Abbott Laboratories (NYSE:ABT) Shares Bought by Drexel Morgan & Co.

Drexel Morgan & Co. lifted its holdings in shares of Abbott Laboratories (NYSE:ABT) by 1.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,181 shares of the healthcare product maker’s stock after purchasing an additional 547 shares during the quarter. Abbott Laboratories comprises about 0.8% of Drexel Morgan & Co.’s holdings, making the stock its 22nd biggest holding. Drexel Morgan & Co.’s holdings in Abbott Laboratories were worth $3,552,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Unique Wealth Strategies LLC purchased a new stake in Abbott Laboratories during the 2nd quarter worth about $28,000. Transcendent Capital Group LLC acquired a new position in shares of Abbott Laboratories during the fourth quarter worth about $29,000. Richardson Financial Services Inc. purchased a new stake in shares of Abbott Laboratories during the fourth quarter worth approximately $29,000. Redmont Wealth Advisors LLC acquired a new stake in Abbott Laboratories in the first quarter valued at approximately $30,000. Finally, True Wealth Design LLC lifted its stake in Abbott Laboratories by 1,677.8% in the fourth quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock worth $35,000 after acquiring an additional 302 shares during the last quarter. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Analyst Ratings Changes

ABT has been the topic of a number of analyst reports. Piper Sandler Companies began coverage on shares of Abbott Laboratories in a report on Thursday. They issued an “overweight” rating and a $131.00 price objective on the stock. Barclays lifted their price target on Abbott Laboratories from $140.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Edward Jones downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Evercore ISI lowered their price target on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Finally, The Goldman Sachs Group began coverage on shares of Abbott Laboratories in a report on Thursday, May 30th. They set a “buy” rating and a $121.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $123.33.

Abbott Laboratories Stock Down 0.6 %

Shares of NYSE:ABT opened at $114.15 on Friday. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.68 and a quick ratio of 1.18. The stock has a market cap of $198.58 billion, a P/E ratio of 35.56, a P/E/G ratio of 2.90 and a beta of 0.72. The firm has a fifty day moving average price of $110.32 and a 200 day moving average price of $108.64.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 18th. The healthcare product maker reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. The business had revenue of $10.38 billion during the quarter, compared to the consensus estimate of $10.37 billion. Abbott Laboratories had a net margin of 13.65% and a return on equity of 20.18%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.08 earnings per share. Sell-side analysts predict that Abbott Laboratories will post 4.66 EPS for the current year.

Insider Buying and Selling at Abbott Laboratories

In related news, CEO Robert B. Ford sold 141,679 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $116.41, for a total transaction of $16,492,852.39. Following the completion of the sale, the chief executive officer now directly owns 220,059 shares of the company’s stock, valued at $25,617,068.19. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.10% of the company’s stock.

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.