Malaga Cove Capital LLC Sells 332 Shares of Abbott Laboratories (NYSE:ABT)

Malaga Cove Capital LLC trimmed its holdings in Abbott Laboratories (NYSE:ABT) by 6.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,764 shares of the healthcare product maker’s stock after selling 332 shares during the quarter. Malaga Cove Capital LLC’s holdings in Abbott Laboratories were worth $632,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Redwood Park Advisors LLC bought a new stake in shares of Abbott Laboratories in the fourth quarter valued at approximately $25,000. Hughes Financial Services LLC bought a new stake in shares of Abbott Laboratories in the first quarter valued at approximately $27,000. Abound Financial LLC acquired a new position in shares of Abbott Laboratories in the first quarter valued at $28,000. Wormser Freres Gestion acquired a new position in shares of Abbott Laboratories in the fourth quarter valued at $32,000. Finally, JCIC Asset Management Inc. acquired a new position in shares of Abbott Laboratories in the first quarter valued at $32,000. 75.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on ABT shares. Mizuho upped their target price on Abbott Laboratories from $130.00 to $140.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. BTIG Research cut their target price on Abbott Laboratories from $148.00 to $145.00 and set a “buy” rating for the company in a research note on Friday, July 18th. 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, July 18th. Piper Sandler restated an “overweight” rating and issued a $145.00 target price (up from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. Finally, Leerink Partners assumed coverage on Abbott Laboratories in a research note on Monday, June 16th. They issued a “market perform” rating and a $143.00 target price for the company. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $144.47.

Abbott Laboratories Stock Performance

Shares of NYSE:ABT opened at $127.32 on Friday. Abbott Laboratories has a twelve month low of $107.11 and a twelve month high of $141.23. The firm has a market cap of $221.52 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 2.39 and a beta of 0.73. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.27 and a current ratio of 1.82. The business has a fifty day moving average of $131.78 and a 200-day moving average of $130.36.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.26. Abbott Laboratories had a return on equity of 18.32% and a net margin of 32.43%. The company had revenue of $11.14 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same period last year, the company posted $1.14 earnings per share. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, equities research analysts predict that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a $0.59 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 annualized dividend and a yield of 1.9%. Abbott Laboratories’s dividend payout ratio (DPR) is currently 29.57%.

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.