SteelPeak Wealth LLC Boosts Stake in Abbott Laboratories (NYSE:ABT)

SteelPeak Wealth LLC increased its holdings in Abbott Laboratories (NYSE:ABT) by 295.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,009 shares of the healthcare product maker’s stock after purchasing an additional 9,722 shares during the quarter. SteelPeak Wealth LLC’s holdings in Abbott Laboratories were worth $1,479,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Signature Resources Capital Management LLC purchased a new stake in Abbott Laboratories in the 4th quarter worth $29,000. Richardson Financial Services Inc. purchased a new position in shares of Abbott Laboratories in the fourth quarter worth about $29,000. Transcendent Capital Group LLC acquired a new position in Abbott Laboratories during the fourth quarter worth about $29,000. True Wealth Design LLC raised its holdings 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 acquiring an additional 302 shares during the last quarter. Finally, Stuart Chaussee & Associates Inc. lifted its stake in Abbott Laboratories by 236.0% in the 4th quarter. Stuart Chaussee & Associates Inc. now owns 336 shares of the healthcare product maker’s stock worth $37,000 after purchasing an additional 236 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Stock Performance

Shares of ABT opened at $103.91 on Monday. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64. The stock has a 50-day simple moving average of $104.79 and a 200-day simple moving average of $110.12. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.11 and a current ratio of 1.60. The stock has a market capitalization of $180.76 billion, a PE ratio of 32.37, a PEG ratio of 2.50 and a beta of 0.74.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. The firm had revenue of $9.96 billion during the quarter, compared to analysts’ expectations of $9.88 billion. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.03 earnings per share. On average, analysts predict that Abbott Laboratories will post 4.62 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 Thursday, August 15th. Investors of record on Monday, July 15th will be given a $0.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $2.20 dividend on an annualized basis and a yield of 2.12%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Barclays reduced their price objective on Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating on the stock in a research report on Monday, April 22nd. Evercore ISI boosted their price target on shares of Abbott Laboratories from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Royal Bank of Canada restated an “outperform” rating and issued a $125.00 target price on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Raymond James reaffirmed a “buy” rating and set a $124.00 target price on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Finally, The Goldman Sachs Group began coverage on shares of Abbott Laboratories in a report on Thursday, May 30th. They issued a “buy” rating and a $121.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.64.

Insider Buying and Selling at Abbott Laboratories

In related news, EVP Jr. Robert E. Funck sold 10,097 shares of the firm’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 document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Lisa D. Earnhardt sold 22,852 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total transaction of $2,428,025.00. Following the completion of the sale, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at $6,530,337.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now owns 211,341 shares of the company’s stock, valued at approximately $22,099,928.37. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by 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.