Texas Capital Bank Wealth Management Services Inc Buys 8,056 Shares of Abbott Laboratories $ABT

Key Points

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Texas Capital Bank Wealth Management Services Inc boosted its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 389.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,126 shares of the healthcare product maker's stock after buying an additional 8,056 shares during the quarter. Texas Capital Bank Wealth Management Services Inc's holdings in Abbott Laboratories were worth $1,343,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hughes Financial Services LLC purchased a new position in Abbott Laboratories during the 1st quarter valued at about $27,000. Abound Financial LLC acquired a new position in Abbott Laboratories during the 1st quarter valued at approximately $28,000. Elequin Capital LP acquired a new stake in Abbott Laboratories during the 1st quarter valued at approximately $30,000. JCIC Asset Management Inc. acquired a new stake in Abbott Laboratories during the 1st quarter valued at approximately $32,000. Finally, Vision Financial Markets LLC acquired a new stake in Abbott Laboratories during the 1st quarter valued at approximately $33,000. Institutional investors own 75.18% of the company's stock.

Insider Buying and Selling

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 stock was sold at an average price of $134.55, for a total value of $746,752.50. Following the transaction, the chief financial officer owned 51,003 shares of the company's stock, valued at approximately $6,862,453.65. The trade was a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Raymond James Financial decreased their target price on shares of Abbott Laboratories from $142.00 to $141.00 and set an "outperform" rating for the company in a research note on Friday, July 18th. Mizuho raised their price objective on shares of Abbott Laboratories from $130.00 to $140.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Royal Bank Of Canada lifted their target price on shares of Abbott Laboratories from $145.00 to $147.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Evercore ISI lifted their target price on shares of Abbott Laboratories from $140.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Leerink Partners began coverage on shares of Abbott Laboratories in a research note on Monday, June 16th. They issued a "market perform" rating and a $143.00 price objective on the stock. 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $144.47.

Abbott Laboratories Stock Down 1.1%

Shares of Abbott Laboratories stock opened at $130.32 on Tuesday. The stock has a 50-day simple moving average of $131.34 and a 200-day simple moving average of $131.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.30. Abbott Laboratories has a 52-week low of $110.33 and a 52-week high of $141.23. The firm has a market cap of $226.82 billion, a price-to-earnings ratio of 16.33, a P/E/G ratio of 2.50 and a beta of 0.70.

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, hitting the consensus estimate of $1.26. The company had revenue of $11.14 billion for 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 company's revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.14 EPS. On average, equities research analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

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

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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