Fiduciary Alliance LLC Purchases New Stake in Abbott Laboratories (NYSE:ABT)

Posted by Defense World Staff on Mar 27th, 2023

Fiduciary Alliance LLC purchased a new stake in shares of Abbott Laboratories (NYSE:ABT – Get Rating) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,935 shares of the healthcare product maker’s stock, valued at approximately $322,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cerro Pacific Wealth Advisors LLC raised its holdings in Abbott Laboratories by 16.9% during the 4th quarter. Cerro Pacific Wealth Advisors LLC now owns 13,162 shares of the healthcare product maker’s stock valued at $1,445,000 after buying an additional 1,904 shares during the last quarter. Ritholtz Wealth Management increased its position in Abbott Laboratories by 83.3% during the 4th quarter. Ritholtz Wealth Management now owns 57,743 shares of the healthcare product maker’s stock valued at $6,340,000 after purchasing an additional 26,246 shares during the period. McLean Asset Management Corp increased its position in Abbott Laboratories by 6.1% during the 4th quarter. McLean Asset Management Corp now owns 2,386 shares of the healthcare product maker’s stock valued at $262,000 after purchasing an additional 138 shares during the period. KFG Wealth Management LLC purchased a new position in Abbott Laboratories during the 4th quarter valued at $369,000. Finally, Prentice Wealth Management LLC increased its position in Abbott Laboratories by 8.0% during the 4th quarter. Prentice Wealth Management LLC now owns 3,650 shares of the healthcare product maker’s stock valued at $401,000 after purchasing an additional 269 shares during the period. 72.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Abbott Laboratories

In other Abbott Laboratories news, SVP Julie L. Tyler sold 260 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $103.24, for a total transaction of $26,842.40. Following the transaction, the senior vice president now owns 40,896 shares in the company, valued at approximately $4,222,103.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Abbott Laboratories news, SVP Julie L. Tyler sold 260 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $103.24, for a total transaction of $26,842.40. Following the transaction, the senior vice president now owns 40,896 shares in the company, valued at approximately $4,222,103.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrea F. Wainer sold 679 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $100.70, for a total transaction of $68,375.30. Following the transaction, the executive vice president now owns 70,427 shares in the company, valued at approximately $7,091,998.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,971 shares of company stock worth $199,140. Company insiders own 0.52% of the company’s stock.

Abbott Laboratories Stock Performance

Shares of ABT stock opened at $98.05 on Monday. Abbott Laboratories has a one year low of $93.25 and a one year high of $124.36. The company’s 50-day moving average is $105.28 and its 200 day moving average is $104.69. The company has a market capitalization of $170.41 billion, a price-to-earnings ratio of 25.08, a price-to-earnings-growth ratio of 4.35 and a beta of 0.68. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.23 and a current ratio of 1.63.

Abbott Laboratories (NYSE:ABT – Get Rating) last announced its quarterly earnings data on Wednesday, January 25th. The healthcare product maker reported $1.03 EPS for the quarter, beating the consensus estimate of $0.90 by $0.13. Abbott Laboratories had a net margin of 15.88% and a return on equity of 26.09%. The company had revenue of $10.09 billion for the quarter, compared to the consensus estimate of $9.69 billion. During the same period in the prior year, the firm posted $1.32 EPS. Abbott Laboratories’s revenue for the quarter was down 12.0% on a year-over-year basis. Sell-side analysts expect that Abbott Laboratories will post 4.38 EPS for the current fiscal year.

Abbott Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Friday, April 14th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Thursday, April 13th. Abbott Laboratories’s dividend payout ratio is currently 52.17%.

Wall Street Analysts Forecast Growth

ABT has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Abbott Laboratories in a research report on Thursday, March 16th. They set a “buy” rating on the stock. Mizuho boosted their price objective on shares of Abbott Laboratories from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, January 24th. Sanford C. Bernstein upped their target price on shares of Abbott Laboratories from $125.00 to $132.00 and gave the stock an “outperform” rating in a research report on Thursday, January 26th. Morgan Stanley upped their target price on shares of Abbott Laboratories from $117.00 to $133.00 and gave the stock an “overweight” rating in a research report on Friday, January 6th. Finally, Stifel Nicolaus upped their target price on shares of Abbott Laboratories from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, January 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $124.67.

Abbott Laboratories Profile

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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 business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment refers to the international sales of a line of branded generic pharmaceutical products.