Ropes Wealth Advisors LLC Acquires 5,573 Shares of Abbott Laboratories (NYSE:ABT)

Ropes Wealth Advisors LLC lifted its holdings in Abbott Laboratories (NYSE:ABT) by 15.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,566 shares of the healthcare product maker’s stock after purchasing an additional 5,573 shares during the quarter. Abbott Laboratories accounts for approximately 0.9% of Ropes Wealth Advisors LLC’s investment portfolio, making the stock its 27th biggest holding. Ropes Wealth Advisors LLC’s holdings in Abbott Laboratories were worth $5,039,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Creative Financial Designs Inc. ADV increased its holdings in Abbott Laboratories by 6.1% during the first quarter. Creative Financial Designs Inc. ADV now owns 1,411 shares of the healthcare product maker’s stock worth $169,000 after buying an additional 81 shares during the last quarter. Cribstone Capital Management LLC increased its holdings in Abbott Laboratories by 1.2% during the fourth quarter. Cribstone Capital Management LLC now owns 6,796 shares of the healthcare product maker’s stock worth $744,000 after buying an additional 83 shares during the last quarter. JBJ Investment Partners LLC increased its holdings in Abbott Laboratories by 1.7% during the first quarter. JBJ Investment Partners LLC now owns 4,972 shares of the healthcare product maker’s stock worth $596,000 after buying an additional 85 shares during the last quarter. Axiom Financial Strategies LLC increased its holdings in shares of Abbott Laboratories by 4.4% in the fourth quarter. Axiom Financial Strategies LLC now owns 2,027 shares of the healthcare product maker’s stock valued at $222,000 after purchasing an additional 86 shares during the last quarter. Finally, Cohen Lawrence B increased its holdings in shares of Abbott Laboratories by 1.2% in the fourth quarter. Cohen Lawrence B now owns 7,608 shares of the healthcare product maker’s stock valued at $833,000 after purchasing an additional 89 shares during the last quarter. Institutional investors and hedge funds own 73.03% of the company’s stock.

Several equities analysts have commented on the stock. William Blair reiterated an “outperform” rating on shares of Abbott Laboratories in a report on Tuesday, April 20th. Credit Suisse Group decreased their price objective on shares of Abbott Laboratories from $133.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, June 2nd. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell decreased their price objective on shares of Abbott Laboratories from $138.00 to $125.00 and set a “buy” rating on the stock in a report on Wednesday, June 2nd. Citigroup reiterated a “buy” rating and issued a $125.00 price objective (down from $138.00) on shares of Abbott Laboratories in a report on Wednesday, June 2nd. Finally, Morgan Stanley reduced their target price on shares of Abbott Laboratories from $140.00 to $126.00 and set an “overweight” rating for the company in a research report on Wednesday, June 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and sixteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $122.00.

ABT traded up $0.08 on Friday, hitting $110.23. 52,515 shares of the stock were exchanged, compared to its average volume of 5,708,611. Abbott Laboratories has a 12 month low of $86.16 and a 12 month high of $128.54. The company has a 50-day moving average of $117.83. The company has a quick ratio of 1.32, a current ratio of 1.75 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $195.86 billion, a price-to-earnings ratio of 34.53, a price-to-earnings-growth ratio of 1.92 and a beta of 0.69.

Abbott Laboratories (NYSE:ABT) last posted its quarterly earnings data on Monday, April 19th. The healthcare product maker reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.05. The business had revenue of $10.45 billion during the quarter, compared to analysts’ expectations of $10.72 billion. Abbott Laboratories had a net margin of 15.33% and a return on equity of 24.02%. Abbott Laboratories’s revenue was up 35.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.65 earnings per share. On average, equities analysts expect that Abbott Laboratories will post 4.35 earnings per share for the current year.

In other news, SVP Jared Watkin sold 94,576 shares of the stock in a transaction dated Friday, April 30th. The shares were sold at an average price of $119.90, for a total value of $11,339,662.40. Following the completion of the transaction, the senior vice president now owns 59,783 shares of the company’s stock, valued at $7,167,981.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Abbott Laboratories Company Profile

Abbott Laboratories 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 Established Pharmaceutical Products segment 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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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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