Pasadena Private Wealth LLC Purchases New Position in Abbott Laboratories (NYSE:ABT)

Key Points

• Pasadena Private Wealth LLC made a new investment of $310,000 in Abbott Laboratories, acquiring 2,334 shares during the first quarter.
• Abbott Laboratories reported quarterly earnings of $1.26 per share, matching analysts' expectations and showing a 7.4% revenue increase year-over-year.
• The company recently declared a quarterly dividend of $0.59, providing an annualized dividend yield of 1.83%.

Pasadena Private Wealth LLC acquired a new position in shares of Abbott Laboratories (NYSE:ABT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,334 shares of the healthcare product maker's stock, valued at approximately $310,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABT. Cim LLC boosted its stake in shares of Abbott Laboratories by 0.4% in the fourth quarter. Cim LLC now owns 16,967 shares of the healthcare product maker's stock valued at $1,919,000 after buying an additional 73 shares during the period. Capital Square LLC lifted its position in Abbott Laboratories by 2.7% during the fourth quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker's stock worth $368,000 after purchasing an additional 77 shares during the period. Consilium Wealth Advisory LLC increased its holdings in Abbott Laboratories by 2.1% in the 1st quarter. Consilium Wealth Advisory LLC now owns 3,822 shares of the healthcare product maker's stock valued at $507,000 after buying an additional 78 shares during the period. Mayflower Financial Advisors LLC raised its position in Abbott Laboratories by 0.5% during the first quarter. Mayflower Financial Advisors LLC now owns 17,327 shares of the healthcare product maker's stock valued at $2,298,000 after purchasing an additional 78 shares in the last quarter. Finally, Opes Wealth Management LLC lifted its holdings in shares of Abbott Laboratories by 2.9% in the first quarter. Opes Wealth Management LLC now owns 2,854 shares of the healthcare product maker's stock worth $379,000 after acquiring an additional 80 shares during the last quarter. Institutional investors own 75.18% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ABT. Wells Fargo & Company reduced their target price on shares of Abbott Laboratories from $147.00 to $142.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Barclays upped their price objective on shares of Abbott Laboratories from $158.00 to $159.00 and gave the company an "overweight" rating in a research note on Thursday, April 17th. William Blair raised shares of Abbott Laboratories to a "strong-buy" rating in a research report on Thursday, July 17th. Jefferies Financial Group raised Abbott Laboratories from a "hold" rating to a "buy" rating and raised their price objective for the company from $143.00 to $145.00 in a research note on Friday, July 18th. Finally, Leerink Partnrs upgraded Abbott Laboratories to a "hold" rating in a research note on Monday, June 16th. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $144.47.

Abbott Laboratories Price Performance

NYSE ABT traded up $1.13 during trading hours on Friday, reaching $127.32. 5,452,663 shares of the stock traded hands, compared to its average volume of 7,710,759. The stock has a 50 day simple moving average of $131.78 and a two-hundred day simple moving average of $130.36. Abbott Laboratories has a 1 year low of $107.11 and a 1 year high of $141.23. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.27. The company has a market cap of $221.52 billion, a price-to-earnings ratio of 15.95, a price-to-earnings-growth ratio of 2.39 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, meeting analysts' consensus estimates of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.32%. The business had revenue of $11.14 billion for the quarter, compared to analysts' expectations of $11.01 billion. During the same period last year, the business earned $1.14 earnings per share. The business's quarterly revenue was up 7.4% on a year-over-year basis. On average, analysts predict that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories's payout ratio is presently 29.57%.

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.