Corundum Group Inc. Acquires 3,850 Shares of Abbott Laboratories (NYSE:ABT)

Corundum Group Inc. increased its holdings in shares of Abbott Laboratories (NYSE:ABT) by 73.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,123 shares of the healthcare product maker’s stock after acquiring an additional 3,850 shares during the period. Corundum Group Inc.’s holdings in Abbott Laboratories were worth $1,037,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABT. Clarity Financial LLC increased its position in Abbott Laboratories by 22.7% during the 1st quarter. Clarity Financial LLC now owns 3,298 shares of the healthcare product maker’s stock valued at $375,000 after buying an additional 610 shares in the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of Abbott Laboratories by 6.3% during the first quarter. Revolve Wealth Partners LLC now owns 1,956 shares of the healthcare product maker’s stock valued at $222,000 after acquiring an additional 116 shares in the last quarter. Key Client Fiduciary Advisors LLC raised its position in shares of Abbott Laboratories by 5.5% in the 1st quarter. Key Client Fiduciary Advisors LLC now owns 8,755 shares of the healthcare product maker’s stock worth $995,000 after purchasing an additional 456 shares during the last quarter. GoalVest Advisory LLC boosted its stake in Abbott Laboratories by 387.7% in the 1st quarter. GoalVest Advisory LLC now owns 3,263 shares of the healthcare product maker’s stock worth $371,000 after purchasing an additional 2,594 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in Abbott Laboratories during the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Trading Down 0.0 %

Shares of Abbott Laboratories stock traded down $0.05 during trading on Thursday, hitting $104.83. The stock had a trading volume of 228,096 shares, compared to its average volume of 5,654,846. The stock has a market cap of $182.37 billion, a PE ratio of 32.67, a PEG ratio of 2.54 and a beta of 0.74. Abbott Laboratories has a 12 month low of $89.67 and a 12 month high of $121.64. The firm’s fifty day simple moving average is $104.89 and its 200-day simple moving average is $110.17. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.11.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. The business had revenue of $9.96 billion for the quarter, compared to analyst estimates of $9.88 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.03 earnings per share. As a group, sell-side analysts expect that Abbott Laboratories will post 4.62 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Monday, July 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Insiders Place Their Bets

In related news, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total value of $2,428,025.00. Following the completion of the sale, the executive vice president now directly owns 61,462 shares in the company, valued at $6,530,337.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Lisa D. Earnhardt sold 22,852 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the transaction, the executive vice president now directly owns 61,462 shares in the company, valued at $6,530,337.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $104.57, for a total value of $1,055,843.29. Following the sale, the executive vice president now owns 211,341 shares of the company’s stock, valued at approximately $22,099,928.37. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on ABT shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $125.00 target price on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Barclays lowered their price objective on shares of Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating on the stock in a research note on Monday, April 22nd. The Goldman Sachs Group initiated coverage on Abbott Laboratories in a research report on Thursday, May 30th. They set a “buy” rating and a $121.00 target price for the company. Raymond James reiterated a “buy” rating and set a $124.00 price objective on shares of Abbott Laboratories in a research report on Wednesday, April 24th. Finally, Citigroup dropped their target price on shares of Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a research report on Wednesday, May 22nd. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Abbott Laboratories presently has an average rating of “Moderate Buy” and a consensus price target of $120.64.

Abbott Laboratories Company 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.