Gladstone Institutional Advisory LLC Has $2.43 Million Stock Position in Abbott Laboratories (NYSE:ABT)

Posted by on Sep 11th, 2023

Gladstone Institutional Advisory LLC lowered its holdings in Abbott Laboratories (NYSE:ABT – Free Report) by 17.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,971 shares of the healthcare product maker’s stock after selling 5,239 shares during the quarter. Gladstone Institutional Advisory LLC’s holdings in Abbott Laboratories were worth $2,427,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Investment Advisory Services Inc. TX ADV grew its holdings in shares of Abbott Laboratories by 0.4% in the first quarter. Investment Advisory Services Inc. TX ADV now owns 22,785 shares of the healthcare product maker’s stock valued at $2,307,000 after acquiring an additional 93 shares in the last quarter. Patriot Investment Management Group Inc. grew its holdings in shares of Abbott Laboratories by 3.1% in the fourth quarter. Patriot Investment Management Group Inc. now owns 3,236 shares of the healthcare product maker’s stock valued at $356,000 after acquiring an additional 96 shares in the last quarter. Delta Financial Group Inc. grew its holdings in shares of Abbott Laboratories by 1.5% in the first quarter. Delta Financial Group Inc. now owns 6,475 shares of the healthcare product maker’s stock valued at $656,000 after acquiring an additional 96 shares in the last quarter. Trifecta Capital Advisors LLC grew its holdings in shares of Abbott Laboratories by 21.2% in the first quarter. Trifecta Capital Advisors LLC now owns 548 shares of the healthcare product maker’s stock valued at $55,000 after acquiring an additional 96 shares in the last quarter. Finally, Capital City Trust Co. FL grew its holdings in Abbott Laboratories by 2.1% during the first quarter. Capital City Trust Co. FL now owns 4,638 shares of the healthcare product maker’s stock valued at $470,000 after purchasing an additional 97 shares during the period. Institutional investors and hedge funds own 73.70% of the company’s stock.

Abbott Laboratories Stock Up 0.1 %

ABT opened at $100.73 on Monday. The stock has a market cap of $174.80 billion, a PE ratio of 34.38, a P/E/G ratio of 4.50 and a beta of 0.68. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.39. Abbott Laboratories has a 52 week low of $93.25 and a 52 week high of $115.83. The business’s fifty day simple moving average is $106.64 and its 200 day simple moving average is $105.19.

Abbott Laboratories (NYSE:ABT – Get Free Report) last released its earnings results on Thursday, July 20th. The healthcare product maker reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. Abbott Laboratories had a return on equity of 20.50% and a net margin of 12.83%. The business had revenue of $9.98 billion for the quarter, compared to analysts’ expectations of $9.71 billion. During the same quarter in the prior year, the firm earned $1.43 earnings per share. The firm’s revenue was down 11.4% on a year-over-year basis. As a group, research analysts expect that Abbott Laboratories will post 4.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Andrea F. Wainer sold 10,400 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $105.03, for a total value of $1,092,312.00. Following the sale, the executive vice president now directly owns 65,027 shares of the company’s stock, valued at $6,829,785.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Daniel J. Starks sold 50,000 shares of the firm’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $113.76, for a total value of $5,688,000.00. Following the sale, the director now directly owns 6,775,316 shares of the company’s stock, valued at $770,759,948.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andrea F. Wainer sold 10,400 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $105.03, for a total value of $1,092,312.00. Following the completion of the sale, the executive vice president now directly owns 65,027 shares in the company, valued at $6,829,785.81. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Analyst Ratings Changes

ABT has been the subject of several research reports. StockNews.com initiated coverage on Abbott Laboratories in a report on Thursday, August 17th. They set a “buy” rating for the company. Wolfe Research raised Abbott Laboratories from an “underperform” rating to a “peer perform” rating in a report on Friday, July 21st. Mizuho increased their price objective on Abbott Laboratories from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, July 21st. Barclays increased their target price on Abbott Laboratories from $127.00 to $132.00 and gave the stock an “overweight” rating in a research report on Monday, July 24th. Finally, Morgan Stanley restated an “equal weight” rating and set a $112.00 target price on shares of Abbott Laboratories in a research report on Friday, July 21st. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $120.82.

Get Our Latest Stock Report on Abbott Laboratories

Abbott Laboratories Profile

(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 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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