Cornerstone Wealth Management LLC Reduces Stock Position in Abbott Laboratories (NYSE:ABT)

Cornerstone Wealth Management LLC lessened its holdings in shares of Abbott Laboratories (NYSE:ABT) by 4.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,305 shares of the healthcare product maker’s stock after selling 786 shares during the period. Cornerstone Wealth Management LLC’s holdings in Abbott Laboratories were worth $2,163,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Redwood Park Advisors LLC bought a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $25,000. Noble Wealth Management PBC purchased a new stake in Abbott Laboratories in the fourth quarter worth about $26,000. NewSquare Capital LLC boosted its position in 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 acquiring an additional 105 shares in the last quarter. WealthTrak Capital Management LLC purchased a new position in shares of Abbott Laboratories during the 4th quarter worth approximately $28,000. Finally, Rialto Wealth Management LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ABT shares. Stifel Nicolaus upped their price target on Abbott Laboratories from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, April 17th. Barclays upped their target price on shares of Abbott Laboratories from $158.00 to $159.00 and gave the stock an “overweight” rating in a research report on Thursday, April 17th. Raymond James Financial lifted their price target on shares of Abbott Laboratories from $132.00 to $142.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Leerink Partners started coverage on shares of Abbott Laboratories in a report on Monday. They issued a “market perform” rating and a $143.00 price objective on the stock. Finally, Bank of America lifted their target price on shares of Abbott Laboratories from $133.00 to $150.00 and gave the company a “buy” rating in a report on Monday, March 10th. Six investment 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 data from MarketBeat.com, Abbott Laboratories presently has an average rating of “Moderate Buy” and an average target price of $142.61.

Insider Buying and Selling

In related news, Director Sally E. Blount sold 2,600 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $4,415,960.28. This represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Abbott Laboratories Stock Performance

Shares of ABT opened at $132.35 on Thursday. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $141.23. The business’s fifty day simple moving average is $131.91 and its two-hundred day simple moving average is $126.66. The company has a current ratio of 1.78, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26. The company has a market cap of $230.27 billion, a price-to-earnings ratio of 17.17, a P/E/G ratio of 2.51 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, April 16th. The healthcare product maker reported $1.09 EPS for the quarter, topping the consensus estimate of $1.07 by $0.02. The company 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 19.01% and a net margin of 31.89%. Research analysts anticipate that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.78%. Abbott Laboratories’s dividend payout ratio (DPR) is 30.61%.

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.