Gradient Investments LLC Raises Stock Position in Abbott Laboratories (NYSE:ABT)

Gradient Investments LLC increased its stake in shares of Abbott Laboratories (NYSE:ABT) by 1.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 285,351 shares of the healthcare product maker’s stock after purchasing an additional 5,057 shares during the period. Gradient Investments LLC’s holdings in Abbott Laboratories were worth $37,852,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of ABT. Redwood Park Advisors LLC acquired a new position in Abbott Laboratories in the 4th quarter valued at $25,000. Noble Wealth Management PBC purchased a new stake in shares of Abbott Laboratories during the 4th quarter valued at $26,000. NewSquare Capital LLC grew its stake in shares of Abbott Laboratories by 78.4% during the 4th quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock valued at $27,000 after buying an additional 105 shares during the period. WealthTrak Capital Management LLC purchased a new stake in Abbott Laboratories during the 4th quarter worth $28,000. Finally, Rialto Wealth Management LLC purchased a new stake in Abbott Laboratories during the 4th quarter worth $29,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Trading Up 0.6%

Abbott Laboratories stock opened at $133.68 on Monday. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $141.23. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. The stock has a market cap of $232.58 billion, a P/E ratio of 17.47, a P/E/G ratio of 2.52 and a beta of 0.74. The company’s fifty day simple moving average is $130.46 and its 200-day simple moving average is $125.31.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. The business had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.38 billion. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. As a group, sell-side analysts forecast that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Sally E. Blount sold 2,600 shares of the stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total value of $337,116.00. Following the completion of the sale, the director now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lisa D. Earnhardt sold 91,167 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $133.82, for a total transaction of $12,199,967.94. Following the completion of the sale, the executive vice president now owns 71,928 shares of the company’s stock, valued at approximately $9,625,404.96. The trade was a 55.90% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ABT. Royal Bank of Canada upped their price target on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Barclays upped their target price 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. Morgan Stanley upped their target price on shares of Abbott Laboratories from $117.00 to $127.00 and gave the company an “equal weight” rating in a research note on Thursday, April 17th. Wells Fargo & Company upped their target price on shares of Abbott Laboratories from $136.00 to $147.00 and gave the company an “overweight” rating in a research note on Thursday, April 17th. Finally, Jefferies Financial Group increased their price objective on shares of Abbott Laboratories from $135.00 to $137.00 and gave the stock a “hold” rating in a research note on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $142.59.

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.