Abbott Laboratories (NYSE:ABT) Stake Decreased by InTrack Investment Management Inc

InTrack Investment Management Inc trimmed its holdings in Abbott Laboratories (NYSE:ABT) by 84.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,997 shares of the healthcare product maker’s stock after selling 10,660 shares during the quarter. InTrack Investment Management Inc’s holdings in Abbott Laboratories were worth $265,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Redwood Park Advisors LLC acquired a new position in shares of Abbott Laboratories during the fourth quarter valued at $25,000. Noble Wealth Management PBC acquired a new position in Abbott Laboratories during the 4th quarter valued at about $26,000. NewSquare Capital LLC raised its position 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 worth $27,000 after buying an additional 105 shares in the last quarter. WealthTrak Capital Management LLC bought a new position in shares of Abbott Laboratories in the fourth quarter valued at approximately $28,000. Finally, Rialto Wealth Management LLC acquired a new position in shares of Abbott Laboratories during the fourth quarter valued at approximately $29,000. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

Shares of ABT opened at $134.04 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. Abbott Laboratories has a one year low of $99.71 and a one year high of $141.23. The company’s fifty day moving average price is $130.82 and its 200 day moving average price is $126.06. The company has a market capitalization of $233.21 billion, a PE ratio of 17.52, a price-to-earnings-growth ratio of 2.52 and a beta of 0.73.

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

Insider Buying and Selling

In other Abbott Laboratories news, Director Sally E. Blount sold 2,600 shares of the firm’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total value of $337,116.00. Following the sale, the director now directly owns 34,058 shares in the company, valued at $4,415,960.28. This trade represents a 7.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.46% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ABT has been the subject of a number of research reports. Royal Bank of Canada increased their price target on Abbott Laboratories from $140.00 to $145.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Morgan Stanley upped their target price on Abbott Laboratories from $117.00 to $127.00 and gave the company an “equal weight” rating in a report on Thursday, April 17th. Wells Fargo & Company upped their price objective 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. Piper Sandler reissued an “overweight” rating and issued a $145.00 target price (up from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Finally, Jefferies Financial Group lifted their price objective on shares of Abbott Laboratories from $135.00 to $137.00 and gave the stock a “hold” rating in a research report 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $142.59.

About Abbott Laboratories

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.