Abbott Laboratories (NYSE:ABT) Holdings Decreased by Malaga Cove Capital LLC

Malaga Cove Capital LLC reduced its stake in shares of Abbott Laboratories (NYSE:ABT) by 6.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,764 shares of the healthcare product maker’s stock after selling 332 shares during the quarter. Malaga Cove Capital LLC’s holdings in Abbott Laboratories were worth $632,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Hughes Financial Services LLC bought a new stake in Abbott Laboratories in the first quarter worth about $27,000. Abound Financial LLC bought a new stake in Abbott Laboratories in the first quarter worth about $28,000. Redwood Park Advisors LLC bought a new stake in Abbott Laboratories in the fourth quarter worth about $25,000. JCIC Asset Management Inc. bought a new stake in Abbott Laboratories in the first quarter worth about $32,000. Finally, Redmont Wealth Advisors LLC bought a new stake in Abbott Laboratories in the first quarter worth about $34,000. 75.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on ABT shares. William Blair upgraded shares of Abbott Laboratories to a “strong-buy” rating in a research report on Thursday, July 17th. Leerink Partnrs upgraded Abbott Laboratories to a “hold” rating in a report on Monday, June 16th. Royal Bank Of Canada boosted their price objective on Abbott Laboratories from $145.00 to $147.00 and gave the stock an “outperform” rating in a report on Tuesday, July 15th. Piper Sandler restated an “overweight” rating and set a $145.00 price objective (up previously from $133.00) on shares of Abbott Laboratories in a report on Thursday, April 17th. Finally, Leerink Partners began coverage on Abbott Laboratories in a research note on Monday, June 16th. They set a “market perform” rating and a $143.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $144.47.

Abbott Laboratories Stock Up 0.9%

Shares of Abbott Laboratories stock opened at $127.32 on Friday. The stock has a market capitalization of $221.52 billion, a P/E ratio of 15.95, a PEG ratio of 2.39 and a beta of 0.73. The company has a quick ratio of 1.27, a current ratio of 1.82 and a debt-to-equity ratio of 0.25. The stock has a 50 day moving average price of $131.78 and a two-hundred day moving average price of $130.36. Abbott Laboratories has a 12-month low of $107.11 and a 12-month high of $141.23.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 17th. The healthcare product maker reported $1.26 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.26. The firm had revenue of $11.14 billion during the quarter, compared to analysts’ expectations of $11.01 billion. Abbott Laboratories had a return on equity of 18.32% and a net margin of 32.43%. The company’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.14 earnings per share. Equities analysts expect that Abbott Laboratories will post 5.14 earnings per share for the current year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.9%. Abbott Laboratories’s dividend payout ratio is presently 29.57%.

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.