Leo Wealth LLC Reduces Position in Abbott Laboratories (NYSE:ABT)

by · The Markets Daily

Leo Wealth LLC cut its holdings in shares of Abbott Laboratories (NYSE:ABT – Free Report) by 13.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,641 shares of the healthcare product maker’s stock after selling 2,348 shares during the period. Leo Wealth LLC’s holdings in Abbott Laboratories were worth $2,075,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Three Seasons Wealth LLC purchased a new stake in shares of Abbott Laboratories during the fourth quarter valued at $1,428,000. Kelly Financial Services LLC purchased a new stake in shares of Abbott Laboratories during the first quarter valued at $216,000. Voleon Capital Management LP purchased a new stake in shares of Abbott Laboratories during the fourth quarter valued at $273,000. Bank Pictet & Cie Europe AG boosted its position in Abbott Laboratories by 1.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker’s stock worth $17,274,000 after purchasing an additional 2,774 shares during the last quarter. Finally, Edge Financial Advisors LLC boosted its position in Abbott Laboratories by 3.3% in the first quarter. Edge Financial Advisors LLC now owns 2,530 shares of the healthcare product maker’s stock worth $336,000 after purchasing an additional 81 shares during the last quarter. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Stock Down 1.2%

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

Abbott Laboratories (NYSE:ABT – Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The healthcare product maker reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. Abbott Laboratories had a return on equity of 19.01% and a net margin of 31.89%. The company had revenue of $10.36 billion for the quarter, compared to analysts’ expectations of $10.38 billion. Research analysts predict that Abbott Laboratories will post 5.14 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

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

Insider Transactions at Abbott Laboratories

In other Abbott Laboratories news, Director Sally E. Blount sold 2,600 shares of Abbott Laboratories stock in a transaction that occurred 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 sale, the director owned 34,058 shares of the company’s stock, valued at $4,415,960.28. The trade was a 7.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ABT has been the topic of several research reports. Barclays raised 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. Raymond James Financial raised their target price on Abbott Laboratories from $132.00 to $142.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Jefferies Financial Group raised 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. Leerink Partners initiated coverage on Abbott Laboratories in a research report on Monday, June 16th. They issued a “market perform” rating and a $143.00 target price on the stock. Finally, Stifel Nicolaus raised their target price on Abbott Laboratories from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday, April 17th. Six research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.11.

Get Our Latest Analysis on Abbott Laboratories

Abbott Laboratories Company 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.

Further Reading

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