Redmont Wealth Advisors LLC Takes Position in Abbott Laboratories (NYSE:ABT)

Redmont Wealth Advisors LLC purchased a new stake in shares of Abbott Laboratories (NYSE:ABT) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 260 shares of the healthcare product maker’s stock, valued at approximately $30,000.

Other large investors have also recently modified their holdings of the company. Signature Resources Capital Management LLC bought a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $29,000. Richardson Financial Services Inc. bought a new stake in shares of Abbott Laboratories during the 4th quarter valued at about $29,000. Transcendent Capital Group LLC bought a new stake in Abbott Laboratories in the 4th quarter worth approximately $29,000. True Wealth Design LLC lifted its position in Abbott Laboratories by 1,677.8% in the 4th quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock worth $35,000 after buying an additional 302 shares during the last quarter. Finally, Stuart Chaussee & Associates Inc. lifted its position in Abbott Laboratories by 236.0% in the 4th quarter. Stuart Chaussee & Associates Inc. now owns 336 shares of the healthcare product maker’s stock worth $37,000 after buying an additional 236 shares during the last quarter. Institutional investors own 75.18% of the company’s stock.

Abbott Laboratories Price Performance

ABT opened at $102.30 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.11 and a current ratio of 1.60. Abbott Laboratories has a 52-week low of $89.67 and a 52-week high of $121.64. The stock has a market capitalization of $177.96 billion, a PE ratio of 31.87, a price-to-earnings-growth ratio of 2.48 and a beta of 0.72. The stock’s 50 day moving average price is $104.63 and its 200-day moving average price is $110.05.

Abbott Laboratories (NYSE:ABT) last posted its earnings results on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The firm had revenue of $9.96 billion for the quarter, compared to analysts’ expectations of $9.88 billion. During the same period in the previous year, the firm earned $1.03 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts predict that Abbott Laboratories will post 4.62 EPS for the current year.

Abbott Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a dividend of $0.55 per share. The ex-dividend date is Monday, July 15th. This represents a $2.20 annualized dividend and a dividend yield of 2.15%. Abbott Laboratories’s dividend payout ratio (DPR) is presently 68.54%.

Insider Activity

In related news, EVP Lisa D. Earnhardt sold 22,852 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total value of $2,428,025.00. Following the sale, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at $6,530,337.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Lisa D. Earnhardt sold 22,852 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.25, for a total value of $2,428,025.00. Following the sale, the executive vice president now directly owns 61,462 shares of the company’s stock, valued at $6,530,337.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Jr. Robert E. Funck sold 10,097 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $104.57, for a total value of $1,055,843.29. Following the completion of the sale, the executive vice president now directly owns 211,341 shares in the company, valued at $22,099,928.37. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ABT shares. The Goldman Sachs Group started coverage on Abbott Laboratories in a research report on Thursday, May 30th. They issued a “buy” rating and a $121.00 target price for the company. Citigroup dropped their target price on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a research report on Wednesday, May 22nd. Raymond James restated a “buy” rating and issued a $124.00 target price on shares of Abbott Laboratories in a research report on Wednesday, April 24th. Royal Bank of Canada restated an “outperform” rating and issued a $125.00 target price on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Finally, Evercore ISI lowered their price objective on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.18.

About Abbott Laboratories

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.