Hennessy Advisors Inc. Purchases New Shares in Abbott Laboratories (NYSE:ABT)

Hennessy Advisors Inc. bought a new stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 48,200 shares of the healthcare product maker's stock, valued at approximately $6,394,000.

Several other hedge funds have also bought and sold shares of the stock. Redwood Park Advisors LLC bought a new stake in Abbott Laboratories during the fourth quarter worth approximately $25,000. Noble Wealth Management PBC purchased a new stake in Abbott Laboratories during the 4th quarter valued at $26,000. NewSquare Capital LLC lifted its position in Abbott Laboratories by 78.4% in the fourth quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker's stock worth $27,000 after buying an additional 105 shares during the last quarter. WealthTrak Capital Management LLC bought a new position in Abbott Laboratories during the fourth quarter valued at $28,000. Finally, Rialto Wealth Management LLC purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at $29,000. Hedge funds and other institutional investors own 75.18% of the company's stock.

Abbott Laboratories Stock Down 0.4%

Shares of ABT stock traded down $0.60 during trading hours on Monday, reaching $135.03. 1,310,671 shares of the company's stock were exchanged, compared to its average volume of 6,089,057. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $141.23. The stock's 50 day moving average is $131.50 and its 200-day moving average is $126.47. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. The company has a market cap of $234.92 billion, a price-to-earnings ratio of 17.65, a P/E/G ratio of 2.52 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $1.07 by $0.02. The company had revenue of $10.36 billion during the quarter, compared to analysts' expectations of $10.38 billion. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. Analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.75%. Abbott Laboratories's dividend payout ratio is presently 30.61%.

Insider Buying and Selling at Abbott Laboratories

In related news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction that occurred 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 in the company, valued at approximately $4,415,960.28. This trade represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.46% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Leerink Partners assumed coverage on shares of Abbott Laboratories in a research report on Monday. They issued a "market perform" rating and a $143.00 price objective on the stock. Bank of America upped their price objective on Abbott Laboratories from $133.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, March 10th. Citigroup lifted 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. Piper Sandler reaffirmed an "overweight" rating and issued a $145.00 price target (up previously from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. Finally, Stifel Nicolaus boosted their price objective on shares of Abbott Laboratories from $135.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, April 17th. Five 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $142.61.

About Abbott Laboratories

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.