Miracle Mile Advisors LLC Boosts Stock Position in Abbott Laboratories (NYSE:ABT)

Miracle Mile Advisors LLC boosted its position in shares of Abbott Laboratories (NYSE:ABT) by 6.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,122 shares of the healthcare product maker’s stock after acquiring an additional 2,293 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Abbott Laboratories were worth $5,057,000 at the end of the most recent quarter.

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

Insider Buying and Selling at Abbott Laboratories

In related news, Director Sally E. Blount sold 2,600 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total transaction of $337,116.00. Following the transaction, the director now owns 34,058 shares of the company’s stock, valued at $4,415,960.28. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by company insiders.

Abbott Laboratories Trading Down 0.2%

NYSE:ABT opened at $133.61 on Monday. The company has a market capitalization of $232.45 billion, a PE ratio of 17.46, a P/E/G ratio of 2.52 and a beta of 0.73. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $141.23. The stock’s 50 day moving average price is $130.74 and its 200 day moving average price is $125.90. The company has a quick ratio of 1.14, a current ratio of 1.60 and a debt-to-equity ratio of 0.32.

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

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of Abbott Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Royal Bank of Canada increased their price objective on shares of Abbott Laboratories from $140.00 to $145.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Bank of America lifted their price objective on shares of Abbott Laboratories from $133.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Citigroup increased their target price on Abbott Laboratories from $135.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Finally, Barclays raised their price target on Abbott Laboratories from $158.00 to $159.00 and gave the company an “overweight” rating in a research note on Thursday, April 17th. Four investment 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 stock. According to data from MarketBeat, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus target price 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.