Provident Investment Management Inc. lessened its stake in Abbott Laboratories (NYSE:ABT – Free Report) by 2.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 274,266 shares of the healthcare product maker’s stock after selling 7,756 shares during the period. Abbott Laboratories accounts for approximately 3.1% of Provident Investment Management Inc.’s portfolio, making the stock its 16th largest position. Provident Investment Management Inc.’s holdings in Abbott Laboratories were worth $34,363,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new stake in shares of Abbott Laboratories in the 4th quarter valued at about $27,000. Cloud Capital Management LLC acquired a new position in Abbott Laboratories during the third quarter worth approximately $29,000. Guerra Advisors Inc purchased a new stake in Abbott Laboratories in the third quarter valued at approximately $31,000. Bridge Generations Wealth Management LLC acquired a new stake in shares of Abbott Laboratories in the third quarter valued at approximately $33,000. Finally, Copia Wealth Management purchased a new position in shares of Abbott Laboratories during the third quarter worth approximately $38,000. Institutional investors and hedge funds own 75.18% of the company’s stock.
Abbott Laboratories Stock Down 2.1%
Shares of Abbott Laboratories stock opened at $82.58 on Tuesday. Abbott Laboratories has a one year low of $81.97 and a one year high of $139.06. The company has a market cap of $143.84 billion, a P/E ratio of 23.13, a PEG ratio of 1.41 and a beta of 0.65. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.39. The firm has a fifty day moving average of $101.41 and a two-hundred day moving average of $114.46.
Abbott Laboratories Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Wednesday, April 15th will be given a dividend of $0.63 per share. The ex-dividend date is Wednesday, April 15th. This represents a $2.52 annualized dividend and a yield of 3.1%. Abbott Laboratories’s payout ratio is presently 70.59%.
Insider Buying and Selling at Abbott Laboratories
In other news, SVP Eric Shroff sold 709 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $115.58, for a total transaction of $81,946.22. Following the completion of the transaction, the senior vice president directly owned 39,164 shares of the company’s stock, valued at approximately $4,526,575.12. This represents a 1.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Daniel Gesua Sive Salvadori sold 885 shares of Abbott Laboratories stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $115.58, for a total value of $102,288.30. Following the completion of the sale, the executive vice president owned 146,377 shares in the company, valued at approximately $16,918,253.66. This trade represents a 0.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 3,055 shares of company stock worth $353,097. 0.46% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
ABT has been the subject of several research reports. UBS Group reduced their price target on shares of Abbott Laboratories from $158.00 to $135.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Bank of America dropped their price objective on shares of Abbott Laboratories from $150.00 to $120.00 and set a “buy” rating on the stock in a research note on Friday, April 17th. Weiss Ratings cut shares of Abbott Laboratories from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, April 24th. Sanford C. Bernstein lowered their price target on Abbott Laboratories from $125.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, April 17th. Finally, Piper Sandler dropped their price target on Abbott Laboratories from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, April 17th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $119.43.
Check Out Our Latest Analysis on Abbott Laboratories
Abbott Laboratories Profile
Abbott Laboratories is a global healthcare company headquartered in Abbott Park, Illinois, that develops, manufactures and markets a broad portfolio of medical products and services. Founded in 1888, Abbott operates through multiple business areas that focus on diagnostics, medical devices, nutritionals and established pharmaceuticals. The company supplies hospitals, clinics, laboratories, retailers and direct-to-consumer channels with products intended to diagnose, treat and manage a wide range of health conditions.
In diagnostics, Abbott provides laboratory and point-of-care testing platforms and assays used to detect infectious diseases, chronic conditions and biomarkers; its Alinity family of instruments and rapid-test solutions are examples of this capability.
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