WASHINGTON TRUST Co Grows Stock Position in Abbott Laboratories (NYSE:ABT)


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WASHINGTON TRUST Co increased its holdings in Abbott Laboratories (NYSE:ABT) by 0.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 144,110 shares of the healthcare product maker’s stock after purchasing an additional 421 shares during the quarter. WASHINGTON TRUST Co’s holdings in Abbott Laboratories were worth $17,270,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Atlas Private Wealth Advisors lifted its holdings in shares of Abbott Laboratories by 107.3% during the 4th quarter. Atlas Private Wealth Advisors now owns 228 shares of the healthcare product maker’s stock worth $25,000 after acquiring an additional 118 shares during the period. Inspire Advisors LLC acquired a new stake in Abbott Laboratories during the 4th quarter worth approximately $29,000. Black Swift Group LLC acquired a new stake in Abbott Laboratories in the fourth quarter valued at approximately $35,000. Krane Funds Advisors LLC acquired a new stake in Abbott Laboratories in the fourth quarter valued at approximately $39,000. Finally, PrairieView Partners LLC acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth approximately $41,000. Institutional investors own 72.58% of the company’s stock.

Several equities analysts recently issued reports on the company. Wells Fargo & Company raised their price objective on Abbott Laboratories from $128.00 to $137.00 in a research note on Thursday, January 28th. William Blair reissued an “outperform” rating on shares of Abbott Laboratories in a report on Tuesday, April 20th. BTIG Research raised Abbott Laboratories from a “neutral” rating to a “buy” rating and set a $140.00 price target on the stock in a report on Thursday, January 28th. Cowen raised their price target on Abbott Laboratories from $113.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, January 28th. Finally, SVB Leerink raised their price target on Abbott Laboratories from $115.00 to $128.00 and gave the company a “market perform” rating in a report on Thursday, January 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $126.06.

Shares of ABT opened at $119.53 on Tuesday. The business’s 50-day moving average price is $120.90 and its 200 day moving average price is $115.19. The stock has a market capitalization of $211.75 billion, a P/E ratio of 63.24, a P/E/G ratio of 2.06 and a beta of 0.83. Abbott Laboratories has a 1-year low of $86.16 and a 1-year high of $128.54. The company has a current ratio of 1.70, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Monday, April 19th. The healthcare product maker reported $1.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.05. Abbott Laboratories had a return on equity of 18.19% and a net margin of 10.50%. The firm had revenue of $10.45 billion for the quarter, compared to analysts’ expectations of $10.72 billion. During the same quarter last year, the business posted $0.65 EPS. Abbott Laboratories’s revenue was up 35.2% on a year-over-year basis. On average, research analysts predict that Abbott Laboratories will post 3.57 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 17th. Shareholders of record on Thursday, April 15th will be given a dividend of $0.45 per share. The ex-dividend date is Wednesday, April 14th. This represents a $1.80 dividend on an annualized basis and a yield of 1.51%. Abbott Laboratories’s payout ratio is presently 55.56%.

In other Abbott Laboratories news, EVP Mary K. Moreland sold 400 shares of the firm’s stock in a transaction dated Monday, February 22nd. The stock was sold at an average price of $121.84, for a total transaction of $48,736.00. Following the completion of the sale, the executive vice president now directly owns 76,886 shares in the company, valued at approximately $9,367,790.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mary K. Moreland sold 505 shares of the firm’s stock in a transaction dated Tuesday, February 16th. The stock was sold at an average price of $128.49, for a total value of $64,887.45. Following the sale, the executive vice president now owns 63,878 shares of the company’s stock, valued at $8,207,684.22. The disclosure for this sale can be found here. Insiders have sold a total of 8,726 shares of company stock valued at $1,064,230 over the last 90 days. Corporate insiders own 1.70% of the company’s stock.

Abbott Laboratories Company Profile

Abbott Laboratories 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 Established Pharmaceutical Products segment 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.

Further Reading: The Discount Rate – What You Need to Know

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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