Perigon Wealth Management LLC Has $9.42 Million Position in Abbott Laboratories (NYSE:ABT)

Perigon Wealth Management LLC reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 1.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 71,048 shares of the healthcare product maker’s stock after selling 711 shares during the quarter. Perigon Wealth Management LLC’s holdings in Abbott Laboratories were worth $9,424,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Redwood Park Advisors LLC bought a new position in Abbott Laboratories during the fourth quarter valued at approximately $25,000. Noble Wealth Management PBC bought a new position in Abbott Laboratories during the fourth quarter valued at approximately $26,000. NewSquare Capital LLC raised its position in Abbott Laboratories by 78.4% during the fourth quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock valued at $27,000 after acquiring an additional 105 shares in the last quarter. WealthTrak Capital Management LLC bought a new position in Abbott Laboratories during the fourth quarter valued at approximately $28,000. Finally, Rialto Wealth Management LLC bought a new position in Abbott Laboratories during the fourth quarter valued at approximately $29,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Abbott Laboratories news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction on Wednesday, April 30th. The shares were 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 in the company, valued at $4,415,960.28. The trade was a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.46% of the company’s stock.

Abbott Laboratories Trading Down 0.4%

Shares of ABT stock opened at $137.46 on Thursday. Abbott Laboratories has a 1 year low of $99.71 and a 1 year high of $141.23. The firm’s fifty day simple moving average is $132.69 and its 200 day simple moving average is $127.30. The firm has a market capitalization of $239.16 billion, a P/E ratio of 17.83, a price-to-earnings-growth ratio of 2.62 and a beta of 0.73. The company has a current ratio of 1.78, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26.

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 31.89% and a return on equity of 19.01%. The business had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.38 billion. As a group, sell-side analysts predict that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $0.59 per share. The ex-dividend date is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.72%. Abbott Laboratories’s dividend payout ratio is currently 30.61%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ABT shares. Wells Fargo & Company raised their price objective on shares of Abbott Laboratories from $136.00 to $147.00 and gave the company an “overweight” rating in a research report on Thursday, April 17th. Barclays raised their price objective on shares of Abbott Laboratories from $158.00 to $159.00 and gave the company an “overweight” rating in a research report on Thursday, April 17th. Leerink Partners started coverage on shares of Abbott Laboratories in a research report on Monday, June 16th. They issued a “market perform” rating and a $143.00 price target on the stock. Citigroup lifted their price target on shares of Abbott Laboratories from $135.00 to $160.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Finally, Jefferies Financial Group lifted their price target on shares of Abbott Laboratories from $135.00 to $137.00 and gave the company a “hold” rating in a research report on Thursday, April 17th. Six analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Abbott Laboratories currently has an average rating of “Moderate Buy” and a consensus price target of $142.61.

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.