Fortitude Family Office LLC Cuts Position in Abbott Laboratories (NYSE:ABT)

Fortitude Family Office LLC reduced its position in shares of Abbott Laboratories (NYSE:ABT) by 21.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,898 shares of the healthcare product maker’s stock after selling 805 shares during the period. Fortitude Family Office LLC’s holdings in Abbott Laboratories were worth $384,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Abbott Laboratories by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 168,645,397 shares of the healthcare product maker’s stock worth $19,075,481,000 after purchasing an additional 739,260 shares in the last quarter. Capital International Investors boosted its position in 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 buying an additional 2,229,026 shares during the period. Capital Research Global Investors grew its stake in shares of Abbott Laboratories by 1.5% in the fourth quarter. Capital Research Global Investors now owns 54,097,005 shares of the healthcare product maker’s stock worth $6,118,903,000 after acquiring an additional 795,073 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Abbott Laboratories by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 35,668,834 shares of the healthcare product maker’s stock worth $4,023,027,000 after acquiring an additional 765,636 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Abbott Laboratories by 2.3% in the fourth quarter. Wellington Management Group LLP now owns 26,392,302 shares of the healthcare product maker’s stock valued at $2,985,233,000 after acquiring an additional 581,325 shares in the last quarter. 75.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Abbott Laboratories

In other Abbott Laboratories news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories 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 transaction, the director now directly owns 34,058 shares in the company, valued at approximately $4,415,960.28. This trade represents a 7.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by insiders.

Abbott Laboratories Price Performance

ABT stock opened at $134.88 on Thursday. The business has a 50 day simple moving average of $131.03 and a 200-day simple moving average of $126.12. The company has a market capitalization of $234.67 billion, a P/E ratio of 17.63, a PEG 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. The company has a current ratio of 1.60, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.02. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The company had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.38 billion. As a group, equities analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ABT shares. Stifel Nicolaus upped their price target on Abbott Laboratories from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, April 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $145.00 target price (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Royal Bank of Canada boosted their price target on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. Morgan Stanley raised their price objective on shares of Abbott Laboratories from $117.00 to $127.00 and gave the company an “equal weight” rating in a report on Thursday, April 17th. Finally, Bank of America boosted their target price on shares of Abbott Laboratories from $133.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.59.

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.