Cultivar Capital Inc. Invests $224,000 in Abbott Laboratories (NYSE:ABT)

Cultivar Capital Inc. acquired a new stake in Abbott Laboratories (NYSE:ABT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,691 shares of the healthcare product maker’s stock, valued at approximately $224,000. Abbott Laboratories accounts for about 0.2% of Cultivar Capital Inc.’s investment portfolio, making the stock its 28th biggest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Redwood Park Advisors LLC acquired a new stake in shares of Abbott Laboratories during the 4th quarter worth approximately $25,000. Noble Wealth Management PBC purchased a new position in Abbott Laboratories in the fourth quarter worth approximately $26,000. NewSquare Capital LLC increased its stake 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 last quarter. WealthTrak Capital Management LLC acquired a new position in shares of Abbott Laboratories in the 4th quarter valued at $28,000. Finally, Rialto Wealth Management LLC purchased a new position in shares of Abbott Laboratories during the 4th quarter worth $29,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Abbott Laboratories Trading Down 1.2%

ABT opened at $133.99 on Tuesday. The business has a fifty day moving average price of $131.70 and a 200 day moving average price of $126.58. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $141.23. The stock has a market capitalization of $233.12 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 2.52 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings data 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. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. The business had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.38 billion. Sell-side analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories’s dividend payout ratio is presently 30.61%.

Insider Activity

In other 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 sale, the director now owns 34,058 shares of the company’s stock, valued at approximately $4,415,960.28. This trade represents a 7.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ABT shares. Wells Fargo & Company boosted their price objective on shares of Abbott Laboratories from $136.00 to $147.00 and gave the company an “overweight” rating in a report on Thursday, April 17th. Royal Bank of Canada lifted their price target 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. Stifel Nicolaus increased their price objective on shares of Abbott Laboratories from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday, April 17th. Piper Sandler reiterated an “overweight” rating and issued a $145.00 target price (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Finally, Morgan Stanley upped their price target on Abbott Laboratories from $117.00 to $127.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 17th. Five investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $142.61.

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.