Elevation Point Wealth Partners LLC lowered its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 9.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,511 shares of the healthcare product maker's stock after selling 2,404 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Abbott Laboratories were worth $2,986,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. West Branch Capital LLC increased its stake in Abbott Laboratories by 13.3% in the 1st quarter. West Branch Capital LLC now owns 17,677 shares of the healthcare product maker's stock worth $2,345,000 after acquiring an additional 2,080 shares during the last quarter. Everhart Financial Group Inc. increased its position in Abbott Laboratories by 15.8% in the first quarter. Everhart Financial Group Inc. now owns 11,957 shares of the healthcare product maker's stock worth $1,586,000 after purchasing an additional 1,635 shares during the last quarter. Smithbridge Asset Management Inc. DE purchased a new stake in Abbott Laboratories during the first quarter valued at $5,348,000. Relyea Zuckerberg Hanson LLC lifted its position in Abbott Laboratories by 0.5% during the first quarter. Relyea Zuckerberg Hanson LLC now owns 23,717 shares of the healthcare product maker's stock valued at $3,146,000 after purchasing an additional 108 shares during the last quarter. Finally, Baker Chad R grew its stake in shares of Abbott Laboratories by 0.4% in the 1st quarter. Baker Chad R now owns 107,680 shares of the healthcare product maker's stock worth $14,284,000 after buying an additional 455 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company's stock.
Insider Activity
In related news, Director Sally E. Blount sold 2,600 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total value of $337,116.00. Following the completion of the sale, the director now directly owns 34,058 shares of the company's stock, valued at $4,415,960.28. This represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company's stock.
Abbott Laboratories Trading Down 1.4%
ABT traded down $1.83 on Tuesday, reaching $132.18. 5,010,803 shares of the company traded hands, compared to its average volume of 6,107,957. The company has a market cap of $229.97 billion, a P/E ratio of 17.14, a price-to-earnings-growth ratio of 2.53 and a beta of 0.73. The company has a quick ratio of 1.27, a current ratio of 1.78 and a debt-to-equity ratio of 0.26. Abbott Laboratories has a one year low of $99.71 and a one year high of $141.23. The firm has a fifty day simple moving average of $131.80 and a two-hundred day simple moving average of $126.62.
Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.02. The firm had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.38 billion. Abbott Laboratories had a net margin of 31.89% and a return on equity of 19.01%. As a group, equities research analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current year.
Abbott Laboratories Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders 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 1.79%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio is 30.61%.
Analysts Set New Price Targets
Several analysts have recently issued reports on the stock. Leerink Partnrs upgraded shares of Abbott Laboratories to a "hold" rating in a research report on Monday. Citigroup boosted their price objective on Abbott Laboratories from $135.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Royal Bank Of Canada raised their price objective on Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Piper Sandler reissued an "overweight" rating and set a $145.00 target price (up previously from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Finally, Stifel Nicolaus raised their price target on Abbott Laboratories from $135.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Six equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $142.61.
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About Abbott Laboratories
(
Free Report)
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.
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