Ironwood Investment Counsel LLC Buys New Position in Abbott Laboratories (NYSE:ABT)

Key Points

• Ironwood Investment Counsel LLC has acquired a new position in Abbott Laboratories, purchasing 12,409 shares worth approximately $1.646 million during the first quarter.
• Abbott Laboratories recently reported $1.26 EPS for the quarter, matching analysts' expectations, with a revenue increase of 7.4% year-over-year, totaling $11.14 billion.
• The company also announced a quarterly dividend of $0.59 per share, with a dividend yield of 1.8%, and a dividend payout ratio of 29.57%.

Ironwood Investment Counsel LLC bought a new position in Abbott Laboratories (NYSE:ABT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,409 shares of the healthcare product maker's stock, valued at approximately $1,646,000.

Other institutional investors have also recently bought and sold shares of the company. Redwood Park Advisors LLC acquired a new stake in shares of Abbott Laboratories in the fourth quarter worth $25,000. Hughes Financial Services LLC purchased a new stake in Abbott Laboratories during the 1st quarter worth $27,000. Abound Financial LLC purchased a new position in Abbott Laboratories in the first quarter valued at about $28,000. Wormser Freres Gestion acquired a new position in shares of Abbott Laboratories during the fourth quarter worth about $32,000. Finally, JCIC Asset Management Inc. purchased a new stake in shares of Abbott Laboratories in the first quarter worth about $32,000. 75.18% of the stock is currently owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Performance

Shares of NYSE:ABT traded up $2.35 during trading on Friday, hitting $134.41. 4,985,430 shares of the company traded hands, compared to its average volume of 7,868,751. The stock has a market capitalization of $233.93 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 2.50 and a beta of 0.70. Abbott Laboratories has a one year low of $107.11 and a one year high of $141.23. The company has a quick ratio of 1.30, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. The business's fifty day moving average is $131.69 and its 200-day moving average is $130.98.

Abbott Laboratories (NYSE:ABT - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.26. The company had revenue of $11.14 billion during the quarter, compared to the consensus estimate of $11.01 billion. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The company's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 earnings per share. As a group, equities analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's dividend payout ratio is 29.57%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Leerink Partnrs upgraded shares of Abbott Laboratories to a "hold" rating in a report on Monday, June 16th. Barclays raised their target price on Abbott Laboratories from $158.00 to $159.00 and gave the company an "overweight" rating in a research note on Thursday, April 17th. Morgan Stanley boosted their price target on Abbott Laboratories from $127.00 to $137.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Finally, Raymond James Financial dropped their price objective on Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating on the stock in a report on Friday, July 18th. Four research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $144.47.

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.