iA Global Asset Management Inc. increased its holdings in Abbott Laboratories (NYSE:ABT – Free Report) by 0.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 73,310 shares of the healthcare product maker’s stock after purchasing an additional 330 shares during the quarter. iA Global Asset Management Inc.’s holdings in Abbott Laboratories were worth $8,332,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of ABT. Signature Resources Capital Management LLC purchased a new position in Abbott Laboratories in the 4th quarter valued at about $29,000. Redmont Wealth Advisors LLC acquired a new position in shares of Abbott Laboratories during the first quarter valued at approximately $30,000. Richardson Financial Services Inc. acquired a new stake in shares of Abbott Laboratories in the fourth quarter worth approximately $29,000. Transcendent Capital Group LLC purchased a new stake in shares of Abbott Laboratories during the fourth quarter worth approximately $29,000. Finally, True Wealth Design LLC raised its stake in Abbott Laboratories by 1,677.8% in the 4th quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after purchasing an additional 302 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.
Abbott Laboratories Stock Performance
Shares of ABT traded up $4.21 during midday trading on Thursday, reaching $110.15. 9,003,572 shares of the stock were exchanged, compared to its average volume of 6,025,044. The business’s 50-day moving average price is $103.96 and its 200 day moving average price is $109.08. 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 has a twelve month low of $89.67 and a twelve month high of $121.64. The company has a market capitalization of $191.62 billion, a price-to-earnings ratio of 33.69, a PEG ratio of 2.62 and a beta of 0.72.
Abbott Laboratories Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.00%. The ex-dividend date is Monday, July 15th. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.
Insider Activity at Abbott Laboratories
In related news, EVP Lisa D. Earnhardt sold 22,852 shares of the business’s 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 transaction, the executive vice president now owns 61,462 shares in the company, valued at approximately $6,530,337.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the transaction, the executive vice president now owns 211,341 shares in the company, valued at approximately $22,099,928.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lisa D. Earnhardt sold 22,852 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 61,462 shares in the company, valued at approximately $6,530,337.50. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on ABT shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 target price on shares of Abbott Laboratories in a research note on Tuesday, June 4th. Citigroup decreased their target price on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a report on Wednesday, May 22nd. Raymond James restated a “buy” rating and set a $124.00 price target on shares of Abbott Laboratories in a report on Wednesday, April 24th. The Goldman Sachs Group began coverage on Abbott Laboratories in a research note on Thursday, May 30th. They issued a “buy” rating and a $121.00 price objective for the company. Finally, Edward Jones cut shares of Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $121.00.
Read Our Latest Research Report on ABT
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.
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