Byrne Asset Management LLC Sells 265 Shares of Abbott Laboratories (NYSE:ABT)

Byrne Asset Management LLC decreased its holdings in shares of Abbott Laboratories (NYSE:ABT) by 2.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,867 shares of the healthcare product maker’s stock after selling 265 shares during the period. Abbott Laboratories accounts for about 1.3% of Byrne Asset Management LLC’s holdings, making the stock its 14th largest holding. Byrne Asset Management LLC’s holdings in Abbott Laboratories were worth $1,707,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ABT. Redwood Park Advisors LLC purchased a new stake in Abbott Laboratories during the 4th quarter valued at $25,000. Noble Wealth Management PBC purchased a new position in shares of Abbott Laboratories in the 4th quarter worth $26,000. NewSquare Capital LLC boosted its stake in shares of Abbott Laboratories by 78.4% in 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 during the last quarter. WealthTrak Capital Management LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter worth $28,000. Finally, Rialto Wealth Management LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter worth $29,000. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Down 0.8%

Shares of NYSE ABT opened at $135.41 on Friday. The firm has a market cap of $235.59 billion, a price-to-earnings ratio of 17.70, a PEG ratio of 2.52 and a beta of 0.73. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $141.23. The business’s 50 day moving average is $131.50 and its two-hundred day moving average is $126.37.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data 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. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. The business had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.38 billion. Research analysts predict that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.74%. Abbott Laboratories’s dividend payout ratio is currently 30.61%.

Insider Buying and Selling

In related news, Director Sally E. Blount sold 2,600 shares of the business’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total transaction of $337,116.00. Following the completion of the transaction, the director now owns 34,058 shares in the company, valued at approximately $4,415,960.28. The trade was a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Citigroup raised their target price on Abbott Laboratories from $135.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Bank of America boosted their target price on Abbott Laboratories from $133.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Piper Sandler reaffirmed an “overweight” rating and set a $145.00 price target (up previously from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. The Goldman Sachs Group lifted their price target on shares of Abbott Laboratories from $138.00 to $154.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Finally, Raymond James boosted their price objective on shares of Abbott Laboratories from $132.00 to $142.00 and gave the stock an “outperform” rating in a research note on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.