Redmont Wealth Advisors LLC Buys New Stake in Abbott Laboratories (NYSE:ABT)

Redmont Wealth Advisors LLC purchased a new position in shares of Abbott Laboratories (NYSE:ABT) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 260 shares of the healthcare product maker’s stock, valued at approximately $34,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Three Seasons Wealth LLC bought a new stake in Abbott Laboratories during the 4th quarter worth approximately $1,428,000. Kelly Financial Services LLC acquired a new stake in shares of Abbott Laboratories in the 1st quarter valued at approximately $216,000. Voleon Capital Management LP bought a new position in shares of Abbott Laboratories during the fourth quarter worth $273,000. Bank Julius Baer & Co. Ltd Zurich grew its stake in 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 during the period. Finally, Bank Pictet & Cie Europe AG raised its position in shares of Abbott Laboratories by 1.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker’s stock worth $17,274,000 after purchasing an additional 2,774 shares during the period. 75.18% of the stock is owned by institutional investors and hedge funds.

Abbott Laboratories Trading Up 0.1%

Shares of ABT opened at $136.21 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.27 and a current ratio of 1.78. The firm has a market cap of $236.99 billion, a price-to-earnings ratio of 17.67, a PEG ratio of 2.58 and a beta of 0.73. The firm has a 50 day moving average price of $133.03 and a 200-day moving average price of $127.97. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $141.23.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data 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 19.01% and a net margin of 31.89%. As a group, equities research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories’s payout ratio is 30.61%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. The Goldman Sachs Group lifted their price objective on shares of Abbott Laboratories from $138.00 to $154.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Wells Fargo & Company increased their target price on Abbott Laboratories from $136.00 to $147.00 and gave the stock an “overweight” rating in a research note on Thursday, April 17th. Morgan Stanley lifted their price objective on shares of Abbott Laboratories from $117.00 to $127.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 17th. Finally, Barclays increased their target price on Abbott Laboratories from $158.00 to $159.00 and gave the stock an “overweight” rating in a report on Thursday, April 17th. Six equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Abbott Laboratories has an average rating of “Moderate Buy” and an average price target of $142.61.

Insider Transactions at Abbott Laboratories

In other news, Director Sally E. Blount sold 2,600 shares of the firm’s 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 directly owned 34,058 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Abbott Laboratories 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.