Assetmark Inc. trimmed its position in Abbott Laboratories (NYSE:ABT) by 36.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,257 shares of the healthcare product maker’s stock after selling 1,318 shares during the period. Assetmark Inc.’s holdings in Abbott Laboratories were worth $135,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Icon Wealth Partners LLC purchased a new position in Abbott Laboratories in the fourth quarter valued at about $102,000. SWS Partners purchased a new position in Abbott Laboratories in the fourth quarter valued at about $104,000. Rainier Group Investment Advisory LLC purchased a new position in Abbott Laboratories in the first quarter valued at about $114,000. Private Ocean LLC boosted its stake in Abbott Laboratories by 9,868.2% in the first quarter. Private Ocean LLC now owns 2,193 shares of the healthcare product maker’s stock valued at $131,000 after acquiring an additional 2,171 shares during the last quarter. Finally, We Are One Seven LLC purchased a new position in Abbott Laboratories in the fourth quarter valued at about $138,000. 71.67% of the stock is owned by institutional investors and hedge funds.
ABT has been the topic of a number of research analyst reports. BTIG Research reiterated a “hold” rating on shares of Abbott Laboratories in a research note on Sunday, April 22nd. Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Friday, April 20th. Sanford C. Bernstein initiated coverage on shares of Abbott Laboratories in a research note on Wednesday. They issued an “outperform” rating and a $73.00 target price on the stock. Finally, Citigroup dropped their target price on shares of Abbott Laboratories from $66.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 24th. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $69.35.
In other Abbott Laboratories news, insider Daniel Gesua Sive Salvadori sold 3,000 shares of the stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $61.20, for a total value of $183,600.00. Following the sale, the insider now directly owns 95,581 shares in the company, valued at approximately $5,849,557.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jaime Contreras sold 849 shares of the stock in a transaction that occurred on Monday, April 23rd. The stock was sold at an average price of $59.36, for a total transaction of $50,396.64. Following the completion of the sale, the insider now owns 50,436 shares in the company, valued at $2,993,880.96. The disclosure for this sale can be found here. Insiders sold a total of 5,999 shares of company stock worth $359,901 over the last quarter. Corporate insiders own 0.74% of the company’s stock.
Shares of ABT stock opened at $60.99 on Friday. The company has a market cap of $107.42 billion, a P/E ratio of 24.40, a price-to-earnings-growth ratio of 1.78 and a beta of 1.51. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.24 and a current ratio of 1.66. Abbott Laboratories has a 12 month low of $47.83 and a 12 month high of $64.60.
Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, April 18th. The healthcare product maker reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Abbott Laboratories had a net margin of 1.67% and a return on equity of 14.54%. The business had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the prior year, the company posted $0.48 EPS. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. research analysts forecast that Abbott Laboratories will post 2.86 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 15th. Shareholders of record on Friday, July 13th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.84%. The ex-dividend date is Thursday, July 12th. Abbott Laboratories’s dividend payout ratio is presently 44.80%.
About Abbott Laboratories
Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company's Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptoms; gynecological disorders; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraines; and anti-infective clarithromycin, as well as provides influenza vaccine and products that regulate physiological rhythm of the colon.
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