Abbott Laboratories (NYSE:ABT) Shares Purchased by QRG Capital Management Inc.

QRG Capital Management Inc. grew its stake in shares of Abbott Laboratories (NYSE:ABT) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 346,481 shares of the healthcare product maker’s stock after purchasing an additional 25,473 shares during the quarter. QRG Capital Management Inc.’s holdings in Abbott Laboratories were worth $45,961,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Redwood Park Advisors LLC acquired a new stake in shares of Abbott Laboratories during the fourth quarter worth approximately $25,000. Noble Wealth Management PBC bought a new stake in shares of Abbott Laboratories during the fourth quarter valued at about $26,000. NewSquare Capital LLC grew its holdings in Abbott Laboratories by 78.4% during the fourth quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock worth $27,000 after acquiring an additional 105 shares during the period. WealthTrak Capital Management LLC acquired a new position in shares of Abbott Laboratories in the 4th quarter worth approximately $28,000. Finally, Rialto Wealth Management LLC purchased a new position in Abbott Laboratories in the 4th quarter worth about $29,000. Institutional investors and hedge funds own 75.18% of the company’s stock.

Abbott Laboratories Trading Down 0.8%

NYSE ABT opened at $135.41 on Monday. The firm has a market cap of $235.59 billion, a P/E ratio of 17.70, a P/E/G ratio of 2.52 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The stock’s 50-day moving average is $131.50 and its 200-day moving average is $126.47. Abbott Laboratories has a one year low of $99.71 and a one year high of $141.23.

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

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.74%. Abbott Laboratories’s dividend payout ratio is 30.61%.

Insider Buying and Selling at Abbott Laboratories

In other 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 transaction of $337,116.00. Following the completion of the transaction, the director now directly owns 34,058 shares in the company, valued at approximately $4,415,960.28. The trade was a 7.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group lifted their price target on Abbott Laboratories from $138.00 to $154.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Bank of America upped their price target on Abbott Laboratories from $133.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Piper Sandler reiterated an “overweight” rating and issued a $145.00 price target (up from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Royal Bank of Canada increased their target price on Abbott Laboratories from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. Finally, Raymond James increased their target price on Abbott Laboratories from $132.00 to $142.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and an average price target of $142.59.

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.