Golden State Wealth Management LLC Purchases 3,394 Shares of Abbott Laboratories (NYSE:ABT)

Golden State Wealth Management LLC raised its position in Abbott Laboratories (NYSE:ABT - Free Report) by 151.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,640 shares of the healthcare product maker's stock after buying an additional 3,394 shares during the quarter. Golden State Wealth Management LLC's holdings in Abbott Laboratories were worth $748,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Aurora Private Wealth Inc. purchased a new stake in Abbott Laboratories during the first quarter valued at about $10,511,000. Independent Solutions Wealth Management LLC bought a new stake in shares of Abbott Laboratories in the first quarter valued at approximately $294,000. Spire Wealth Management lifted its stake in shares of Abbott Laboratories by 2.7% during the 1st quarter. Spire Wealth Management now owns 23,620 shares of the healthcare product maker's stock valued at $3,133,000 after buying an additional 631 shares in the last quarter. waypoint wealth counsel bought a new position in Abbott Laboratories in the 1st quarter worth approximately $218,000. Finally, JCIC Asset Management Inc. bought a new position in Abbott Laboratories in the 1st quarter worth approximately $32,000. Hedge funds and other institutional investors own 75.18% of the company's stock.

Abbott Laboratories Price Performance

NYSE ABT traded up $0.73 during trading hours on Friday, reaching $134.40. 9,513,093 shares of the stock traded hands, compared to its average volume of 6,150,332. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.27. The stock has a 50 day simple moving average of $132.75 and a two-hundred day simple moving average of $127.43. 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 $233.83 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 2.61 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share for the quarter, beating 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%. On average, analysts predict that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors 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 dividend yield of 1.76%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio is currently 30.61%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Citigroup increased their target price on Abbott Laboratories from $135.00 to $160.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Leerink Partners assumed coverage on Abbott Laboratories in a report on Monday, June 16th. They set a "market perform" rating and a $143.00 price objective on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 target price (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Raymond James Financial increased their price target on shares of Abbott Laboratories from $132.00 to $142.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Finally, Jefferies Financial Group raised their price objective on shares of Abbott Laboratories from $135.00 to $137.00 and gave the company a "hold" rating in a research report on Thursday, April 17th. Six investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Abbott Laboratories has a consensus rating of "Moderate Buy" and a consensus target price of $142.61.

Insider Buying and Selling

In other news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total value of $337,116.00. Following the transaction, the director now owns 34,058 shares in the company, valued at approximately $4,415,960.28. The trade was a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is owned by corporate insiders.

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.