Palumbo Wealth Management LLC Acquires 295 Shares of Abbott Laboratories (NYSE:ABT)

Palumbo Wealth Management LLC raised its holdings in shares of Abbott Laboratories (NYSE:ABT) by 4.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,444 shares of the healthcare product maker’s stock after acquiring an additional 295 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Abbott Laboratories were worth $987,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ABT. Cim LLC increased its holdings in shares of Abbott Laboratories by 0.4% in the fourth quarter. Cim LLC now owns 16,967 shares of the healthcare product maker’s stock worth $1,919,000 after purchasing an additional 73 shares during the last quarter. Cape Investment Advisory Inc. increased its holdings in shares of Abbott Laboratories by 6.6% in the fourth quarter. Cape Investment Advisory Inc. now owns 1,236 shares of the healthcare product maker’s stock worth $140,000 after purchasing an additional 76 shares during the last quarter. Capital Square LLC increased its holdings in shares of Abbott Laboratories by 2.7% in the fourth quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker’s stock worth $368,000 after purchasing an additional 77 shares during the last quarter. Consilium Wealth Advisory LLC increased its holdings in shares of Abbott Laboratories by 2.1% in the first quarter. Consilium Wealth Advisory LLC now owns 3,822 shares of the healthcare product maker’s stock worth $507,000 after purchasing an additional 78 shares during the last quarter. Finally, Cyrus J. Lawrence LLC increased its holdings in shares of Abbott Laboratories by 9.0% in the fourth quarter. Cyrus J. Lawrence LLC now owns 954 shares of the healthcare product maker’s stock worth $107,000 after purchasing an additional 79 shares during the last quarter. 75.18% of the stock is owned by institutional investors.

Abbott Laboratories Stock Up 0.4%

Shares of NYSE:ABT opened at $132.88 on Monday. Abbott Laboratories has a 1 year low of $99.71 and a 1 year high of $141.23. The business has a 50 day simple moving average of $132.19 and a two-hundred day simple moving average of $127.03. The firm has a market capitalization of $231.20 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 2.53 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.27.

Abbott Laboratories (NYSE:ABT) last announced its 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 19.01% and a net margin of 31.89%. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.38 billion. On average, equities analysts predict that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.78%. Abbott Laboratories’s payout ratio is 30.61%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ABT shares. Jefferies Financial Group lifted their target price on Abbott Laboratories from $135.00 to $137.00 and gave the stock a “hold” rating in a report on Thursday, April 17th. Citigroup lifted their target price on Abbott Laboratories from $135.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. The Goldman Sachs Group boosted their price objective on Abbott Laboratories from $138.00 to $154.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Barclays boosted their price objective on Abbott Laboratories from $158.00 to $159.00 and gave the stock an “overweight” rating in a research note on Thursday, April 17th. Finally, Stifel Nicolaus boosted their price objective on Abbott Laboratories from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, April 17th. Six investment 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $142.61.

Insider Activity at Abbott Laboratories

In related news, Director Sally E. Blount sold 2,600 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now owns 34,058 shares in the company, valued at approximately $4,415,960.28. The trade was a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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.