Concord Wealth Partners Decreases Stake in Abbott Laboratories (NYSE:ABT)

Concord Wealth Partners reduced its holdings in Abbott Laboratories (NYSE:ABT) by 8.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,829 shares of the healthcare product maker’s stock after selling 1,413 shares during the period. Concord Wealth Partners’ holdings in Abbott Laboratories were worth $2,100,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABT. Graypoint LLC raised its stake in Abbott Laboratories by 2.4% during the first quarter. Graypoint LLC now owns 42,889 shares of the healthcare product maker’s stock worth $5,689,000 after purchasing an additional 994 shares during the period. Ascent Wealth Partners LLC raised its stake in Abbott Laboratories by 4.5% during the first quarter. Ascent Wealth Partners LLC now owns 98,472 shares of the healthcare product maker’s stock worth $13,062,000 after purchasing an additional 4,285 shares during the period. Mayflower Financial Advisors LLC raised its stake in Abbott Laboratories by 0.5% during the first quarter. Mayflower Financial Advisors LLC now owns 17,327 shares of the healthcare product maker’s stock worth $2,298,000 after purchasing an additional 78 shares during the period. Napatree Capital LLC raised its stake in Abbott Laboratories by 8.6% during the first quarter. Napatree Capital LLC now owns 2,023 shares of the healthcare product maker’s stock worth $268,000 after purchasing an additional 160 shares during the period. Finally, Lineweaver Wealth Advisors LLC purchased a new position in Abbott Laboratories during the first quarter worth about $213,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Abbott Laboratories

In other news, Director Sally E. Blount sold 2,600 shares of the business’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 transaction of $337,116.00. Following the completion of the sale, the director owned 34,058 shares in the company, valued at approximately $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 can be accessed through this link. Corporate insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ABT shares. Morgan Stanley lifted their price target on shares of Abbott Laboratories from $127.00 to $137.00 and gave the company an “equal weight” rating in a research report on Tuesday. Stifel Nicolaus lifted their price target on shares of Abbott Laboratories from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, April 17th. Raymond James Financial lifted their price target on shares of Abbott Laboratories from $132.00 to $142.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Piper Sandler reiterated an “overweight” rating and set a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Finally, Wells Fargo & Company lifted their price target on shares of Abbott Laboratories from $136.00 to $147.00 and gave the company an “overweight” rating in a research report on Thursday, April 17th. Six analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.33.

Abbott Laboratories Trading Up 0.2%

NYSE ABT opened at $131.79 on Thursday. The company has a quick ratio of 1.27, a current ratio of 1.78 and a debt-to-equity ratio of 0.26. Abbott Laboratories has a 52 week low of $99.71 and a 52 week high of $141.23. The stock has a market capitalization of $229.30 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 2.50 and a beta of 0.73. The firm has a 50 day moving average of $133.43 and a two-hundred day moving average of $129.32.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.02. The business had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.38 billion. Abbott Laboratories had a net margin of 31.89% and a return on equity of 19.01%. As a group, research analysts expect that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.59 per share. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.79%. Abbott Laboratories’s dividend payout ratio is presently 30.61%.

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.