Garner Asset Management Corp trimmed its stake in Abbott Laboratories (NYSE:ABT – Free Report) by 6.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,050 shares of the healthcare product maker’s stock after selling 140 shares during the period. Garner Asset Management Corp’s holdings in Abbott Laboratories were worth $272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently modified their holdings of ABT. Three Seasons Wealth LLC purchased a new stake in Abbott Laboratories during the fourth quarter worth $1,428,000. Kelly Financial Services LLC purchased a new position in shares of Abbott Laboratories in the first quarter valued at approximately $216,000. Voleon Capital Management LP purchased a new position in Abbott Laboratories in the fourth quarter worth approximately $273,000. Bank Pictet & Cie Europe AG raised its holdings in 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 in the last quarter. Finally, Edge Financial Advisors LLC raised its holdings in Abbott Laboratories by 3.3% during the first quarter. Edge Financial Advisors LLC now owns 2,530 shares of the healthcare product maker’s stock worth $336,000 after purchasing an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms recently commented on ABT. Royal Bank Of Canada boosted their price objective on shares of Abbott Laboratories from $145.00 to $147.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Leerink Partners began coverage on shares of Abbott Laboratories in a research report on Monday, June 16th. They set a “market perform” rating and a $143.00 target price for the company. Jefferies Financial Group upgraded Abbott Laboratories from a “hold” rating to a “buy” rating and upped their price target for the stock from $143.00 to $145.00 in a report on Friday, July 18th. Leerink Partnrs upgraded Abbott Laboratories to a “hold” rating in a research note on Monday, June 16th. Finally, Piper Sandler restated an “overweight” rating and set a $145.00 price objective (up from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. Five equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Abbott Laboratories currently has an average rating of “Moderate Buy” and a consensus target price of $144.47.
Abbott Laboratories Price Performance
Shares of ABT stock opened at $125.90 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.27. The firm has a market cap of $219.05 billion, a price-to-earnings ratio of 15.78, a P/E/G ratio of 2.36 and a beta of 0.73. The stock’s fifty day simple moving average is $132.98 and its 200 day simple moving average is $129.68. Abbott Laboratories has a one year low of $99.92 and a one year high of $141.23.
Abbott Laboratories (NYSE:ABT – Get Free Report) last released its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, meeting the consensus estimate of $1.26. Abbott Laboratories had a return on equity of 18.83% and a net margin of 32.43%. The firm had revenue of $11.14 billion for the quarter, compared to analyst estimates of $11.01 billion. During the same quarter in the prior year, the firm posted $1.14 earnings per share. The company’s quarterly revenue was up 7.4% on a year-over-year basis. On average, analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.
Abbott Laboratories Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $0.59 per share. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.87%. Abbott Laboratories’s payout ratio is presently 29.57%.
Insider Activity
In related news, Director Sally E. Blount sold 2,600 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 34,058 shares of the company’s stock, valued at approximately $4,415,960.28. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.
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.
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