple moving average of $131.44 and a 200 day simple moving average of $131.15. Abbott Laboratories has a 12-month low of $110.33 and a 12-month high of $141.23. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.82. The company has a market cap of $229.29 billion, a P/E ratio of 16.50, a PEG ratio of 2.45 and a beta of 0.70.

Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, hitting the consensus estimate of $1.26. The company 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 18.32%. Abbott Laboratories's quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.14 earnings per share. On average, equities analysts forecast that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have commented 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 note on Tuesday, July 15th. Raymond James Financial decreased their price target on shares of Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating on the stock in a research note on Friday, July 18th. Piper Sandler reiterated an "overweight" rating and set a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Morgan Stanley upped their price target on shares of Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, Wells Fargo & Company lowered their price target on shares of Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Four 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 company. Based on data from MarketBeat, Abbott Laboratories presently has a consensus rating of "Moderate Buy" and an average 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.