Institute for Wealth Management LLC. Lowers Position in Abbott Laboratories (NYSE:ABT)

Institute for Wealth Management LLC. cut its holdings in Abbott Laboratories (NYSE:ABT) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,566 shares of the healthcare product maker’s stock after selling 307 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Abbott Laboratories were worth $969,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Groupama Asset Managment lifted its position in shares of Abbott Laboratories by 22.2% during the third quarter. Groupama Asset Managment now owns 228,448 shares of the healthcare product maker’s stock valued at $26,000 after buying an additional 41,557 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Abbott Laboratories during the third quarter valued at about $31,000. Peterson Financial Group Inc. purchased a new position in shares of Abbott Laboratories in the 3rd quarter valued at approximately $32,000. Valued Wealth Advisors LLC raised its position in shares of Abbott Laboratories by 78.4% in the 3rd quarter. Valued Wealth Advisors LLC now owns 289 shares of the healthcare product maker’s stock valued at $33,000 after purchasing an additional 127 shares during the last quarter. Finally, Highline Wealth Partners LLC purchased a new position in shares of Abbott Laboratories in the 3rd quarter valued at approximately $37,000. 75.18% of the stock is owned by hedge funds and other institutional investors.

Abbott Laboratories Price Performance

Shares of NYSE ABT opened at $127.69 on Friday. The stock has a market capitalization of $221.47 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 2.38 and a beta of 0.73. Abbott Laboratories has a 12 month low of $99.71 and a 12 month high of $129.85. The firm’s 50 day simple moving average is $116.17 and its 200-day simple moving average is $114.00. 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) last issued its quarterly earnings data on Wednesday, January 22nd. The healthcare product maker reported $1.34 EPS for the quarter, hitting analysts’ consensus estimates of $1.34. The business had revenue of $10.97 billion for the quarter, compared to analysts’ expectations of $11.03 billion. Abbott Laboratories had a net margin of 31.95% and a return on equity of 20.74%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company earned $1.19 EPS. Analysts expect that Abbott Laboratories will post 5.14 EPS for the current year.

Abbott Laboratories Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $0.59 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $2.36 dividend on an annualized basis and a yield of 1.85%. This is a boost from Abbott Laboratories’s previous quarterly dividend of $0.55. Abbott Laboratories’s dividend payout ratio (DPR) is currently 30.85%.

Analysts Set New Price Targets

ABT has been the subject of several research analyst reports. UBS Group increased their price objective on shares of Abbott Laboratories from $146.00 to $148.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Oppenheimer initiated coverage on shares of Abbott Laboratories in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $130.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of Abbott Laboratories from $133.00 to $136.00 and gave the company an “overweight” rating in a research report on Thursday, January 23rd. Barclays reaffirmed an “overweight” rating and issued a $158.00 price objective (up from $149.00) on shares of Abbott Laboratories in a research report on Monday, January 27th. Finally, Sanford C. Bernstein increased their price target on shares of Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $133.06.

Insider Activity at Abbott Laboratories

In related news, EVP Daniel Gesua Sive Salvadori sold 23,771 shares of Abbott Laboratories stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $128.50, for a total value of $3,054,573.50. Following the sale, the executive vice president now owns 125,697 shares of the company’s stock, valued at approximately $16,152,064.50. This trade represents a 15.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by corporate insiders.

Abbott Laboratories Company Profile

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.