WealthPLAN Partners LLC lifted its position in Abbott Laboratories (NYSE:ABT) by 4.6% in the first quarter, HoldingsChannel.com reports. The firm owned 98,997 shares of the healthcare product maker’s stock after buying an additional 4,317 shares during the period. Abbott Laboratories accounts for 1.2% of WealthPLAN Partners LLC’s investment portfolio, making the stock its 13th largest holding. WealthPLAN Partners LLC’s holdings in Abbott Laboratories were worth $7,574,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Front Row Advisors LLC increased its position in shares of Abbott Laboratories by 790.9% during the first quarter. Front Row Advisors LLC now owns 392 shares of the healthcare product maker’s stock worth $31,000 after purchasing an additional 348 shares in the last quarter. 1 North Wealth Services LLC acquired a new position in shares of Abbott Laboratories during the fourth quarter worth $33,000. Beacon Capital Management Inc. acquired a new position in shares of Abbott Laboratories during the first quarter worth $38,000. Investors Research Corp acquired a new position in shares of Abbott Laboratories during the first quarter worth $44,000. Finally, WP Advisors LLC acquired a new position in shares of Abbott Laboratories during the first quarter worth $46,000. Hedge funds and other institutional investors own 73.36% of the company’s stock.
NYSE:ABT traded up $0.01 during mid-day trading on Monday, hitting $82.23. The company’s stock had a trading volume of 699,933 shares, compared to its average volume of 4,551,025. Abbott Laboratories has a 1 year low of $60.31 and a 1 year high of $82.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.13 and a current ratio of 1.58. The firm has a market cap of $145.05 billion, a price-to-earnings ratio of 28.55, a PEG ratio of 2.31 and a beta of 1.08.
Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, April 17th. The healthcare product maker reported $0.63 EPS for the quarter, beating the consensus estimate of $0.61 by $0.02. Abbott Laboratories had a net margin of 8.53% and a return on equity of 16.86%. The company had revenue of $7.54 billion for the quarter, compared to analyst estimates of $7.49 billion. During the same period in the prior year, the company earned $0.59 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. As a group, equities research analysts predict that Abbott Laboratories will post 3.22 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.80%. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.32. Abbott Laboratories’s dividend payout ratio is presently 44.44%.
In other news, SVP Jaime Contreras sold 82,732 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $70.00, for a total transaction of $5,791,240.00. Following the sale, the senior vice president now directly owns 80,722 shares of the company’s stock, valued at approximately $5,650,540. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Stephen R. Fussell sold 56,000 shares of the stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $76.00, for a total transaction of $4,256,000.00. Following the sale, the executive vice president now directly owns 225,935 shares in the company, valued at $17,171,060. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 922,623 shares of company stock worth $70,308,258. 0.70% of the stock is owned by corporate insiders.
A number of brokerages have recently issued reports on ABT. Zacks Investment Research raised Abbott Laboratories from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Monday, May 20th. Bank of America reaffirmed a “buy” rating and set a $81.00 price target on shares of Abbott Laboratories in a research report on Thursday. Wells Fargo & Co upped their price target on Abbott Laboratories from $89.00 to $91.00 and gave the stock an “outperform” rating in a research report on Thursday. William Blair reaffirmed an “outperform” rating on shares of Abbott Laboratories in a research report on Thursday, April 18th. Finally, Barclays set a $84.00 target price on Abbott Laboratories and gave the company a “buy” rating in a research report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $80.89.
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Abbott Laboratories Company Profile
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 symptom; gynecological disorder; hormone replacement therapy; dyslipidemia; hypertension; hypothyroidism; Ménière's disease and vestibular vertigo; pain, fever, and inflammation; migraine; and anti-infective clarithromycin, as well as provides influenza vaccines and products that regulate physiological rhythm of the colon.
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