Financial Network Wealth Advisors LLC Makes New Investment in Abbott Laboratories (NYSE:ABT)

Key Points

• Financial Network Wealth Advisors LLC has acquired a new position in Abbott Laboratories, purchasing 4,450 shares valued at approximately $590,000, making it the fund's 23rd largest holding.
• Abbott Laboratories reported a 7.4% increase in revenue year-over-year, amounting to $11.14 billion, and earnings per share of $1.26, matching analysts' expectations.
• The company recently announced a quarterly dividend of $0.59 per share, with a yield of 1.8%, reflecting a payout ratio of 29.57%.

Financial Network Wealth Advisors LLC acquired a new position in shares of Abbott Laboratories (NYSE:ABT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,450 shares of the healthcare product maker's stock, valued at approximately $590,000. Abbott Laboratories comprises about 0.8% of Financial Network Wealth Advisors LLC's portfolio, making the stock its 23rd biggest holding.

Other large investors have also added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Abbott Laboratories by 8.7% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 52,589 shares of the healthcare product maker's stock valued at $6,976,000 after buying an additional 4,195 shares during the period. National Pension Service grew its position in Abbott Laboratories by 5.2% during the first quarter. National Pension Service now owns 3,604,028 shares of the healthcare product maker's stock valued at $478,074,000 after acquiring an additional 179,138 shares during the last quarter. Klingman & Associates LLC grew its position in Abbott Laboratories by 5.1% during the first quarter. Klingman & Associates LLC now owns 10,614 shares of the healthcare product maker's stock valued at $1,408,000 after acquiring an additional 513 shares during the last quarter. GKV Capital Management Co. Inc. boosted its stake in shares of Abbott Laboratories by 263.5% during the first quarter. GKV Capital Management Co. Inc. now owns 727 shares of the healthcare product maker's stock valued at $96,000 after purchasing an additional 527 shares during the period. Finally, Thomas Story & Son LLC boosted its stake in shares of Abbott Laboratories by 3.1% during the first quarter. Thomas Story & Son LLC now owns 67,590 shares of the healthcare product maker's stock valued at $8,966,000 after purchasing an additional 2,001 shares during the period. Hedge funds and other institutional investors own 75.18% of the company's stock.

Abbott Laboratories Stock Performance

Shares of NYSE ABT opened at $130.92 on Wednesday. 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 50 day simple moving average of $131.60 and a 200-day simple moving average of $131.16. The company has a market cap of $227.85 billion, a PE ratio of 16.41, a P/E/G ratio of 2.49 and a beta of 0.70. Abbott Laboratories has a 12-month low of $107.60 and a 12-month high of $141.23.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, hitting analysts' consensus estimates of $1.26. The firm had revenue of $11.14 billion during the quarter, compared to the consensus estimate of $11.01 billion. Abbott Laboratories had a return on equity of 18.32% and a net margin of 32.43%. The firm's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.14 earnings per share. On average, equities research analysts forecast that Abbott Laboratories will post 5.14 EPS 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 paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's payout ratio is 29.57%.

Analysts Set New Price Targets

A number of brokerages recently commented on ABT. BTIG Research dropped their price target on Abbott Laboratories from $148.00 to $145.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Raymond James Financial reduced their price objective on Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating for the company in a report on Friday, July 18th. Morgan Stanley lifted their price objective on Abbott Laboratories from $127.00 to $137.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Royal Bank Of Canada boosted their price target on Abbott Laboratories from $145.00 to $147.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Finally, Barclays upped their price objective on Abbott Laboratories from $158.00 to $159.00 and gave the stock an "overweight" rating in a report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.47.

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, CFO Philip P. Boudreau sold 5,550 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $134.55, for a total transaction of $746,752.50. Following the sale, the chief financial officer directly owned 51,003 shares of the company's stock, valued at $6,862,453.65. The trade was a 9.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is currently owned by company insiders.

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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