Abbott Laboratories (NYSE:ABT) Position Boosted by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC raised its holdings in shares of Abbott Laboratories (NYSE:ABT) by 4.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,032 shares of the healthcare product maker’s stock after acquiring an additional 448 shares during the period. Miracle Mile Advisors LLC’s holdings in Abbott Laboratories were worth $1,042,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of ABT. Alliance Wealth Advisors LLC UT raised its position in shares of Abbott Laboratories by 0.4% during the 4th quarter. Alliance Wealth Advisors LLC UT now owns 25,085 shares of the healthcare product maker’s stock worth $2,761,000 after buying an additional 92 shares in the last quarter. Wynn Capital LLC raised its holdings in Abbott Laboratories by 2.9% during the first quarter. Wynn Capital LLC now owns 3,427 shares of the healthcare product maker’s stock worth $390,000 after purchasing an additional 98 shares in the last quarter. Berger Financial Group Inc boosted its stake in Abbott Laboratories by 3.0% during the 4th quarter. Berger Financial Group Inc now owns 3,423 shares of the healthcare product maker’s stock valued at $377,000 after purchasing an additional 99 shares in the last quarter. Duff & Phelps Investment Management Co. increased its position in shares of Abbott Laboratories by 0.5% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 19,280 shares of the healthcare product maker’s stock valued at $2,122,000 after purchasing an additional 100 shares during the period. Finally, Bfsg LLC raised its stake in shares of Abbott Laboratories by 21.4% in the 1st quarter. Bfsg LLC now owns 567 shares of the healthcare product maker’s stock worth $64,000 after buying an additional 100 shares in the last quarter. Institutional investors own 75.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ABT shares. Barclays lifted their target price on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Citigroup dropped their target price on shares of Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Raymond James restated a “buy” rating and set a $124.00 target price on shares of Abbott Laboratories in a report on Wednesday, April 24th. 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 price objective for the company. Finally, Edward Jones cut Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $121.00.

Abbott Laboratories Stock Up 0.1 %

Shares of Abbott Laboratories stock traded up $0.06 during midday trading on Friday, hitting $111.00. The company’s stock had a trading volume of 4,643,293 shares, compared to its average volume of 6,033,353. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The company has a quick ratio of 1.11, a current ratio of 1.68 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $193.10 billion, a P/E ratio of 34.58, a PEG ratio of 2.74 and a beta of 0.72. The stock has a 50-day simple moving average of $105.47 and a 200-day simple moving average of $108.79.

Abbott Laboratories (NYSE:ABT) last released its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.04. The company had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $10.37 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.65%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.08 EPS. As a group, sell-side analysts expect that Abbott Laboratories will post 4.66 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Monday, July 15th. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

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.