Abbott Laboratories (NYSE:ABT) Shares Sold by 1776 Wealth LLC

1776 Wealth LLC lowered its stake in Abbott Laboratories (NYSE:ABT) by 2.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 5,104 shares of the healthcare product maker’s stock after selling 146 shares during the period. 1776 Wealth LLC’s holdings in Abbott Laboratories were worth $677,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of ABT. Vanguard Group Inc. boosted its holdings in shares of Abbott Laboratories by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 168,645,397 shares of the healthcare product maker’s stock worth $19,075,481,000 after buying an additional 739,260 shares during the period. Capital International Investors grew its position 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 worth $7,688,160,000 after buying an additional 2,229,026 shares during the period. Capital Research Global Investors lifted its stake in Abbott Laboratories by 1.5% in the fourth quarter. Capital Research Global Investors now owns 54,097,005 shares of the healthcare product maker’s stock valued at $6,118,903,000 after buying an additional 795,073 shares in the last quarter. Geode Capital Management LLC increased its holdings in Abbott Laboratories by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 35,668,834 shares of the healthcare product maker’s stock worth $4,023,027,000 after buying an additional 765,636 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Abbott Laboratories by 2.3% in the fourth quarter. Wellington Management Group LLP now owns 26,392,302 shares of the healthcare product maker’s stock valued at $2,985,233,000 after purchasing an additional 581,325 shares during the last quarter. Institutional investors own 75.18% of the company’s stock.

Insider Activity at Abbott Laboratories

In related news, Director Sally E. Blount sold 2,600 shares of the company’s stock in a transaction dated 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 owned 34,058 shares in the company, valued at $4,415,960.28. This represents a 7.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Raymond James Financial decreased their target price on shares of Abbott Laboratories from $142.00 to $141.00 and set an “outperform” rating for the company in a research report on Friday. Piper Sandler reiterated an “overweight” rating and set a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Wells Fargo & Company cut their target price on Abbott Laboratories from $147.00 to $142.00 and set an “overweight” rating for the company in a research note on Friday. Leerink Partnrs upgraded Abbott Laboratories to a “hold” rating in a report on Monday, June 16th. Finally, Morgan Stanley increased their target price on Abbott Laboratories from $127.00 to $137.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 15th. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $144.47.

Abbott Laboratories Trading Up 0.8%

Shares of NYSE ABT traded up $0.95 during trading hours on Monday, hitting $124.62. The company’s stock had a trading volume of 1,224,881 shares, compared to its average volume of 6,207,033. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.27 and a current ratio of 1.78. Abbott Laboratories has a 12 month low of $99.92 and a 12 month high of $141.23. The business has a 50-day simple moving average of $132.98 and a 200-day simple moving average of $129.68. The stock has a market cap of $216.83 billion, a price-to-earnings ratio of 15.61, a P/E/G ratio of 2.35 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 EPS for the quarter, hitting analysts’ consensus estimates of $1.26. Abbott Laboratories had a net margin of 32.43% and a return on equity of 18.83%. The business had revenue of $11.14 billion during the quarter, compared to the consensus estimate of $11.01 billion. During the same quarter in the previous year, the firm posted $1.14 EPS. The firm’s revenue was up 7.4% on a year-over-year basis. On average, analysts anticipate that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Tuesday, July 15th. Abbott Laboratories’s dividend payout ratio is currently 29.57%.

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.