Colonial River Wealth Management LLC Makes New Investment in Abbott Laboratories (NYSE:ABT)

Colonial River Wealth Management LLC purchased a new stake in Abbott Laboratories (NYSE:ABT) in the second quarter, Holdings Channel reports. The firm purchased 1,860 shares of the healthcare product maker’s stock, valued at approximately $216,000.

Several other hedge funds also recently bought and sold shares of the company. 4Thought Financial Group Inc. acquired a new position in Abbott Laboratories in the second quarter valued at approximately $25,000. Sierra Capital LLC acquired a new position in Abbott Laboratories in the first quarter valued at approximately $30,000. Holloway Wealth Management LLC lifted its stake in Abbott Laboratories by 150.0% during the second quarter. Holloway Wealth Management LLC now owns 250 shares of the healthcare product maker’s stock worth $29,000 after purchasing an additional 150 shares in the last quarter. CKW Financial Group acquired a new position in Abbott Laboratories during the second quarter worth $36,000. Finally, Isthmus Partners LLC purchased a new stake in shares of Abbott Laboratories during the second quarter worth $36,000. Institutional investors and hedge funds own 72.05% of the company’s stock.

In other news, SVP Randel William Woodgrift sold 6,350 shares of the company’s stock in a transaction that occurred on Friday, September 3rd. The shares were sold at an average price of $129.00, for a total value of $819,150.00. Following the completion of the sale, the senior vice president now directly owns 50,093 shares of the company’s stock, valued at approximately $6,461,997. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Andrew H. Lane sold 135,925 shares of the company’s stock in a transaction that occurred on Friday, August 27th. The stock was sold at an average price of $125.47, for a total transaction of $17,054,509.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 222,883 shares of company stock valued at $27,964,400. Insiders own 1.50% of the company’s stock.

A number of research firms have recently weighed in on ABT. SVB Leerink upped their price objective on Abbott Laboratories from $115.00 to $128.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 20th. Raymond James increased their target price on Abbott Laboratories from $116.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, July 23rd. BTIG Research increased their target price on Abbott Laboratories from $126.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, August 31st. Cowen reissued a “buy” rating and issued a $140.00 target price on shares of Abbott Laboratories in a report on Friday, October 8th. Finally, Citigroup increased their target price on Abbott Laboratories from $135.00 to $140.00 and gave the company a “buy” rating in a report on Friday, October 1st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $130.52.

ABT stock traded up $0.43 during midday trading on Thursday, hitting $117.43. The stock had a trading volume of 61,995 shares, compared to its average volume of 5,370,625. The firm has a market cap of $208.18 billion, a PE ratio of 32.96, a price-to-earnings-growth ratio of 2.45 and a beta of 0.66. The company’s 50-day moving average price is $123.59 and its 200 day moving average price is $119.60. Abbott Laboratories has a 12-month low of $103.13 and a 12-month high of $129.70. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.79 and a quick ratio of 1.36.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, July 21st. The healthcare product maker reported $1.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.15. Abbott Laboratories had a net margin of 15.85% and a return on equity of 26.75%. The business had revenue of $10.22 billion for the quarter, compared to analyst estimates of $9.67 billion. During the same quarter in the previous year, the business posted $0.57 EPS. The business’s quarterly revenue was up 41.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Abbott Laboratories will post 4.42 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 15th. Investors of record on Friday, October 15th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, October 14th. Abbott Laboratories’s dividend payout ratio is presently 49.32%.

Abbott Laboratories Company Profile

Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of health care products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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