Cherrydale Wealth Management LLC Acquires New Stake in Abbott Laboratories (NYSE:ABT)

Cherrydale Wealth Management LLC bought a new position in Abbott Laboratories (NYSE:ABT) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,514 shares of the healthcare product maker’s stock, valued at approximately $201,000.

Other hedge funds have also added to or reduced their stakes in the company. Redwood Park Advisors LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter worth about $25,000. Noble Wealth Management PBC purchased a new position in Abbott Laboratories in the fourth quarter worth about $26,000. NewSquare Capital LLC lifted its stake in shares of Abbott Laboratories by 78.4% in the fourth quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock worth $27,000 after buying an additional 105 shares in the last quarter. WealthTrak Capital Management LLC purchased a new stake in shares of Abbott Laboratories during the fourth quarter valued at approximately $28,000. Finally, Rialto Wealth Management LLC purchased a new stake in shares of Abbott Laboratories during the fourth quarter valued at approximately $29,000. 75.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ABT has been the subject of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Abbott Laboratories from $136.00 to $147.00 and gave the stock an “overweight” rating in a report on Thursday, April 17th. Morgan Stanley upped their price target on Abbott Laboratories from $117.00 to $127.00 and gave the company an “equal weight” rating in a report on Thursday, April 17th. Bank of America increased their price objective on Abbott Laboratories from $133.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Royal Bank of Canada boosted their target price on Abbott Laboratories from $140.00 to $145.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Finally, Wall Street Zen downgraded shares of Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Four equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $142.59.

Abbott Laboratories Trading Down 0.2%

Shares of Abbott Laboratories stock opened at $133.61 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The stock has a market capitalization of $232.45 billion, a PE ratio of 17.46, a P/E/G ratio of 2.52 and a beta of 0.73. Abbott Laboratories has a 1-year low of $99.71 and a 1-year high of $141.23. The company’s fifty day simple moving average is $130.74 and its 200-day simple moving average is $125.90.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.02. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.38 billion. As a group, equities analysts anticipate that Abbott Laboratories will post 5.14 earnings per share for the current year.

Insiders Place Their Bets

In other Abbott Laboratories news, Director Sally E. Blount sold 2,600 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total value of $337,116.00. Following the completion of the transaction, the director now directly owns 34,058 shares in the company, valued at $4,415,960.28. This represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by company insiders.

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.