Peapack Gladstone Financial Corp lowered its stake in shares of Abbott Laboratories (NYSE:ABT - Free Report) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 127,084 shares of the healthcare product maker's stock after selling 2,726 shares during the period. Peapack Gladstone Financial Corp's holdings in Abbott Laboratories were worth $14,374,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Abbott Laboratories during the fourth quarter worth $2,373,461,000. Raymond James Financial Inc. purchased a new stake in Abbott Laboratories during the fourth quarter worth about $635,056,000. Jennison Associates LLC boosted its stake in shares of Abbott Laboratories by 22,372.2% in the fourth quarter. Jennison Associates LLC now owns 1,201,364 shares of the healthcare product maker's stock valued at $135,886,000 after purchasing an additional 1,196,018 shares during the period. Franklin Resources Inc. grew its holdings in shares of Abbott Laboratories by 13.7% in the third quarter. Franklin Resources Inc. now owns 9,764,061 shares of the healthcare product maker's stock valued at $1,144,818,000 after purchasing an additional 1,180,040 shares in the last quarter. Finally, Proficio Capital Partners LLC lifted its holdings in Abbott Laboratories by 22,466.1% during the 4th quarter. Proficio Capital Partners LLC now owns 1,006,223 shares of the healthcare product maker's stock worth $113,814,000 after buying an additional 1,001,764 shares in the last quarter. 75.18% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have issued reports on ABT. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $135.00 price target on shares of Abbott Laboratories in a research report on Tuesday, January 21st. The Goldman Sachs Group boosted their price target on shares of Abbott Laboratories from $138.00 to $154.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. Argus upgraded shares of Abbott Laboratories to a "strong-buy" rating in a report on Tuesday, January 28th. Wells Fargo & Company increased their target price on Abbott Laboratories from $133.00 to $136.00 and gave the company an "overweight" rating in a report on Thursday, January 23rd. Finally, Evercore ISI upped their price objective on Abbott Laboratories to $136.00 and gave the stock a "buy" rating in a research report on Thursday, January 2nd. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Abbott Laboratories presently has an average rating of "Moderate Buy" and a consensus price target of $137.94.
Get Our Latest Stock Report on ABT
Insiders Place Their Bets
In related news, SVP Eric Shroff sold 562 shares of Abbott Laboratories stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $138.17, for a total transaction of $77,651.54. Following the completion of the transaction, the senior vice president now directly owns 31,970 shares of the company's stock, valued at approximately $4,417,294.90. The trade was a 1.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $128.50, for a total transaction of $3,054,573.50. Following the completion of the sale, the executive vice president now directly owns 125,697 shares in the company, valued at approximately $16,152,064.50. The trade was a 15.90 % decrease in their ownership of the stock. 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 owned by corporate insiders.
Abbott Laboratories Stock Performance
Shares of NYSE:ABT traded up $2.34 during trading on Friday, reaching $126.84. The company had a trading volume of 7,355,410 shares, compared to its average volume of 6,003,334. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The stock's fifty day moving average price is $130.75 and its 200 day moving average price is $121.34. Abbott Laboratories has a fifty-two week low of $99.71 and a fifty-two week high of $141.23. The firm has a market capitalization of $219.98 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 2.52 and a beta of 0.80.
Abbott Laboratories (NYSE:ABT - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The healthcare product maker reported $1.34 earnings per share for the quarter, meeting the consensus estimate of $1.34. The business had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $11.03 billion. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The business's quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.19 earnings per share. As a group, equities research analysts predict that Abbott Laboratories will post 5.14 EPS for the current year.
Abbott Laboratories Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a $0.59 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.86%. Abbott Laboratories's dividend payout ratio (DPR) is presently 30.85%.
About Abbott Laboratories
(
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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