Envestnet Portfolio Solutions Inc. Reduces Stake in Abbott Laboratories (NYSE:ABT)

Envestnet Portfolio Solutions Inc. decreased its holdings in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 41.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 135,902 shares of the healthcare product maker's stock after selling 94,913 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Abbott Laboratories were worth $18,027,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Three Seasons Wealth LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter valued at $1,428,000. Kelly Financial Services LLC purchased a new position in shares of Abbott Laboratories during the first quarter worth about $216,000. Voleon Capital Management LP acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth about $273,000. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of Abbott Laboratories by 5.5% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,095,443 shares of the healthcare product maker's stock valued at $133,691,000 after purchasing an additional 57,499 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG boosted its position in shares of Abbott Laboratories by 1.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker's stock valued at $17,274,000 after purchasing an additional 2,774 shares during the period. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction 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 directly owns 34,058 shares of the company's stock, valued at approximately $4,415,960.28. The trade was a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.46% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on ABT shares. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 price target (up previously from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Citigroup lifted their target price on shares of Abbott Laboratories from $135.00 to $160.00 and gave the company a "buy" rating in a report on Tuesday, March 4th. Barclays increased their price target on shares of Abbott Laboratories from $158.00 to $159.00 and gave the stock an "overweight" rating in a research note on Thursday, April 17th. Jefferies Financial Group lifted their price objective on shares of Abbott Laboratories from $135.00 to $137.00 and gave the company a "hold" rating in a research note on Thursday, April 17th. Finally, Wells Fargo & Company increased their target price on shares of Abbott Laboratories from $136.00 to $147.00 and gave the stock an "overweight" rating in a research note on Thursday, April 17th. Six investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $142.61.

Abbott Laboratories Stock Up 0.1%

Abbott Laboratories stock opened at $132.35 on Thursday. The stock's 50 day moving average price is $131.91 and its 200 day moving average price is $126.66. Abbott Laboratories has a 1-year low of $99.71 and a 1-year high of $141.23. The company has a market cap of $230.27 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 2.51 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.27.

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

Abbott Laboratories Dividend Announcement

The business 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. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.78%. Abbott Laboratories's dividend payout ratio (DPR) is presently 30.61%.

Abbott Laboratories 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.

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