Firestone Capital Management Invests $542,000 in Abbott Laboratories (NYSE:ABT)

by · The Markets Daily

Firestone Capital Management bought a new position in Abbott Laboratories (NYSE:ABT – Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 4,085 shares of the healthcare product maker’s stock, valued at approximately $542,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABT. Cim LLC boosted its holdings in shares of Abbott Laboratories by 0.4% in the 4th quarter. Cim LLC now owns 16,967 shares of the healthcare product maker’s stock valued at $1,919,000 after purchasing an additional 73 shares during the last quarter. Capital Square LLC increased its stake in Abbott Laboratories by 2.7% during the fourth quarter. Capital Square LLC now owns 2,941 shares of the healthcare product maker’s stock worth $368,000 after acquiring an additional 77 shares during the last quarter. Consilium Wealth Advisory LLC increased its stake in Abbott Laboratories by 2.1% during the first quarter. Consilium Wealth Advisory LLC now owns 3,822 shares of the healthcare product maker’s stock worth $507,000 after acquiring an additional 78 shares during the last quarter. Cyrus J. Lawrence LLC lifted its position in Abbott Laboratories by 9.0% during the fourth quarter. Cyrus J. Lawrence LLC now owns 954 shares of the healthcare product maker’s stock valued at $107,000 after buying an additional 79 shares in the last quarter. Finally, Edge Financial Advisors LLC lifted its position in Abbott Laboratories by 3.3% during the first quarter. Edge Financial Advisors LLC now owns 2,530 shares of the healthcare product maker’s stock valued at $336,000 after buying an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ABT shares. Morgan Stanley raised their price target on shares of Abbott Laboratories from $117.00 to $127.00 and gave the company an “equal weight” rating in a report on Thursday, April 17th. Piper Sandler reiterated an “overweight” rating and issued a $145.00 price target (up previously from $133.00) on shares of Abbott Laboratories in a research note on Thursday, April 17th. Royal Bank Of Canada raised their price target on shares of Abbott Laboratories from $140.00 to $145.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Stifel Nicolaus raised their price target on shares of Abbott Laboratories from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday, April 17th. Finally, Raymond James Financial upped their target price on shares of Abbott Laboratories from $132.00 to $142.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Six investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $143.11.

Get Our Latest Stock Analysis on ABT

Abbott Laboratories Price Performance

NYSE ABT opened at $131.95 on Monday. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $141.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.27. The firm has a market capitalization of $229.56 billion, a PE ratio of 17.11, a P/E/G ratio of 2.51 and a beta of 0.73. The company’s 50 day simple moving average is $133.52 and its 200 day simple moving average is $129.17.

Abbott Laboratories (NYSE:ABT – Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The healthcare product maker reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.02. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.38 billion. Abbott Laboratories had a return on equity of 19.01% and a net margin of 31.89%. As a group, equities research analysts forecast that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $2.36 annualized dividend and a dividend yield of 1.79%. Abbott Laboratories’s dividend payout ratio is currently 30.61%.

Insider Activity 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 value of $337,116.00. Following the completion of the transaction, the director owned 34,058 shares in the company, valued at $4,415,960.28. This trade represents a 7.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

Abbott Laboratories Profile

(Free Report)

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.

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