Absher Wealth Management LLC Has $20.95 Million Position in Abbott Laboratories (NYSE:ABT)

Absher Wealth Management LLC reduced its position in shares of Abbott Laboratories (NYSE:ABT) by 10.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 157,948 shares of the healthcare product maker’s stock after selling 19,174 shares during the period. Abbott Laboratories accounts for 2.7% of Absher Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest position. Absher Wealth Management LLC’s holdings in Abbott Laboratories were worth $20,952,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ABT. Norges Bank acquired a new stake in Abbott Laboratories during the 4th quarter valued at $2,373,461,000. T. Rowe Price Investment Management Inc. raised its stake in Abbott Laboratories by 383.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,358,698 shares of the healthcare product maker’s stock valued at $945,453,000 after purchasing an additional 6,628,310 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Abbott Laboratories during the 4th quarter valued at $635,056,000. GAMMA Investing LLC grew its holdings in shares of Abbott Laboratories by 15,420.4% during the 1st quarter. GAMMA Investing LLC now owns 5,102,648 shares of the healthcare product maker’s stock valued at $676,866,000 after acquiring an additional 5,069,771 shares in the last quarter. Finally, Capital International Investors grew its holdings in shares of Abbott Laboratories by 3.4% during the 4th quarter. Capital International Investors now owns 67,972,953 shares of the healthcare product maker’s stock valued at $7,688,160,000 after acquiring an additional 2,229,026 shares in the last quarter. 75.18% of the stock is owned by institutional investors and hedge funds.

Abbott Laboratories Stock Up 0.4%

Abbott Laboratories stock opened at $132.88 on Friday. The firm has a market cap of $231.20 billion, a price-to-earnings ratio of 17.24, a P/E/G ratio of 2.53 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.27. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $141.23. The firm has a fifty day moving average price of $132.19 and a two-hundred day moving average price of $126.95.

Abbott Laboratories (NYSE:ABT) last released its 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 firm had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.38 billion. Abbott Laboratories had a net margin of 31.89% and a return on equity of 19.01%. As a group, analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders 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 yield of 1.78%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories’s dividend payout ratio is 30.61%.

Insider Activity

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. 0.46% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. The Goldman Sachs Group boosted their price target on shares of Abbott Laboratories from $138.00 to $154.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Bank of America boosted their price target 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. Piper Sandler restated an “overweight” rating and set a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Royal Bank Of Canada boosted their price target on shares of Abbott Laboratories from $140.00 to $145.00 and gave the company an “outperform” rating in a report on Thursday, April 17th. Finally, Leerink Partners assumed coverage on shares of Abbott Laboratories in a report on Monday, June 16th. They set a “market perform” rating and a $143.00 price target on the stock. Six investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Abbott Laboratories has an average rating of “Moderate Buy” and a consensus price target of $142.61.

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.