Private Advisor Group LLC Has $20.85 Million Stock Holdings in Abbott Laboratories (NYSE:ABT)

Private Advisor Group LLC lessened its holdings in Abbott Laboratories (NYSE:ABT) by 37.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 157,139 shares of the healthcare product maker’s stock after selling 92,944 shares during the period. Private Advisor Group LLC’s holdings in Abbott Laboratories were worth $20,845,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Hughes Financial Services LLC acquired a new stake in shares of Abbott Laboratories during the first quarter worth approximately $27,000. Abound Financial LLC acquired a new stake in shares of Abbott Laboratories during the first quarter worth approximately $28,000. Redwood Park Advisors LLC acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth approximately $25,000. JCIC Asset Management Inc. acquired a new stake in shares of Abbott Laboratories during the first quarter worth approximately $32,000. Finally, WealthTrak Capital Management LLC acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ABT. BTIG Research dropped their price objective on shares of Abbott Laboratories from $148.00 to $145.00 and set a “buy” rating for the company in a report on Friday. Leerink Partners began coverage on shares of Abbott Laboratories in a report on Monday, June 16th. They set a “market perform” rating and a $143.00 price objective for the company. Wells Fargo & Company dropped their price objective on shares of Abbott Laboratories from $147.00 to $142.00 and set an “overweight” rating for the company in a report on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $145.00 price objective (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Finally, Leerink Partnrs raised shares of Abbott Laboratories to a “hold” rating in a research note on Monday, June 16th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $144.47.

Insider Buying and Selling at Abbott Laboratories

In other news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories 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 transaction, the director directly owned 34,058 shares of the company’s stock, valued at $4,415,960.28. This trade represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

Abbott Laboratories Price Performance

Shares of ABT stock opened at $123.81 on Friday. Abbott Laboratories has a 52-week low of $99.92 and a 52-week high of $141.23. The stock has a market cap of $215.41 billion, a PE ratio of 15.52, a PEG ratio of 2.29 and a beta of 0.73. 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’s 50 day moving average price is $132.98 and its two-hundred day moving average price is $129.45.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.83%. The firm had revenue of $11.14 billion for the quarter, compared to analysts’ expectations of $11.01 billion. During the same period last year, the firm earned $1.14 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, analysts forecast that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $0.59 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.91%. Abbott Laboratories’s payout ratio is presently 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.