Cranbrook Wealth Management LLC Trims Holdings in Abbott Laboratories (NYSE:ABT)

Cranbrook Wealth Management LLC decreased its holdings in Abbott Laboratories (NYSE:ABT) by 16.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,185 shares of the healthcare product maker’s stock after selling 2,175 shares during the period. Cranbrook Wealth Management LLC’s holdings in Abbott Laboratories were worth $1,484,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABT. Three Seasons Wealth LLC bought a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $1,428,000. Voleon Capital Management LP bought a new stake in shares of Abbott Laboratories in the fourth quarter valued at about $273,000. Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Abbott Laboratories by 5.5% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,095,443 shares of the healthcare product maker’s stock valued at $133,691,000 after acquiring an additional 57,499 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of Abbott Laboratories by 1.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker’s stock valued at $17,274,000 after acquiring an additional 2,774 shares in the last quarter. Finally, DSM Capital Partners LLC raised its holdings in shares of Abbott Laboratories by 75.6% in the fourth quarter. DSM Capital Partners LLC now owns 859,404 shares of the healthcare product maker’s stock valued at $97,207,000 after acquiring an additional 370,049 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Insider Buying and Selling

In related news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction dated 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 sale, the director now owns 34,058 shares of the company’s stock, valued at $4,415,960.28. The trade was a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on ABT shares. Wells Fargo & Company lifted their price objective on Abbott Laboratories from $136.00 to $147.00 and gave the company an “overweight” rating in a report on Thursday, April 17th. Raymond James lifted their target price on Abbott Laboratories from $132.00 to $142.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Citigroup lifted their target price on Abbott Laboratories from $135.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Piper Sandler reiterated an “overweight” rating and issued a $145.00 target price (up previously from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. Finally, The Goldman Sachs Group lifted their target price on Abbott Laboratories from $138.00 to $154.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $142.59.

Abbott Laboratories Price Performance

Shares of ABT stock opened at $133.61 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $141.23. The firm has a market capitalization of $232.45 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 2.52 and a beta of 0.73. The stock’s 50-day simple moving average is $130.74 and its 200-day simple moving average is $125.77.

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

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.