Princeton Capital Management LLC Acquires 14,847 Shares of Abbott Laboratories (NYSE:ABT)

Princeton Capital Management LLC boosted its position in shares of Abbott Laboratories (NYSE:ABT) by 95.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,390 shares of the healthcare product maker’s stock after buying an additional 14,847 shares during the period. Abbott Laboratories makes up approximately 1.2% of Princeton Capital Management LLC’s investment portfolio, making the stock its 27th largest position. Princeton Capital Management LLC’s holdings in Abbott Laboratories were worth $3,642,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Inspire Advisors LLC acquired a new stake in Abbott Laboratories during the fourth quarter worth about $29,000. Krane Funds Advisors LLC acquired a new stake in Abbott Laboratories during the fourth quarter worth about $39,000. Wealthcare Capital Management LLC acquired a new stake in Abbott Laboratories during the first quarter worth about $42,000. Selective Wealth Management Inc. boosted its stake in shares of Abbott Laboratories by 368.4% in the 1st quarter. Selective Wealth Management Inc. now owns 445 shares of the healthcare product maker’s stock valued at $53,000 after purchasing an additional 350 shares in the last quarter. Finally, Stuart Chaussee & Associates Inc. boosted its stake in shares of Abbott Laboratories by 68.0% in the 1st quarter. Stuart Chaussee & Associates Inc. now owns 447 shares of the healthcare product maker’s stock valued at $54,000 after purchasing an additional 181 shares in the last quarter. Hedge funds and other institutional investors own 73.03% of the company’s stock.

In related news, SVP Jared Watkin sold 94,576 shares of the business’s stock in a transaction dated Friday, April 30th. The stock was sold at an average price of $119.90, for a total value of $11,339,662.40. Following the sale, the senior vice president now directly owns 59,783 shares in the company, valued at approximately $7,167,981.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.

A number of equities research analysts have recently weighed in on ABT shares. Raymond James reduced their price target on shares of Abbott Laboratories from $130.00 to $116.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 2nd. Citigroup reiterated a “buy” rating and set a $125.00 target price (down from $138.00) on shares of Abbott Laboratories in a research report on Wednesday, June 2nd. William Blair reiterated an “outperform” rating on shares of Abbott Laboratories in a research report on Tuesday, April 20th. Morgan Stanley cut their target price on shares of Abbott Laboratories from $140.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 2nd. Finally, Wells Fargo & Company cut their target price on shares of Abbott Laboratories from $137.00 to $125.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $122.00.

Shares of NYSE:ABT traded down $0.41 during midday trading on Friday, reaching $109.74. The company had a trading volume of 231,796 shares, compared to its average volume of 5,708,611. The stock has a 50 day simple moving average of $117.83. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.32 and a current ratio of 1.75. The stock has a market capitalization of $194.99 billion, a PE ratio of 34.53, a P/E/G ratio of 1.92 and a beta of 0.69. Abbott Laboratories has a 52-week low of $86.16 and a 52-week high of $128.54.

Abbott Laboratories (NYSE:ABT) last issued its quarterly earnings results on Monday, April 19th. The healthcare product maker reported $1.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.05. The company had revenue of $10.45 billion for the quarter, compared to the consensus estimate of $10.72 billion. Abbott Laboratories had a net margin of 15.33% and a return on equity of 24.02%. The firm’s quarterly revenue was up 35.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 EPS. On average, equities research analysts forecast that Abbott Laboratories will post 4.35 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 16th. Investors of record on Thursday, July 15th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.64%. Abbott Laboratories’s dividend payout ratio is currently 49.32%.

Abbott Laboratories Company Profile

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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