Portside Wealth Group LLC Sells 1,125 Shares of Abbott Laboratories (NYSE:ABT)

Portside Wealth Group LLC reduced its stake in Abbott Laboratories (NYSE:ABT) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,228 shares of the healthcare product maker’s stock after selling 1,125 shares during the period. Abbott Laboratories makes up approximately 1.0% of Portside Wealth Group LLC’s holdings, making the stock its 18th largest holding. Portside Wealth Group LLC’s holdings in Abbott Laboratories were worth $6,000,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of ABT. Norges Bank bought a new stake in shares of Abbott Laboratories in the 4th quarter valued at approximately $2,373,461,000. T. Rowe Price Investment Management Inc. grew its stake in shares of Abbott Laboratories by 383.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,358,698 shares of the healthcare product maker’s stock valued at $945,453,000 after purchasing an additional 6,628,310 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Abbott Laboratories in the 4th quarter valued at approximately $635,056,000. GAMMA Investing LLC grew its stake in shares of Abbott Laboratories by 15,420.4% in the 1st quarter. GAMMA Investing LLC now owns 5,102,648 shares of the healthcare product maker’s stock valued at $676,866,000 after purchasing an additional 5,069,771 shares during the period. Finally, Capital International Investors grew its stake in shares of Abbott Laboratories by 3.4% in the 4th quarter. Capital International Investors now owns 67,972,953 shares of the healthcare product maker’s stock valued at $7,688,160,000 after purchasing an additional 2,229,026 shares during the period. 75.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Barclays upped their price objective on Abbott Laboratories from $158.00 to $159.00 and gave the company an “overweight” rating in a research note on Thursday, April 17th. Piper Sandler restated 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. Morgan Stanley increased their price target on Abbott Laboratories from $117.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 17th. Citigroup increased their price target on Abbott Laboratories from $135.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Finally, Wall Street Zen lowered Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Four research 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.59.

Abbott Laboratories Stock Performance

ABT stock opened at $133.61 on Monday. The business’s fifty day moving average is $130.74 and its 200-day moving average is $125.90. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32. The company has a market cap of $232.45 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 2.52 and a beta of 0.73. Abbott Laboratories has a twelve month low of $99.71 and a twelve month high of $141.23.

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

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, Director Sally E. Blount sold 2,600 shares of the stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total transaction of $337,116.00. Following the completion of the transaction, the director now owns 34,058 shares in the company, valued at approximately $4,415,960.28. This represents a 7.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.46% of the stock is owned by corporate insiders.

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.