Corebridge Financial Inc. lowered its stake in Abbott Laboratories (NYSE:ABT - Free Report) by 4.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 398,633 shares of the healthcare product maker's stock after selling 20,409 shares during the quarter. Corebridge Financial Inc.'s holdings in Abbott Laboratories were worth $45,089,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Welch Group LLC increased its stake in Abbott Laboratories by 5.3% in the 4th quarter. Welch Group LLC now owns 68,653 shares of the healthcare product maker's stock worth $7,744,000 after acquiring an additional 3,479 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of Abbott Laboratories by 5.5% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,095,443 shares of the healthcare product maker's stock valued at $133,691,000 after purchasing an additional 57,499 shares during the last quarter. Bath Savings Trust Co increased its position in shares of Abbott Laboratories by 3.7% during the 4th quarter. Bath Savings Trust Co now owns 166,132 shares of the healthcare product maker's stock valued at $18,791,000 after purchasing an additional 5,881 shares during the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Abbott Laboratories by 1.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 152,719 shares of the healthcare product maker's stock valued at $17,274,000 after buying an additional 2,774 shares during the period. Finally, Pensionfund Sabic purchased a new position in Abbott Laboratories during the fourth quarter worth $2,828,000. Hedge funds and other institutional investors own 75.18% of the company's stock.
Abbott Laboratories Stock Performance
NYSE:ABT traded down $1.75 during trading hours on Tuesday, hitting $125.46. 6,726,845 shares of the company were exchanged, compared to its average volume of 5,475,835. The company's 50 day moving average price is $129.04 and its 200-day moving average price is $120.12. The stock has a market capitalization of $217.59 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 2.52 and a beta of 0.70. Abbott Laboratories has a 52-week low of $99.71 and a 52-week high of $141.23. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14.
Abbott Laboratories (NYSE:ABT - Get Free Report) last posted its quarterly 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. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. The business had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $11.03 billion. During the same quarter in the previous year, the business earned $1.19 EPS. The company's quarterly revenue was up 7.2% compared to the same quarter last year. As a group, research analysts forecast that Abbott Laboratories will post 5.14 earnings per share for the current year.
Abbott Laboratories Announces Dividend
The firm also recently disclosed 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 1.88%. Abbott Laboratories's payout ratio is currently 30.85%.
Analysts Set New Price Targets
A number of research firms recently commented on ABT. StockNews.com cut shares of Abbott Laboratories from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 12th. Citigroup boosted their target price on Abbott Laboratories from $135.00 to $160.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. Wells Fargo & Company raised their price target on Abbott Laboratories from $133.00 to $136.00 and gave the stock an "overweight" rating in a research note on Thursday, January 23rd. Argus raised Abbott Laboratories to a "strong-buy" rating in a research report on Tuesday, January 28th. Finally, Evercore ISI lifted their target price 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 assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $137.94.
Read Our Latest Analysis on Abbott Laboratories
Insider Activity at Abbott Laboratories
In other news, EVP Lisa D. Earnhardt sold 91,167 shares of the 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 transaction, 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 filing with the SEC, which is available at the SEC website. Also, EVP Andrea F. Wainer sold 949 shares of the 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 $131,123.33. Following the transaction, the executive vice president now directly owns 74,381 shares of the company's stock, valued at $10,277,222.77. The trade was a 1.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 116,449 shares of company stock worth $15,463,316 over the last three months. Company insiders own 1.10% of the company's stock.
About Abbott Laboratories
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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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