Pines Wealth Management LLC Reduces Stock Position in Abbott Laboratories (NYSE:ABT)

Pines Wealth Management LLC decreased its stake in shares of Abbott Laboratories (NYSE:ABT) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,068 shares of the healthcare product maker’s stock after selling 123 shares during the period. Pines Wealth Management LLC’s holdings in Abbott Laboratories were worth $628,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ABT. Redwood Park Advisors LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter worth $25,000. Noble Wealth Management PBC bought a new position in Abbott Laboratories in the fourth quarter valued at about $26,000. NewSquare Capital LLC boosted its position in Abbott Laboratories by 78.4% in the fourth quarter. NewSquare Capital LLC now owns 239 shares of the healthcare product maker’s stock worth $27,000 after purchasing an additional 105 shares during the last quarter. WealthTrak Capital Management LLC purchased a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $28,000. Finally, Rialto Wealth Management LLC purchased a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Insider Buying and Selling at Abbott Laboratories

In related news, Director Sally E. Blount sold 2,600 shares of the stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $129.66, for a total transaction of $337,116.00. Following the sale, the director now owns 34,058 shares in the company, valued at approximately $4,415,960.28. This represents a 7.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

ABT has been the subject of several recent research reports. Royal Bank of Canada boosted their target price on shares of Abbott Laboratories from $140.00 to $145.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Morgan Stanley upped their price target on Abbott Laboratories from $117.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 17th. Raymond James lifted 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. Stifel Nicolaus boosted their price objective on Abbott Laboratories from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Thursday, April 17th. Finally, Jefferies Financial Group lifted their price target on shares of Abbott Laboratories from $135.00 to $137.00 and gave the company a “hold” rating in a report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Abbott Laboratories presently has a consensus rating of “Moderate Buy” and an average target price of $142.59.

Abbott Laboratories Stock Performance

Shares of NYSE ABT opened at $133.61 on Friday. The firm’s fifty day moving average is $130.74 and its two-hundred day moving average is $125.77. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $141.23. The company has a market cap of $232.45 billion, a P/E ratio of 17.46, a P/E/G ratio of 2.52 and a beta of 0.73. 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 (NYSE:ABT) last released 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 return on equity of 20.74% and a net margin of 31.95%. The business had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.38 billion. As a group, analysts anticipate that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

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.