Park Avenue Securities LLC Increases Stake in Abbott Laboratories (NYSE:ABT)

Park Avenue Securities LLC boosted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 14.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 35,156 shares of the healthcare product maker’s stock after buying an additional 4,497 shares during the quarter. Park Avenue Securities LLC’s holdings in Abbott Laboratories were worth $4,213,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABT. Atlas Private Wealth Advisors grew its stake in Abbott Laboratories by 107.3% in the 4th quarter. Atlas Private Wealth Advisors now owns 228 shares of the healthcare product maker’s stock valued at $25,000 after acquiring an additional 118 shares during the period. Inspire Advisors LLC purchased a new position in shares of Abbott Laboratories during the 4th quarter worth $29,000. Black Swift Group LLC purchased a new position in shares of Abbott Laboratories during the 4th quarter worth $35,000. Krane Funds Advisors LLC purchased a new position in shares of Abbott Laboratories during the 4th quarter worth $39,000. Finally, PrairieView Partners LLC purchased a new position in shares of Abbott Laboratories during the 4th quarter worth $41,000. 72.58% of the stock is currently owned by institutional investors and hedge funds.

ABT has been the topic of several analyst reports. BTIG Research upgraded Abbott Laboratories from a “neutral” rating to a “buy” rating and set a $140.00 price target on the stock in a report on Thursday, January 28th. Atlantic Securities initiated coverage on shares of Abbott Laboratories in a report on Wednesday, April 21st. They issued a “neutral” rating and a $122.00 price objective on the stock. Raymond James boosted their price objective on shares of Abbott Laboratories from $126.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, March 17th. Morgan Stanley boosted their price objective on shares of Abbott Laboratories from $136.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday, April 27th. Finally, Zacks Investment Research upgraded shares of Abbott Laboratories from a “hold” rating to a “buy” rating and set a $130.00 price objective on the stock in a report on Tuesday, February 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $126.06.

In related news, SVP Randel William Woodgrift sold 1,034 shares of the company’s stock in a transaction that occurred on Monday, March 1st. The stock was sold at an average price of $120.61, for a total value of $124,710.74. Following the transaction, the senior vice president now directly owns 51,495 shares of the company’s stock, valued at approximately $6,210,811.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mary K. Moreland sold 505 shares of the company’s stock in a transaction that occurred on Tuesday, February 16th. The shares were sold at an average price of $128.49, for a total value of $64,887.45. Following the completion of the transaction, the executive vice president now directly owns 63,878 shares in the company, valued at $8,207,684.22. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,726 shares of company stock valued at $1,064,230. 1.70% of the stock is owned by company insiders.

NYSE ABT traded down $0.98 during mid-day trading on Tuesday, reaching $118.55. 54,326 shares of the company’s stock traded hands, compared to its average volume of 5,216,047. Abbott Laboratories has a 1-year low of $86.16 and a 1-year high of $128.54. The company has a fifty day simple moving average of $120.90 and a 200-day simple moving average of $115.19. The company has a current ratio of 1.70, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. The company has a market cap of $210.01 billion, a price-to-earnings ratio of 63.24, a P/E/G ratio of 2.06 and a beta of 0.83.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Monday, April 19th. The healthcare product maker reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.05. Abbott Laboratories had a return on equity of 18.19% and a net margin of 10.50%. The firm had revenue of $10.45 billion for the quarter, compared to the consensus estimate of $10.72 billion. During the same quarter in the previous year, the business earned $0.65 EPS. The firm’s revenue for the quarter was up 35.2% on a year-over-year basis. Equities research analysts forecast that Abbott Laboratories will post 3.57 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 17th. Investors of record on Thursday, April 15th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Wednesday, April 14th. Abbott Laboratories’s payout ratio is 55.56%.

About Abbott Laboratories

Abbott Laboratories 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 Established Pharmaceutical Products segment 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.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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