Alpine Bank Wealth Management Makes New $2.05 Million Investment in Abbott Laboratories (NYSE:ABT)

Alpine Bank Wealth Management purchased a new stake in Abbott Laboratories (NYSE:ABT) during the first quarter, HoldingsChannel reports. The institutional investor purchased 15,448 shares of the healthcare product maker’s stock, valued at approximately $2,049,000.

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

Abbott Laboratories Trading Up 3.7%

Shares of ABT stock opened at $138.13 on Wednesday. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $141.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.27 and a current ratio of 1.78. The company has a 50-day simple moving average of $132.54 and a two-hundred day simple moving average of $127.23. The company has a market capitalization of $240.32 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 2.53 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $10.38 billion. Research analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

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 paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Tuesday, July 15th. Abbott Laboratories’s payout ratio is 30.61%.

Analyst Ratings Changes

ABT has been the subject of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $145.00 target price (up from $133.00) on shares of Abbott Laboratories in a research report on Thursday, April 17th. Raymond James Financial raised their price target on shares of Abbott Laboratories from $132.00 to $142.00 and gave the stock an “outperform” 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 note on Thursday, April 17th. Wells Fargo & Company lifted their price target on shares of Abbott Laboratories from $136.00 to $147.00 and gave the company an “overweight” rating in a research note on Thursday, April 17th. Finally, Leerink Partnrs raised shares of Abbott Laboratories to a “hold” rating in a research note on Monday, June 16th. Six equities research 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.61.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, Director Sally E. Blount sold 2,600 shares of the business’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $129.66, for a total value of $337,116.00. Following the transaction, the director now directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.

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.