Legacy Capital Wealth Partners LLC Buys New Stake in Abbott Laboratories (NYSE:ABT)

Legacy Capital Wealth Partners LLC purchased a new position in shares of Abbott Laboratories (NYSE:ABT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,616 shares of the healthcare product maker’s stock, valued at approximately $618,000.

A number of other institutional investors have also modified their holdings of ABT. Wellington Management Group LLP lifted its holdings in Abbott Laboratories by 4.3% in the third quarter. Wellington Management Group LLP now owns 31,208,711 shares of the healthcare product maker’s stock valued at $3,022,564,000 after acquiring an additional 1,298,219 shares during the period. Northern Trust Corp boosted its holdings in Abbott Laboratories by 1.5% during the third quarter. Northern Trust Corp now owns 23,016,235 shares of the healthcare product maker’s stock worth $2,229,122,000 after buying an additional 343,559 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Abbott Laboratories by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,153,877 shares of the healthcare product maker’s stock valued at $1,164,611,000 after buying an additional 32,157 shares during the period. Flossbach Von Storch AG increased its holdings in Abbott Laboratories by 1.5% in the fourth quarter. Flossbach Von Storch AG now owns 9,149,611 shares of the healthcare product maker’s stock valued at $1,007,098,000 after buying an additional 135,821 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Abbott Laboratories by 0.4% during the 3rd quarter. Invesco Ltd. now owns 5,949,700 shares of the healthcare product maker’s stock worth $576,228,000 after acquiring an additional 20,851 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

ABT stock opened at $107.53 on Monday. Abbott Laboratories has a 1 year low of $89.67 and a 1 year high of $121.64. The firm has a market capitalization of $186.58 billion, a PE ratio of 33.50, a price-to-earnings-growth ratio of 2.59 and a beta of 0.74. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.64 and a quick ratio of 1.16. The business has a 50 day simple moving average of $113.64 and a 200-day simple moving average of $108.22.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. The business had revenue of $9.96 billion during the quarter, compared to the consensus estimate of $9.88 billion. Abbott Laboratories had a return on equity of 20.32% and a net margin of 13.96%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the company earned $1.03 EPS. Equities research analysts anticipate that Abbott Laboratories will post 4.62 earnings per share for the current fiscal year.

Abbott Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.05%. Abbott Laboratories’s dividend payout ratio is currently 68.54%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ABT. Evercore ISI increased their price target on Abbott Laboratories from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Royal Bank of Canada dropped their price target on shares of Abbott Laboratories from $128.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, April 18th. Barclays decreased their price objective on shares of Abbott Laboratories from $141.00 to $140.00 and set an “overweight” rating on the stock in a report on Monday, April 22nd. Raymond James reissued a “buy” rating and set a $124.00 target price on shares of Abbott Laboratories in a research note on Wednesday, April 24th. Finally, Citigroup lifted their price objective on Abbott Laboratories from $126.00 to $128.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $121.50.

Insider Activity

In related news, VP John A. Jr. Mccoy sold 472 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $118.50, for a total transaction of $55,932.00. Following the completion of the sale, the vice president now directly owns 18,760 shares of the company’s stock, valued at approximately $2,223,060. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Andrea F. Wainer sold 12,500 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $120.00, for a total transaction of $1,500,000.00. Following the sale, the executive vice president now owns 78,704 shares of the company’s stock, valued at $9,444,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John A. Jr. Mccoy sold 472 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $118.50, for a total value of $55,932.00. Following the transaction, the vice president now directly owns 18,760 shares of the company’s stock, valued at $2,223,060. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,935 shares of company stock valued at $1,670,048. 0.47% of the stock is currently owned by company insiders.

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.