Cornerstone Wealth Management LLC Acquires 906 Shares of Abbott Laboratories (NYSE:ABT)

Cornerstone Wealth Management LLC increased its holdings in shares of Abbott Laboratories (NYSE:ABT) by 5.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,091 shares of the healthcare product maker’s stock after buying an additional 906 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Abbott Laboratories were worth $1,933,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp lifted its position in shares of Abbott Laboratories by 3.1% during the 3rd quarter. State Street Corp now owns 76,720,429 shares of the healthcare product maker’s stock worth $8,746,896,000 after buying an additional 2,323,807 shares during the last quarter. Geode Capital Management LLC increased its holdings in Abbott Laboratories by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 34,903,198 shares of the healthcare product maker’s stock worth $3,963,974,000 after purchasing an additional 488,764 shares in the last quarter. Wellington Management Group LLP increased its holdings in Abbott Laboratories by 1.1% in the 3rd quarter. Wellington Management Group LLP now owns 25,810,977 shares of the healthcare product maker’s stock worth $2,942,709,000 after purchasing an additional 280,441 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Abbott Laboratories by 25.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 13,319,347 shares of the healthcare product maker’s stock worth $1,518,539,000 after purchasing an additional 2,711,586 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Abbott Laboratories by 5.6% in the 3rd quarter. Fisher Asset Management LLC now owns 11,102,204 shares of the healthcare product maker’s stock worth $1,265,762,000 after purchasing an additional 585,915 shares in the last quarter. 75.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Sanford C. Bernstein upped their target price on Abbott Laboratories from $133.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Morgan Stanley upped their target price on Abbott Laboratories from $107.00 to $117.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Evercore ISI upped their target price on Abbott Laboratories to $136.00 and gave the stock a “buy” rating in a report on Thursday, January 2nd. Piper Sandler increased their price target on Abbott Laboratories from $131.00 to $133.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Jefferies Financial Group increased their price target on Abbott Laboratories from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, October 17th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $132.50.

Abbott Laboratories Stock Up 1.5 %

Shares of Abbott Laboratories stock opened at $125.12 on Friday. Abbott Laboratories has a one year low of $99.71 and a one year high of $125.67. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.60 and a quick ratio of 1.14. The stock’s 50-day moving average is $115.07 and its 200 day moving average is $113.15. The firm has a market cap of $217.01 billion, a price-to-earnings ratio of 16.36, a PEG ratio of 2.51 and a beta of 0.73.

Abbott Laboratories (NYSE:ABT) last announced its quarterly earnings results on Wednesday, January 22nd. The healthcare product maker reported $1.34 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.34. The business had revenue of $10.97 billion for the quarter, compared to analyst estimates of $11,029,400 billion. Abbott Laboratories had a return on equity of 20.74% and a net margin of 31.95%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.19 earnings per share. Equities research analysts anticipate that Abbott Laboratories will post 5.15 EPS for the current year.

Abbott Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $0.59 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $2.36 annualized dividend and a yield of 1.89%. This is a positive change from Abbott Laboratories’s previous quarterly dividend of $0.55. Abbott Laboratories’s dividend payout ratio is presently 30.85%.

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.