Parvin Asset Management LLC Takes $963,000 Position in Abbott Laboratories (NYSE:ABT)

Parvin Asset Management LLC purchased a new stake in shares of Abbott Laboratories (NYSE:ABT) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 8,510 shares of the healthcare product maker’s stock, valued at approximately $963,000. Abbott Laboratories accounts for about 1.0% of Parvin Asset Management LLC’s portfolio, making the stock its 23rd largest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Redwood Park Advisors LLC purchased a new position in Abbott Laboratories during the fourth quarter worth $25,000. Noble Wealth Management PBC purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at $26,000. NewSquare Capital LLC lifted its position in shares of Abbott Laboratories by 78.4% in the fourth quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock valued at $27,000 after acquiring an additional 105 shares in the last quarter. WealthTrak Capital Management LLC purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at $28,000. Finally, Rialto Wealth Management LLC purchased a new stake in shares of Abbott Laboratories in the fourth quarter valued at $29,000. 75.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Raymond James upped their price objective on Abbott Laboratories from $132.00 to $142.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Royal Bank of Canada upped their price objective on Abbott Laboratories from $140.00 to $145.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Evercore ISI upped their price objective on Abbott Laboratories to $136.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. Barclays increased their target price on Abbott Laboratories from $158.00 to $159.00 and gave the stock an “overweight” rating in a research report on Thursday, April 17th. Finally, Jefferies Financial Group increased their target price on Abbott Laboratories from $135.00 to $137.00 and gave the stock a “hold” rating in a research report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.59.

Abbott Laboratories Price Performance

ABT stock opened at $130.55 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 1.60. Abbott Laboratories has a 1 year low of $99.71 and a 1 year high of $141.23. The firm has a market cap of $226.42 billion, a P/E ratio of 17.07, a price-to-earnings-growth ratio of 2.52 and a beta of 0.80. The stock has a 50-day simple moving average of $130.44 and a 200-day simple moving average of $122.65.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.38 billion. On average, equities analysts predict that Abbott Laboratories will post 5.14 earnings per share for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.81%. Abbott Laboratories’s dividend payout ratio (DPR) is currently 30.61%.

Insider Activity

In other Abbott Laboratories news, EVP Lisa D. Earnhardt sold 91,167 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $133.82, for a total transaction of $12,199,967.94. Following the completion of the sale, the executive vice president now owns 71,928 shares in the company, valued at $9,625,404.96. This trade represents a 55.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Eric Shroff sold 562 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $138.17, for a total value of $77,651.54. Following the sale, the senior vice president now owns 31,970 shares of the company’s stock, valued at approximately $4,417,294.90. This trade represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 116,449 shares of company stock worth $15,463,316. 0.46% of the stock is currently owned by corporate insiders.

About Abbott Laboratories

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.