Abbott Laboratories (NYSE:ABT) Holdings Lowered by Midland Wealth Advisors LLC

Midland Wealth Advisors LLC cut its position in shares of Abbott Laboratories (NYSE:ABT) by 2.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 16,268 shares of the healthcare product maker’s stock after selling 366 shares during the period. Midland Wealth Advisors LLC’s holdings in Abbott Laboratories were worth $2,158,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Redwood Park Advisors LLC purchased a new position in Abbott Laboratories during the 4th quarter worth approximately $25,000. Noble Wealth Management PBC acquired a new stake in shares of Abbott Laboratories in the fourth quarter worth $26,000. NewSquare Capital LLC grew its position in Abbott Laboratories by 78.4% during the fourth quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock valued at $27,000 after purchasing an additional 105 shares in the last quarter. WealthTrak Capital Management LLC acquired a new position in Abbott Laboratories in the 4th quarter valued at approximately $28,000. Finally, Rialto Wealth Management LLC acquired a new stake in shares of Abbott Laboratories during the 4th quarter valued at $29,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Jefferies Financial Group increased their price objective on Abbott Laboratories from $135.00 to $137.00 and gave the stock a “hold” rating in a report on Thursday, April 17th. Wall Street Zen downgraded Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Raymond James boosted their price target on Abbott Laboratories from $132.00 to $142.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Piper Sandler reaffirmed an “overweight” rating and set a $145.00 price objective (up previously from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Finally, The Goldman Sachs Group boosted their target price on shares of Abbott Laboratories from $138.00 to $154.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Abbott Laboratories currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.59.

Insider Buying and Selling

In related news, Director Sally E. Blount sold 2,600 shares of the business’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total value of $337,116.00. Following the sale, the director now owns 34,058 shares of the company’s stock, valued at $4,415,960.28. The trade was a 7.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.46% of the company’s stock.

Abbott Laboratories Price Performance

Shares of NYSE:ABT opened at $133.61 on Monday. The firm has a market capitalization of $232.45 billion, a PE ratio of 17.46, a PEG ratio of 2.52 and a beta of 0.73. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. Abbott Laboratories has a 1-year low of $99.71 and a 1-year high of $141.23. The business’s 50 day moving average is $130.74 and its 200-day moving average is $125.90.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The firm had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.38 billion. Sell-side analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories 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.